Car insurance is highly recommended to own and operate a car legally. If your car is new, you might need to comply with additional rules and have specific types of coverage, such as ‘comprehensive’ and ‘collision’ features. There are many reasons as to why having car insurance is essential, especially in Singapore. On the one hand, you may get compensation if you’re in an accident caused by someone else. However, in the case when none of the parties has insurance, there is a need to file a legal claim, and it is not guaranteed that you’ll get the settlement you deserve.
When undergoing the settlement process, you will need to hire an attorney. Even when you win the case, receiving payments requires you to wait. With insurance, your payment can be received by you quickly. In the accident, if you’re negligent, having car insurance can cover damages.
Overall, having the cheapest car insurance in Singapore is essential for many reasons. It is cost-effective, guarantees your safety when driving, and is crucial if you want to abide by the law. However, there are various options when looking for the best policy.
Types of Car Insurance
As mentioned, liability is the primary reason insurance is not an option. If you’re responsible for causing the accident, you have to pay for the damages. Thus, your policy might provide you with some financial release when this occurs because it can partially (or totally) cover the incident.
Collision and comprehensive insurance are the other types of coverage you should get since they’re immensely convenient. In addition, they are similar as they cover damages regardless of whose responsibility it is.
With collision damage, the insurance covers the damage to your vehicle. It doesn’t matter if you crashed into a stationary object or someone else. Furthermore, it might replace your car or truck if they were totalled.
Comprehensive coverage takes care of any damage that didn’t happen due to an accident. Thus, it can cover animal contact, vandalism, weather damage, Etc.
Generally speaking, the best car policies are the ones that cover car replacements and vehicle repairs, GAP coverage, auto rental while you’re repairing your car, roadside assistance, and reimbursement for damage to the other party if you’re responsible for the accident.
What Happens if You Need to Make an Insurance Claim?
Sometimes you must make an insurance claim because you were in an accident. Overall, you should remember that the process might vary depending on the company you’re working with. However, there are specific steps you can follow:
1. Never move your car: if you want to prove negligence, don’t move your vehicle. Instead, try to take photos and videos of what happened.
2. Call your insurer’s hotline: after making sure no one is hurt and calling the police, you must let your insurer know that you were in an accident.
3. Gather evidence: take photos and videos, and if you can, try to see if any witnesses are willing to collaborate.
4. Get the other driver’s contact details: talk to the other party and ask for their name, phone number, and email. You should also write down any crucial information about their vehicle.
5. Take your car to a workshop: your insurance might have a list of places you can go to when you’re in a crash. If it happens, get your vehicle to one of them to have a specialised mechanic fix the damage.
Cheapest Option in Singapore: MoneySmart
When you’re looking for a convenient option to get insurance in Singapore, you might want something functional and affordable. MoneySmart has it all since it has a professional team to find the best alternatives for you.
The professionals at MoneySmart understand that you need the best insurance for your vehicle and are ready to help you locate the options you need when choosing your policy.