Car Insurance Singapore – Save More
Based upon your make and model, the year and the engine size, car insurance Singapore rates can vary. They will take into consideration what they feel are their biggest risk factors and give you a quote based upon your answers. Understanding what they look for will help you to determine the kind of coverage that is best for your situation.
They will factor in the nature of what the vehicle is being used for, is it private, corporate, for commercial use or is it for hire. The age, sex and occupation of the driver and if are they married as well as how many years they have they been driving will all be factored. They will want to know if there are any insurance claims on record for the driver and they will need to know what type of coverage is requested, for example third party, third party fire and theft or comprehensive.
Third party insurance covers death and injury to other parties, damage to other party’s property, accidents occurring on the road and on private property. Third party fire and theft is an extension to the previous coverage and adds on loss or damage as a direct result from fire and theft. Comprehensive is the broadest coverage against financial loss. Most vehicle owners get this level of coverage as it covers the insured person’s liability for causing bodily harm to include death or property damage to third parties and damage of the insured person’s vehicle. Options can be added such as damage arising from a civil commotion, strike or riot.
Getting several quotes will give you a good idea of how much the policies can vary, some can have identical coverage but will cost more. It is important also to ask about customer service so that you will not have to wait months to get a claim processed. The way you answer every question will become a weighted risk factor and based on their statistics it will determine what your rate will be. Insurers have preferences as to the make and model of vehicles due to past experiences.
It can take a couple of hours to get the quotes so you will need to allocate the time for this activity. After you have received the quotes review them to find the best prices. After reviewing them compare what is covered and make your choice.
Some of the most important factors that will be taken into consideration include driving experience. This is calculated from the day you passed your driving test. If your have driven 4 years and above you will have the least costly insurance. Between 2 to 4 years the cost will be moderate, 1 to 2 years it will be costly and 0 to 1 year it will be the most expensive.
The age of the driver is a major cost factor and it will differ between insurers. Over 65 years old will be moderate cost, 31 to 65 years old will be the least expensive, 26 to 30 is moderate, 22 to 25 is very expensive and 18 to 21 is the most expensive. If you have had no claims reported it can affect your insurance as much as 100 percent. You get a 10 percent discount for each year you have not made a claim. If you have an accident and the damage is minimal, it is best to settle it between the parties. One should report the accident and declare it as privately settled.
Women will get a slightly lower rate than men. People who work indoors as opposed to outdoors will get a discount, but not by every insurer. Five percent will be deducted for not having any traffic violations. An off-peak car will get you another 5 percent off. The older the car the more car insurance Singapore will discount your rate, but some will not insure a car over 7 years old. A luxury or large car will cost you more to insure.
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Tags: Auto Insurance, AUTOS, car insurance, motor insurance, vehicles