Singapore Auto Insurance, Singapore Car Insurance

Singapore auto insurance is mandatory for everyone who owns a car in Singapore, in order to cover damages and liabilities arising out of an auto accident. It is illegal to own or drive an uninsured or underinsured vehicle in Singapore.

Many companies offer auto insurance services in Singapore. Most of them have agents and brokers for insurance services at one’s doorstep. An individual can also use online services, since all major Singapore auto insurance companies have a web presence.

Types of Singapore Auto Insurance

There are three broad categories of Singapore auto insurance:

Third party insurance: provides cover against legal liability for damage caused to another person’s property. It also pays for bodily injuries to another person in case of an accident by the policyholder’s car.

Third Party Fire & Theft cover: apart from third party benefits, this policy also provides cover against damage due to fire or theft.

Comprehensive cover: This policy is widely popular among those who understand the need for and benefits of Singapore auto insurance. A comprehensive cover provides benefits of both the earlier policies plus a range of additional covers. It includes personal accident cover and medical expenses due to an accident. However, an individual has to pay some extra premium to enjoy additional benefits. It is important to note that comprehensive insurance does not cover damage due to vandalism.

How to Save on Singapore Auto Insurance?

Shopping around is crucial for buying the best Singapore auto insurance policy. However, an individual should have a basic understanding of personal auto insurance needs in order to compare quotes from different companies.

To overcome competition in the Singapore auto insurance sector, most companies offer discounts. Some of the most popular auto insurance discounts are safety discounts, defense driving course discounts, loyalty discounts and retirement discounts. An individual should get information about all the discounts available in the market and eligibility criteria to qualify for these discounts before finalizing a policy.

Increasing the deductibles and reducing coverage are traditional methods to save money. An individual with a good driving record can always buy higher deductibles to lower the premium.

To conclude, Singapore auto insurance is a must buy to cover financial damage that may arise out of an automobile accident. Understanding of personal insurance needs and an informed decision while buying insurance can lead to financial savings.