Three Things Car Owners Need to Know About Car Insurance in Singapore

From fatal accidents to car insurance in Singapore, there is so much car owners need to think of. There are many things on the line: personal safety as the driver, safety of those in the car, and safety of your wallet.


Owning, maintaining, and paying for car insurance in Singapore is expensive. Most of you have learned this the hard way. After forking up hundreds of thousands to buy a car, you realize that keeping it working, and keeping yourself safe on the road is no joke.


There are also far too many things that can go wrong which only add to your financial burden.


You may be on the highway stuck in a jam due a car accident thinking that that could never be you. Yet, car accidents have soared by 25% in 2021. Research has also shown that Singapore is more dangerous than its peers around the globe. Car repairs and medical expenses after accidents can be a lot.


Furthermore, car loss or theft is quite rare in Singapore, given our country’s small area and low crime rates. Even so, the probability of it happening to you is never zero.


All this added up can amount to a pretty penny over the years, which is why so many car owners turn to car insurance. Car insurance is a product many rely on to protect them, their families, and their hard-earned cars. Before you jump the gun, there are a few things you need to know about car insurance in Singapore. 


First, you need to know the exclusions. Some exclusions are standard like if you don’t have proper certification or if you are under the influence of alcohol. Other exclusions vary from provider to provider and plan to plan. For example, some plans exclude insurance coverage for diplomats or foreigners. Some exclude coverage for those of you who drive around on private land. Some exclude coverage for damage to tires or rims. So before you buy, make sure to read the exclusions of the policy and pick a plan ideal for you.


Second, you need to be aware of your premiums. Premiums for car insurance are not standard and can vary based on your age, gender, and habits. If after evaluation you are deemed a high-risk driver, you will be charged higher premiums. Being a young driver who has received your license recently drives up your premiums. Driving during peak hours (7am to 7pm) increases them too. So, it is important to see what extra costs you are subject to and plan accordingly.


Lastly, you should consider add-ons. For some of you out there, standard plans may not be enough. Most if not all insurers provide customisation services. So, if you are a new driver or have specific habits that you would like coverage from, add-ons are a great option. 24 hour roadside assistance and overseas medical allowance are some of the many add-ons available for you. Check with your insurer to see what choices they have and which are best suited for you.


All in all, car insurance is a product that you can benefit immensely from, provided you know what to look out for. Being in the know about how car insurance premiums work ensures that you can secure the best policy at the lowest possible cost. Head over to this resource to get started.