Singapore is one of those countries where car insurance is compulsory. If you have a car, you have got to have a car insurance policy here. The majority of the insurance companies provide coverage against car (and sometimes medical) damage caused by accident, natural calamities, theft, etc. Thus, to be secure and ensure the car can be retrieved from any kind of damage in the future, Singaporeans prefer having their cars insured. You would never find a single car owner without car insurance policy documents in their car.

If you are in Singapore or are planning to relocate to this country, you might want to have your very own car here. Traveling without a car is not a hassle, but it’s just that traveling with one is easier. Therefore, you’d notice the majority of the people with their very own vehicle here. But remember, if you have a car, you have got to buy an insurance policy here, too.

What do I need to know before buying a car insurance policy in Singapore?

You Need to Start Your Research

Firstly, there are hundreds of car insurance companies in this country. All you have to do is find the perfect one for yourself. The biggest question is – how do you know if a specific company is good? For this, you can make the internet your best friend. Browsing through the websites of various companies might seem time-consuming, but if you can take out a couple of hours, you will not regret trusting a specific company. Another way of learning about a good insurance company is by talking to the locals. You can have a word with your neighbours, friends, colleagues, or loved ones who have been staying here with their vehicle(s). A company that is referred by various people will give you better services.

Female Drivers Have Lower Car Insurance Rates

Secondly, if you are a female opting for a car insurance policy in Singapore, you are considered to be a safer driver than a male driver. Thus, several companies are open to negotiating their premium rates and give you better benefits.

The Older the Car, The Cheaper the Insurance Policy

Thirdly, you must know that the older the car is, the cheaper the insurance policy is. Therefore, if you have a second or third hand car and the documents prove it, you can buy an insurance policy at a lesser expensive price.

Car insurance Policy and Premium Rates Fluctuate Depending on the Car Model

Lastly, the car insurance policy and premium rates fluctuate depending upon the model of the car. While some car models are insured at a lesser price, there are others that demand more from the insurer. Hence, discuss about the model of your car with the insurance company pre-handedly to avoid confusions.

Another thing you must learn about is excess in car insurance.

Car Excess in Singapore

What is excess in car insurance Singapore? This is one of the most important terms in the field of car insurance policy. There are two different kinds of excess:

  • Compulsory Excess – it is a portion of the claim amount that the insurer has to bear out of his or her pockets. The amount is generally pre-decided so that there is no confusion in the mind of the insurer, when the time comes. It is not very expensive and is an easy responsibility.
  • Voluntary Excess – it is over the compulsory deductibles that you choose to pay based on your budget or capacity to spend. If you are confident about your financial stability, you can opt for this excess easily. However, if your earning is fluctuating, never go for this, as it is an additional expense or burden on your shoulders.

Other Than Car Insurance, Do You Also Need a Travel Insurance?

Another question on your mind now would be how to buy travel insurance in Singapore, especially if you are new to this country. If you are a short term visitor, you need to buy travel insurance for your COVID-19 related medical treatment as well as hospitalisation charges in Singapore. This needs to be done for a minimum coverage of Singaporean $30,000. 

If you want to know what is the best travel insurance in Singapore there are some popular names in the market. This is where a good search engine can help you. Once your travel is insured, exploring Singapore is easier and safe, even during these tough COVID-19 times.

Traveling to another country might seem exciting, but if you want to keep the excitement level high, you’ve got to adhere to the rules and regulations of the location. If you do not have car and travel insurance in Singapore, traveling here would be like disrespecting the laws of the country. Therefore, adhere to the rules, make a note of the best car and travel insurance company, buy these policies and then travel here. Having proper documents in hands will lead to a safer, smoother journey.