MoneySmart – Best insurance for your car in Singapore

January 07, 2022

Car Insurance in singapore

Are you a young driver and a first-time car owner in Singapore? Have you insured your car? If not, then you should not worry too much because MoneySmart is there to help you analyze and land the best car insurance plans for your car. MoneySmart will help you cross-check the online quotes offered by many car insurance companies that they have partnered with.

In addition, MoneySmart will help you select the best insurance plan to buy, depending on your needs. You may be wondering how long this process will take but before you make a conclusion, note that you will only go through three simple steps, and you will have your car covered in the best way possible. Precisely, it won’t consume much of your time, and in the end, you will have made a sound decision concerning insuring your car.

Steps to getting best car insurance quotes in Singapore

The process is quite simple and a sure way to get good results as long as you give the correct details.

  1. Provide all the car details: Give out all the true car details to enable Money Smart to determine which type of car insurance plan suits you. This information may include the car make and car model.
  2. Compare Car insurance quotes: Compare several available best car insurance plans and quotes, then determine which you can afford and best suits your needs. Also, consider other features like NCD protection, medical excess, and personal accident coverage. For a young driver, a car insurance quote with more additional advantages will suit you best.
  3. Get covered: Once you identify the cover that suits your needs best, you can go ahead and make an application for the best car insurance plans.

Best car insurance companies

You need to buy an insurance plan that suits all your needs. However, you may at times not be able to afford the expected premiums, considering that you are still a young driver. Several insurance companies will serve you best, not withholding only your financial capabilities but also other factors.

If you need a cheap and the most basic car insurance cover, these are the companies to choose from

  • FWD insurance
  • MSIG
  • HL Assurance
  • eTiQa

For those of you who are seeking a company that is best in terms of roadside assistance, you can select to buy a policy from either of these;

  • Sompo
  • FWD insurance
  • income

If you need a more extensive car insurance plan, there are some reputable companies that you may choose to buy coverage from.

  • FWD insurance
  • Sompo
  • HL Assurance
  • MSIG
  • AXA

If you are more concerned with a company that will give you adequate NCD protection, consider these companies

  • Sompo
  • FWD insurance
  • eTiQa

Tips to get the cheapest car insurance premiums

Here are three tips to help you pay cheaply for better car insurance plans:

  • Avoid autorenewal of an insurance plan: Most Singapore young drivers lose their potential savings amount by signing in for car insurance auto-renewal with the existing insurance company. In most cases, an existing policyholder will not be given improved quotes and premiums for the subsequent year. Always try to avoid being pressurised to auto-renew a car insurance policy because you may not benefit from lower prices in case the company changes its price tags.
  • Compare at least three quotes: Before you choose one of the best car insurance plans, you need to get at least 3 of them and compare the quotes. By doing so, if your main determinant is the price, then you will be in a good position to choose the cheapest from the three or more that you’ve compared.
  • Increase your policy excess: By increasing the excess on your car insurance policy, you may be able to lower your premiums. An excess is basically the total cash you will spend from your pocket before the insurance company pays for the rest of the damages caused in case of an accident. For most insurance providers, the quote has a stated excess amount, but you can request to be allowed to extend that excess and be allowed to pay lower premiums.

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