It is mandatory for all vehicle owners in Singapore to get car insurance for their car, if they wish to use the car. Most car owners are interested in finding the best car insurance sg for their vehicles. Hence they will use the services of car insurance comparison websites to find a suitable insurance provider for their vehicle. While Sgcarmart, one of the most reputed car marketplaces in Singapore can provide quotes from the different car insurance companies, car owners should be aware that in addition to the price, the terms and conditions for the insurance policy will differ for each insurance company.
So though a particular insurance company may specify higher insurance for a car, its terms and conditions may be more suitable for some vehicle owners. For example, many car owners are modifying their vehicles making cosmetic changes like adding rims or for better performance like modifying the engine, filters used. In some cases, the insurance company may not insure the modified vehicle because of the risk involved, or in some cases, charge a higher amount for insurance. There are also a few insurers who do not charge higher insurance for modified vehicles if they comply with safety norms.
Another factor that has to be considered is the no claims discount (NCD) policy of the insurance company. In some accidents, the car owner is not at fault, yet if he claims insurance the NCD will be affected by some insurance companies, while other insurance companies do not let it affect the NCD. In a few cases, the vehicle owner may make an insurance claim when he is responsible for the accident due to which the NCD discount is usually reduced by 30% by most insurance companies. However, a few insurance companies are reducing the NCD for the car owner by only 10% making the insurance suitable for new drivers.
Many car owners think that in case the car is completely damaged or stolen, the insurance company will pay them the value of a new car. However, most of the insurance companies are paying only the market price of the car, based on the age, model, and condition of the car. The market value of the car will decrease depending on the car age. However, some car insurance providers have premium plans wherein they will replace the car with a new car, if the car is less than two years old, and is stolen or completely damaged when insured.
When a car is damaged due to an accident or other reasons, it will be sent to the garage for repairs. The car owner will have to make alternate arrangements for commuting, traveling till the repairs are complete. While some inexpensive policies will not compensate the car owner, for the alternative arrangements, a few policies will also cover the additional commuting expenses, during the car repair period. In some cases, the insurance companies require the car owner to report all the incidents the car has been involved in, and may not pay the claim if the information is not available, while others do not require information regarding natural calamities.
