Why do I need motor insurance?
In Singapore it is against the law to drive a motor vehicle on the road without a valid insurance policy. The minimum requirement is that the policy provides cover for personal injury to other parties.
Motor insurance makes good sense. Besides covering you for personal injury to third parties, it could also cover you for costs if you damage someone else?s property or for any other loss or damage you might suffer in a motor accident.
Remember: always carry your Certificate of Insurance in your vehicle. The police may ask to see it in a routine check and it contains useful information that you will need should you be involved in an accident.
How does the insurer set my premium?
Most insurers in Singapore adopt a ?risk factor rating system? when setting your premium. This means that the premium is based on factors other than the vehicle?s value or the price you paid for it.
In general, the following risk factors are considered when setting your premium:
Make and model of vehicle
Engine capacity
Age of vehicle
Age, sex and occupation of drivers
Driving experience of drivers
Claims history of drivers
What vehicle will be used for (private use/corporate use/commercial use/hire etc)
Type of cover
These risk factors will not necessarily have an equal influence on the size of your premium. Your insurer will give each risk factor a weighting based on a range of statistics and past claims information.
What does my insurer need to know about me?
The insurer needs to know some information about you. This is to help it assess the business accepted from you and your needs as a policyholder. The proper premium can then be set.
It is important to answer these questions truthfully. Failure to do so may affect the level of payout you receive in the event that you make a claim. The following are some questions you may be asked:
Have you made any recent claims?
Have you ever received a ticket or been charged for a driving offence?
Has your vehicle been modified?
Who will be driving the vehicle?
What will the vehicle be used for?
Have you had any recent motor accidents?
How long have you been driving?
Do you have any medical conditions or disabilities that may affect your driving?
If you do not understand what is being asked, please clarify with your insurer, agent or broker.
What you should know about Motor Insurance in Singapore?
Moderator: Dennis Ng
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Contrarian
Insurance for New Weekend Cars
Dennis:
Can you explain what to look out for in a car insurance policy for new weekend car?
If we use your portal services, what are the charges / fees?
Can you explain what to look out for in a car insurance policy for new weekend car?
If we use your portal services, what are the charges / fees?
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Guest
Dear Contrarian,
for new weekend car, your car dealer might force you to take up motor insurance from an insurer he works with. If you want to choose your own insurer, they might not allow or say, you have to pay extra for this and that.
So typically we only can help consumers 1 year after they bought a new car, be it normal car or weekend car.
Basically, we provide quotes from different insurers for consumers to make the final decision. Whichever insurer you choose, we'll just help you get it. We do not impose any fees or charges for our service. Basically we earn commissions from the insurer. So you have nothing to lose but everything to gain to use our service.
By the way, we also provide this service of helping you renew your road tax for free, to help you save time and make it convenient for you. Again this service is offered to you at no extra charges.
Our business philosophy is to "put our clients' interest first". We believe when we take care of our clients, our clients would reciprocate by referring us to their friends and contacts. Our business basically grow by word of mouth. We do not advertise in newspapers and so forth.
for new weekend car, your car dealer might force you to take up motor insurance from an insurer he works with. If you want to choose your own insurer, they might not allow or say, you have to pay extra for this and that.
So typically we only can help consumers 1 year after they bought a new car, be it normal car or weekend car.
Basically, we provide quotes from different insurers for consumers to make the final decision. Whichever insurer you choose, we'll just help you get it. We do not impose any fees or charges for our service. Basically we earn commissions from the insurer. So you have nothing to lose but everything to gain to use our service.
By the way, we also provide this service of helping you renew your road tax for free, to help you save time and make it convenient for you. Again this service is offered to you at no extra charges.
Our business philosophy is to "put our clients' interest first". We believe when we take care of our clients, our clients would reciprocate by referring us to their friends and contacts. Our business basically grow by word of mouth. We do not advertise in newspapers and so forth.