Insurance is something common worldwide. Ranging from travel and car insurance to life insurance, in the 21st, you can insure almost anything against any damage. Like many countries globally, Singapore also has different insurance plans, e.g., cars and motorcycles.
In the past, if you wanted an insurance cover, you had to go to the insurance offices and make a long queue. You would also have to fill in lengthy forms, and this would just be a tedious process. Nowadays, advanced digital insurance solutions are available, thanks to the ever-innovating world of technology.
Even though some insurance companies in Singapore haven’t digitized their systems, most have followed suit by adapting to the changing technological trend. Suppose you’re wondering what car insurance or travel insurance entails. Then you’re in the right place.
Insurance for Cars
Car insurance is a policy cover on your car in which if damages occur; you’ll receive compensation. Since cars use public roads, insurance is a must in most countries, including Singapore.
If you’re in Singapore, getting car insurance is easy. Meaning you don’t have to visit the premises of a car insurance company. You have to make a car insurance comparison and choose a company of your liking offering insurance cover.
Some Singapore insurance companies have a response team on speed dial. If an accident occurs, they, as your insurers, will be there when you call. They’ll help you file an accident report form as well as ensure your safety at the scene.
Rembert, though, that your insurance company can only grant your insurance compensation for the policy you’ve signed up for. For example, an insurance company cannot cover your medical bill arising from accidental injuries if your policy only covers damage to the car.
Types of insurance for cars
Every country has its car insurance policies conveniently affordable for the majority. Therefore, making a car insurance comparison is probably an essential factor when choosing the best policy. Below is a highlight of the three main car insurance policies.
It is the most superior form of car insurance coverage in Singapore. It covers everything, including the other two main ones. This insurance policy’s comprehensive coverage is probably why it is popular among most Singapore residents.
The damage comprehensive policy covers the car body such as the windshield and top covers (convertible), among other parts. The good thing about this policy is that the insurance policy will pay double the car price. But, of course, this is at the time of damages and loss.
Many cars in Singapore are expensive. The majority of the cars are under financing, e.g., banks. In a situation where damage arises on such a car, the financing institution will enforce this policy.
This policy ensures that the institution’s asset (the car) is protected as it remains its property till the loan is cleared. This is why it is the most common policy in Singapore.
Third-party fire and theft (TPFT)
This insurance policy covers damages arising from the theft of your car or if your car catches on fire. Under this policy is the TPO insurance coverage.
TPFT is ideal for those who frequently drive out of Singapore. It is because there are many car theft cases past the border.
Third-party only (TPO)
This policy is the cheapest car insurance cover in Singapore as it offers the least insurance protection. The protection this policy offers you is when you happen to cause damage to third-party property or bodily injuries.
Third-party liabilities incurred are any property damages. It can be a car, a lamppost, trees, other properties, medical expenses, and injuries incurred due to the incident. In case you were looking for insurance cover for your old car, this is your best option.
If you’re a resident in Singapore and want to sign up for a car insurance cover, you can weigh your options by checking the above insurance types. Or you can construct a car insurance comparison technique to make an informed decision.
When it comes to motorcycle covers, there’s not much difference from that of a car. Since motorbikes are relatively cheaper than cars, any of the three main policies are just ok. In addition, there are many motorbike insurers across Singapore. This should give you an option to make your own choice as per your preference.
Other motorcycle insurance companies in Singapore encourage their customers to register in their competitions. The awards in the competitions range from motorbikes and cash to reduced monthly insurance payments.
Apart from the above three insurance covers, you might want to consider optional benefits cover. This cover entails benefits such as;
- Motorcycle replacement in which you’ll get a new one
- You’ll get compensation of up to S$100,0000 in case of death or loss of a limb.
- In case of sustained injuries, you’ll receive medical bill coverage of up to S$2,500
Travel insurance, just as the name suggests, is insurance coverage for future uncertainties while traveling. The good thing about travel insurance is that you can decide whether you want it or not. An example is where you buy a nonrefundable ticket that you aren’t going to use.
Just as car insurance, there are many policies under travel insurance which many Singaporean insurance companies cover. These include accidents, property damage, pre-existing health conditions, and much more. But, again, it is up to you to choose.
With the current pandemic, many Singaporeans are taking travel insurance cover against covid 19. It means that if you get infected by covid while traveling, you’ll get compensation through medical bill coverage. Other benefits you can enjoy from the extensive coverages are;
- Options of choosing either single-trip plan or yearly plan
- You can choose to take family cover if you’re traveling with your family.
- You’ll get protection from inconveniences such as; damage of personal belongings, delays not caused by you, medical care overseas, and many more.
- Through an online application, you can get instant confirmation responses, unlike physical applications.
Life is full of many uncertainties; an insurance cover can save you a lot of money and stress. However, note that a thorough comparison is needed to ensure you get the best policy choice that best suits your needs.