Car Insurance Overview

Car Insurance Overview

Find the best car insurance plans for maximised cover

Before finding the right car insurance plan, it pays to understand what this product is all about and how it affects your car price. Moreover, you want to be sure that you’re covered if the unexpected happens.

 

Even the most awesome and disciplined driver in the country can be subject to accidents or objects like hail, flood or rocks chipping your windscreen. With a car insurance policy that’s just right for your car, you can make sure you do not end up draining your pocket for repairs replacements.

What’s car insurance?

In a nutshell, auto insurance is peace of mind for you. It’s your financial protection in case something unexpected happens to your vehicle. Imagine, for example, a bear leaping from the woods and leaving a giant paw print dent on your car’s roof. Look out!

 

Seriously, if you cause an accident, your policy will cover the big costs associated with damage to your car, to someone else’s property, or even hospital fees if you or someone else is injured.

Car insurance is an agreement between a car owner and an insurer for a protection of the vehicle against financial loss in cases of accidents.

Why do you need car insurance?

In Singapore, it is not just risky to drive without insurance – it is against the law. Even if you don’t want full comprehensive car insurance, at the very least you need to have third- party car insurance to cover damages to someone else’s car or property, or in case they are seriously hurt.
 

What are the types of car insurance available in Singapore?


There are heaps of different car insurance companies in Singapore – and they offer three major types of car insurance. These are:

  • Third-Party -This covers you if you have an accident and you damage someone else’s car or property. It does not cover your own vehicle if you get into an accident, or if any other unexpected things happen to it. It is one of those cheap car insurance plans but, bear in mind, coverage is limited. 

 

  • Third-Party, Fire, and Theft - This is like the third-party coverage but with some added benefits! Hence, you’re covered if you have an accident and you damage someone else’s car or property. And, like the name says, it also covers your car if it is stolen or damaged by fire. 

 

  • Comprehensive Insurance - This offers the most coverage among all car insurance Singapore to repair or replace your car if it gets stolen. The cover applies as well should your car be damaged because of an accident, vandalism, theft or weather. It also covers accidental loss or damage to your car, and most of the time, it covers all your car’s accessories and spare parts. It covers you as well when a third party makes a claim against you. This may happen when you accidentally hit their car or their property. If you finance your car, you don’t get a choice – you must take out comprehensive cover.


Insurance companies also offer other benefits you can add on if you wish. For example, you can choose if you want to be covered in case your windscreen gets a chip or crack. If you’re a superb driver and you’re not using your car to earn extra dough, you might be entitled to a No Claim Bonus provided you don’t have an accident. This varies between insurers so you can check for online car insurance quotes to figure out how much it might cost you.

Car insurance FAQs

What’s a no-claim discount?

If you haven’t made a claim in the past year, some insurance companies will offer you a discount on your insurance policy when you renew it. This is good news! The longer you go without making a claim, the better discount you might get. 

When should I renew my policy?

Ideally, one or two months before your car insurance expires. This will give you enough time to renew your road tax and get a car inspection if you need one. Insurance providers often introduce updates to their car insurance plans that might be up your alley, so you should think about comparing car insurance plans on GoBear before you renew.

How much premium should I pay for my car insurance?

Most car insurance providers will look at a bunch of different things to figure out how much you are likely to end up paying. Based on those answers, they weigh up how “risky” you are as a driver and how likely you are to make a claim. Some of the things that influence what you pay each month are:

1. What kind of car you have and how old it is
3. The driver/s – Age, gender and whether you work inside or outside
4. Driving experience 
5. Claim history 
6. Type of cover
7. Excess level
8. Whether you drive your car in peak or off peak traffic
9. No Claim Discount 

To find the best offer, you can use a car insurance calculator to determine your premiums or ask an insurance agent to give you quotes. However, the easiest choice is to compare online car insurance quotes using GoBear! 

 

Why spend are endless hours and headaches shopping around for your car security? Fill out the form above to compare car insurance with GoBear Singapore and find the best plan for you in a matter of seconds.

 

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