Car Insurance on a Budget
With increasing cost of living, rising gas prices and inflation in Singapore, the last thing you need is a car insurance policy leaving you paying for services you don’t need. Here’s how to pick what car insurance will have the services you need.
Would You Repair Your Car?
Car insurance policies often provide liability covers for damage to 3rd parties. However, if you do not intend to repair your car, paying for comprehensive car insurance that covers the repair cost of your car would be a waste. On the other hand, a 3rd party only insurance policy will save you the money of protecting a car you have written off whilst still covering you from the brunt of the liability costs. Some insurances cover 3rd party, fire and theft, so that your car will be covered if it can neither be scrapped or repaired.
Coverage for Passengers
Another consideration is the number of people that you expect to use the car, either as drivers or passengers. Some insurance policies offer coverage for passengers, but many others only cover the drivers. Even within this group, some policies only cover the main driver during the event, whilst some others cover all named drivers of the vehicle. Furthermore, there is also great variety amongst how the passengers of the vehicle are covered, a concern for anyone purchasing a policy for a family vehicle.
Borders may also be a concern for those who frequently drive over the channel for work or leisure. Some insurances now cover your vehicle in parts of Malaysia or even parts of further off countries like Thailand. This could be of particular concern for anyone who frequently travels
Last but not least is experience, though the new driver may want coverage for a wide variety of accidents, the more experienced driver may feel it less necessary to cover all scenarios no matter now unlikely. Insurance coverages now have a collision only option, where only vehicle on vehicle collisions are covered. Experienced drivers, who feel confident in their abilities not to succumb to an unforced error, may feel that vehicle on vehicle coverage with their insurance to be sufficient.
This list of benefits is by no means conclusive, and many other benefits may beg for your consideration in your unique circumstance. For instance, some may feel it necessary to consider a loss of use coverage if travel costs in their area are expensive. Alternatively, coverage for lost personal belongings may be attractive to someone who’s livelihood is totally reliant on their personal artifacts. Other niche requirements can be met as well. For a vehicle that is frequently passed between several persons for example, an insurance policy that does not require the naming of driver is greatly beneficial.
In Singapore, a combination of factors including your vehicle use, your willingness to repair your vehicle and experience as a driver will determine what’s your best car insurance.