CAR INSURANCE

In Singapore, it is mandatory to have a valid car insurance policy. Besides the legal requirement, it protects you against third party or personal injury liability, financial damages, or losses that may arise from an accident.

Insurance companies offer a wide variety of products to meet the individual needs, but you need to keep in mind that not all car insurance policies are the same. While it is easy to compare prices for many goods and services, such is not the case for car insurance as premiums are quoted on a case-by-case basis since they are influenced by a complex matrix of risk factors.

As a consumer, you need to be mindful that if the premiums are lower, there may be more restrictions that may apply to what is covered, and your options in the event of a claim. For example, lower-priced policies may come with restrictions such as on who is the main driver of your car or whether your car can only be driven by named drivers; where you can send your vehicle for repairs; or whether new or reconditioned parts are used. Higher priced policies usually cover all your authorised drivers who have a valid driving licence, and may allow more flexibility in your choice of repairers, etc.

WHY IT’S WORTH TO SELECT INSURANCE PLAN THAT ALLOW YOU TO REPAIR OR CHOOSE YOUR PREFER WORKSHOPS?

RISK OF YOUR CAR’S INTEGRITY

A lower premium means you can only repair your car with the panel of workshops appointed by the insurance company where the appointed workshops sole motivation is to take care of the interests of the insurance companies to keep repair cost as low as possible. It is a common practice that only used, or aftermarket parts will be used in the repair so you need to accept the risk that the integrity of your car might be compromised.

QUESTIONABLE QUALITY

Premium and luxury cars feature intricate systems and sophisticated electronics that require a high level of technical competency, special tools and equipment to work on. Majority of the generic workshops or insurance appointed workshops are not able to meet the repair quality standards since most of their business model is based on cheap and quick mass repair for all makes of cars akin to “Jack of all trades but master of none”

PEACE OF MIND ASSURANCE

If you opt to repair your car with any workshops with a higher premium, you have the flexibility to take your car to repair by your trusted specialized workshops or even the authorized dealer’s workshops. This is especially a critical factor to consider for premium and luxury car owners since it is quite restrictive to find a reliable and trusted specialized workshop that has the technical competency, dedicated special tools and equipment to repair your car with the assurance of quality in using genuine spare parts and applying the correct repair techniques to restore the integrity of your car to pre-damaged condition.

Please also have a look at some of the risk factors affecting your insurance premium.

AGE

The cheapest premium is between 30-65 age range. For those under 30 and above 65 will have to pay a higher premium.

GENDER

As women are generally considered to be more careful drivers, they are charged a lower premium.

MARITAL STATUS

Married couples are considered more responsible drivers and can sometimes get cheaper premiums.

OCCUPATION

An “indoors” job in an office can get you cheaper premiums. Outdoor or sales-driven jobs suggest heavy car usage, therefore costlier to insure.

DRIVING EXPERIENCE

The longer you have been driving (ideally 4 years or more), premium gets cheaper

CLAIMS HISTORY

The fewer car insurance claims made in the past, the cheaper the premium.

CERTIFICATE OF MERIT

If you did not get any demerit points in the past 3 years, you can get a 5% discount off your car insurance (after deducting NCD) from selected insurers.

NO CLAIMS DISCOUNT

For every year that you have driven and did not have to make a claim, you get a 10% discount. You can accumulate your No Claim Discount (NCD) up to 50% off, i.e. after 5 claim-free years.

MAKE AND MODEL OF CAR

The more basic the car, the cheaper the premium. You have to pay more to insure continental cars, luxury cars and SUVs as their parts are more costly to replace. Also, the higher the engine capacity, the more expensive the premium.

AGE OF CAR

 

The older the car, the cheaper the premium up to about 10 years old. Subsequently, premiums will go up as your car starts disintegrating.

CAR USAGE

 

The less you drive (e.g. only on weekends or commuting to work), the cheaper the premium. Off-peak drivers usually get cheaper premiums as the likelihood of accidents is much lower then.

At Motor Edgevantage, we help you to shop around to find a policy with your preferred combination of price, excess and requirements in terms of use and repairs. To facilitate us to obtain a competitive quote from the leading motor insurance companies, please kindly complete the quotation form below.

QUOTATION FORM

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INFORMATION OF INSURED (CAR OWNER)

Can you upload soft copies of the Insured's IC & driving license (if any)?

Upload Insured's IC (Front & Back) *

Upload Insured's License (Front & Back) *

NAMED DRIVERS INFORMATION (IF ANY)

(Excluding the registered owner of the car)

INSURANCE DETAILS

INSURED VEHICLE INFORMATION

For renewal cases, please enter your current car information. For new purchases, please enter the car information that you intend to purchase.

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