Just like in most of the other countries, you are not allowed to drive a car without car insurance in Singapore. Motor insurance is the biggest insurance segment in Singapore accounting for 31.5 per cent.
A recent report released by AIG shows that the motor insurance market in Singapore is expected to grow in 2017. The growth is to be driven by the high number of rental cars, increased use of telematics smartphone app, and more young people buying cars.
Types of car insurance are available in Singapore
The three types of insurance available are:
- Third Party Only Coverage
- Third Party, Fire and Theft Coverage
- Comprehensive Coverage
Companies are considered as the best car insurance providers in Singapore
Some of the car insurance providers in Singapore considered the best are:
- Aviva Car Insurance
- Citibank Smart Drive Insurance
- AIG AutoPlus Car Insurance
- HSBC Smart Drive Insurance
- POSB Drive Shield Insurance
- DBS Drive Shield Car Insurance
Most people love these companies because of their good reputation and provision of extra services not provided by others.
How to choose the best options in car insurance and what are criteria
Given the high cost of owning a car due to increased gas prices, there is a need for to look for other ways of reducing the cost of owning and maintaining a car. One of the most important factors to consider is car insurance. Here are important steps necessary in choosing the best option for car insurance in Singapore.
1. Decide on what you want
When it comes to choosing the best insurance, you must understand your priorities. What coverages and amenities are you in need of? How much are you ready to spend? Is the cheapest option able to provide the necessary services?
2. Reputation of the company
There is a reason why an insurer is top rated. Most of the top rated companies perform very well. Ensure that the company you choose can be able to cover you in the case of an accident. Go for a company with a good reputation and financial standing.
3. Review your coverage
Don’t sit comfortably after getting the best car insurance. Certain life events led to a change in premiums. For instance, buying a new car, moving to a low-crime area or getting an experienced driver may lead to a reduction of premiums.
4. Choose the right broker or agent
An agent works with only one company while a broker deals with many companies. An agent will only help you in getting the best coverage for one company while a broker will help you get the best coverage from different companies. Therefore, working with the right broker can help you choose the best car insurance quotes available in the market.