In Singapore, it’s mandatory to have insurance coverage if you own a car. It’s, therefore, essential to look for the best policy. To get the best policy, you have to pick a reputable insurance provider. There are different types of car insurance where you can select the best policy and enjoy its merits. Below is a list of the types of insurance policies that you can get for your car in Singapore:
1. Third-party liability
This is among the leading insurance policy that is available for all types of cars running on Singapore roads. The third-party liability insurance coverage protects the third party from injuries and damage to property. The policyholder is usually held accountable for damages and accidents. Again, the policyholder isn’t subjected to protection against theft or damage of the automobile.
2. Zero depreciation cover
It’s a popular car insurance coverage that ensures policyholders get full compensation based on the value of the damage caused in a car. In most cases, this policy applies only to cars that don’t exceed 3years in age. It’s a very good insurance policy if your car is still new on the road.
3. Comprehensive car insurance
This insurance coverage protects and also caters to expenses incurred by the policyholder as a result of theft or damage to the car. It also incorporates third party liability in its coverage, meaning that the policyholder has personal accident coverage. The policyholder is usually compensated in case of injury or death in an accident.
4. Commercial car insurance
It’s a popular insurance policy that ensures business cars or fleet vehicles are protected from damage associated with accidents. Commercial car insurance covers third party injuries, legal liabilities, and property damage. Additionally, it also covers the driver in case of permanent total disability and accidental death.
These are the different types of car insurance policies you can get in Singapore to have full financial protection.
How to get cheap car insurance in Singapore
With the high cost of living today, it’s essential to look for some ways on how you can reduce the insurance premiums and still be covered well. Below are some ways on how to get affordable car insurance in Singapore:
a. Have a clean driving record
Although no one is in control of what happens on the roads, it should be noted that having a clean driving record is among the best ways for getting cheap insurance. If your driving record is clean, the insurance providers tend to view you as a less risky driver, meaning that you can end up getting cheap insurance coverage.
b. Research intensively
Looking for an insurance policy is similar to any other purchase. Therefore, intensive research is required from where you can compare rates from different insurance providers and later make a decision. You might get cheap insurance coverage by doing this. Furthermore, it doesn’t mean that expensive insurance coverage is the best solution.
c. Customize your policy
It’s possible to change or remove some aspects of your policy to save money. Some of the things you can change include increasing your deductible, eliminating collision coverage, and getting bare minimum coverage.
In conclusion, these are some of the ways on how to get cheap insurance coverage in Singapore. Always compare insurance rates from different providers and you’ll end up saving a lot.