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It is important to understand that the coverage score is not a subjective score on how “good” a product is. The coverage score is a purely mathematically generated score (which GoBear has no manual input into) of a financial services product calculated and generated via an algorithm based on the coverage amounts of each of the top-5 most searched for features/benefits of a product relative to those of other insurance products of, and from, other providers. In order to derive this information, GoBear gathers all available market/public data on all products available in the market. We then include this data in our database and derive the minimum, maximum and median of the said top-5 features and benefits and set “from-to” ranges from 0-5 points – checking for even spreads during and at the end of the process.

For example, with regard to travel insurance products, the top-5 features/benefits on which the coverage score would be calculated would typically include:

  • Personal accident
  • Medical expenses
  • Lost bags and belongings
  • Cancelled trip
  • Emergency medical evacuation

Based on the above, a score is then assigned to the product's coverage for every one of the top-5 features/benefits out of a maximum of 5. The average of the 5 coverages is taken to give a score out of 10. The score assigned is completely based on the respective coverage amount and no other factor(s). All products are assessed using the same methodology and coverage ratings making sure that the scoring is uniform, unbiased across all products and providers.

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.

Q. When should I renew my car insurance 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.

Q. 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

You can use a car insurance calculator to determine your premiums or ask an insurance agent to give you quotes. Or the easiest option, you can compare online car insurance quotes using GoBear!

Q. How do I know which is the best car insurance policy for me?

You can call around and get car insurance quotes or use a comparison tool like GoBear to find and compare the best car insurance policies for your car. Always read the fine print to see whether the car insurance they are offering is the right fit for you.

You can call around and get car insurance quotes or use a comparison tool like GoBear to find and compare the best car insurance policies for your car. Always read the fine print to see whether the car insurance they are offering is the right fit for you.

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:

  • What kind of car you have
  • How old the car is
  • The driver/s – Age, gender and whether you work inside or outside
  • Driving experience 
  • Claim history 
  • Type of cover
  • Excess level
  • Whether you drive your car in peak or off peak traffic
  • No Claim Discount 

You can use a car insurance calculator to determine your premiums or ask an insurance agent to give you quotes. Or the easiest option, you can compare online car insurance quotes using GoBear!

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.

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

Third-Party Car Insurance

This covers you if you have an accident and you damage someone else’s car or property. It does not cover your own car if you get into an accident, or if any other unexpected things happen to your car. It is the cheapest insurance coverage but, bear in mind, coverage is limited. 

Third-Party, Fire, and Theft Car Insurance

This is similar to 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 Car Insurance

This offers the most cover to repair or replace your car if it gets stolen. The cover applies as well should your car be damaged as a result 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 of 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 have to 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.

In Singapore, it is not just risky to drive without car 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.

In a nutshell, car insurance is peace of mind for you. It’s your financial protection in case something unexpected happens to your car.Your car insurance will cover the big costs associated with damage to your car, to someone else’s car or property, or even hospital fees if you or someone else is injured.

Finding the right car insurance is not just about finding the best price. You want to be getting the best deal that matches your needs. Moreover, you want to be sure that you’re covered if the unexpected happens. We are pretty sure you are an awesome driver, but you can’t always predict 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 out of pocket.

Please check with your car insurer as the procedure varies with each car insurer. The common procedure would involve these following steps:
 

  1. Inform your car insurer in writing that you would like to cancel the policy.
  2. Enclose your original auto certificate of insurance, a photocopy of your sales agreement/de-registration letter from LTA and a letter from you, stating that you would like to terminate the policy.


The termination is usually effective from the date the car insurer receives your termination request and confirms that all necessary documentations are in order.

Most insurance companies have a “risk factor rating system” when setting your premium. It is like a score card where certain factors have higher weightage than others. Some factors are:
 

  1. Car make, model and age of vehicle
  2. Car engine capacity
  3. Age, gender, occupation of drivers (Indoor or outdoor)
  4. Driving experience of drivers
  5. Claim history of drivers
  6. Type of cover
  7. Excess level
  8. Peak or Off-Peak Car (OPC)
  9. No Claim Discount (NCD)