Car Insurance Plans

You may already know that it is compulsory to have your car insured in Singapore, but what about getting it insured for sensibly low rates? Not all motor insurance policies are the same, and it is every driver’s wish to get the most comprehensive car insurance for the lowest possible price.

When it comes to buying an auto insurance policy, there are a lot of factors to consider, and one of the key considerations is the overall cost. Even so, getting affordable car insurance is not the hardest thing for drivers. Third-Party Only policies usually come with the lowest possible rate as they offer the least coverage. However, depending on how much excess you are willing to pay, you may also get comprehensive policies for a better deal.

This post will cover some of the plans you can buy to safeguard your car and protect it should anything happen.

Car insurance plans

A Singaporean driver can choose from several car insurance plans, but these plans vary greatly to satisfy an individual’s needs. Here are the most common car insurance plans that you can buy.

• Value plan: This is generally a simple car insurance plan, and you will find many first-time car owners having bought this plan. It covers up to four additional drivers, where only a maximum of two inexperienced or young drivers can be covered. Because it covers a fair ratio of experienced to inexperienced, young drivers, it tends to be more affordable.
• Value plus plan: As the name suggests, this plan is an upgrade of the typical value plan. The plan covers an unlimited number of registered and qualified drivers and up to two young or inexperienced drivers. It is an ideal option if you are likely to be sharing your car with many drivers.
• Flexible plan: This is the overall best plan as it has no limits. It covers all drivers that can use the car. It has no limits on how many drivers, whether experienced or not. Any driver using a vehicle covered with this plan can freely drive, knowing that they have a limitless insurance plan that covers them in case of misfortune on the road. However, this lack of bounds comes at a cost. It is on the higher end in terms of prices, but definitely worth the cost.

The cost of your policy plan will depend on the type of car insurance you purchase and the number of people who are likely to drive your vehicle. Buying from reputable providers can save you time and effort., but don’t underestimate the benefits of comparing different products.

When buying or renewing your auto insurance policy, you might pay less premium amounts if you have been a careful driver. Depending on your past driving history, you could get up to NCD 60 and an extra 10% discount on the base premium.

When it comes to cost, TPO policies are usually cheaper. However, price should not lure you to purchase just any insurance policy. For the best coverage, focus on a policy that offers the best blend of features and price, not the price alone.