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Car Insurance Singapore
Motor insurance quotes in Singapore are based on the Risk Factor Premium Rating System, where the driver’s claims experience, risk profile, occupation, age, marital status, and gender are taken into consideration.
Why Car Insurance Quotes Differ
For Car Insurance Quotes, premium and deductible are usually determined by a variety of factors such as the vehicle’s make, model, age, engine capacity, type of coverage and driver’s profile etc.
Choose the Best Car Insurance Quote
Choose the insurance company who takes time to view your application and provide you with your much-needed coverage at the lowest possible cost.
How Car Insurance is Calculated
Most people are clueless on how they are being charged for their motor insurance in Singapore. In order for you to get a fair Car Insurance Quote, he/she needs to understand how the Risk Factor Premium Rating System works and on how they can use it to their advantage.
Know What “Factor Premium Rating System” Is
Factor Premium Rating System awards “points” based on various factors which affect the price of motor insurance that is being charged.
There are two categories which affect the Pricing of the Car Insurance in Singapore:
1.) Factors Contributed by Insured Person and his/her Vehicle
- Motor insurance coverage (Third Party, Comprehensive)
- Vehicle’s market value, age and model, engine capacity, nature of vehicle (Private, corporate, commercial)
- Driver’s occupation, years of driving experience, age, gender, marital status and claim history.
2.) Factors Contributed by Insurer
- Insurer’s own risk profile, claims experience, risk profile and number of people making claims from the insurer.
By knowing these categories, you will now be able to understand the pricing of each quotation, and compare quotes from different online and local auto insurance, thus being able to weigh each pricing and coverage.
Remember that every insurer will give different “points” due to the insurer’s own risk profile and claims experience so make sure that you go and look for the best insurance quotation in Singapore.
Knowing the Benefits of your Car Insurance To Save More
Sometimes, insurers offer some additions into your auto insurance to make it look more attractive. And so your insurance premium increases. To avoid unnecessary increase in premium, you can ask the insurance company if it is possible for them to remove the benefits you do not actually need, thus will decrease your insurance payments. I am so sure that no one wants unnecessary and costly benefits.
Car Insurance Terms – Know and understand them further
Motor Premium – Motor Premium is amount that the insurance company will ask to pay for the insurance policy that you’ve chosen, which is dependent on the numer of Risk Factors.
Deductible – Deductible is simply the amount that you have to bear against your claim.
No Claim Discount / No Claim Entitlement / No Claim Bonus – NCD is an incentive given by insurance companies to insurers who never had a single claim within a year. Basically, the more years of the insurer having no claims, the higher his percentage discount will be.
Repair Options – Repair Options is the benefit that insurance company gives to the insurers where they get benefits from repairs at a lower price.
Courtesy Car / Loss-of-Use Benefit / Replacement Car
When the insured’s vehicle is damaged or under repair, some insurers offer courtesy car in their car insurance policy. So if you’re the type of person who depend so much on your vehicle for then a courtesy car benefit will be useful to you.
Online Car Insurance Comparison
Internet is major source when it comes to comparing car insurance online. Some people do obtain as many quotes as they can. Getting an insurance quote is now automated and very fast. So yeah, there is really no reason for you to search for the best coverage from places to places because everything can be found online.
An online car insurance quote helps you know more about the coverage offered by different companies and can point you to the one with the best and affordable package.