Everyone wishes to have their four-wheeler. Many people want a car out of necessity, and some buy it for luxury. But when it comes to purchasing car insurance coverage, no one has a say. Everyone must have vehicle insurance whether they like it or not.
Car insurance singapore is mandatory to protect your finances while traveling or commuting within the city. It is a contract between you and the company that protects against financial loss in case of accident or theft.
Car insurance has many benefits as a person can pay now and save for the future, protect yourself and your family by buying the correct coverage, and many more.
Type of Car Insurance:
- Third-Party Liability Only Cover: This cover is required by Motor Vehicles Act to drive on public roads. There are many benefits under this car insurance coverage, such as the cost of repairing or replacing the third-party vehicle, liabilities resulting from the death of a third party, and the cost of hospitalization.
- Comprehensive Car Insurance: This type of car coverage protects because it covers the third-party liability, personal accidents, damage to one’s car, and all other non-collision damages like a storm, fire, floods, theft, etc. The comprehensive insurance policy covers various issues not covered by a car collision. People can purchase the comprehension policy based on financial situations.
- Collision Damage or Own Damage (OD) cover: If a person opts for Collision Damage auto insurance, the cost of repairing the damaged vehicle is covered. The insurance is given by taking the age of the vehicle and Insured Declared Value into account. The IDV will be based on the vehicle’s market value.
Things to know while buying insurance:
While choosing car insurance, the, following things should be kept in mind, which help in comparing the different insurance and making the right choice:
- Third-Party:If the person is driving the car, they should have mandatory car insurance and make sure the insurance covers all damages of the third party during any mishap.
- Range of the cover:A person can buy insurance by ticking the mandatory fields and buy with the intent to save money, or another better option is when you buy a wide range cover it not only adhere to the law but ensure the insurance coverage mentioned in policy. Also add on covers help to expand the coverage further.
- Consider the Brand: It is important to consider the brand while purchasing the four wheeler even if you are brand conscious. With the brand also spend some time thinking about insure’s brand as well. And if you like what brand offers embark on new partnership by insuring your car with the company.