Car insurance Singapore is based on many risk factors the insurer has to bear. Understanding what these are will help the client understand how to get the best rate in the most competitive automobile insurance company. There are major factors that must be taken into account and they include the make, model and age of the vehicle and size of the engine.
They will factor in the nature of what the vehicle is being used for, is it private, corporate, for commercial use or is it for hire. The age, sex and occupation of the driver and if are they married as well as how many years they have they been driving will all be factored. They will want to know if there are any insurance claims on record for the driver and they will need to know what type of coverage is requested, for example third party, third party fire and theft or comprehensive.
The different levels of insurance include coverage for death and injury, accidents on private property and on roads and damage to other party’s property with third party coverage. Adding fire and theft to will add coverage for damages from fire and theft. Most drivers get comprehensive which covers bodily harm to include property damage and death to third parties and damage to the insured party’s vehicle, options can be added.
One should get several quotes as they can differ in cost quite a bit. Statistically all of your factors will be weighed and some insurers have a preference for certain makes and model of cars based on past experiences. They will look at how the vehicle is used. The coverage can be exactly the same from each insurer but the rates can vary as much as 79 percent.
It can take a couple of hours to get the quotes so you will need to allocate the time for this activity. After you have received the quotes review them to find the best prices. After reviewing them compare what is covered and make your choice.
Some of the most important factors that will be taken into consideration include driving experience. This is calculated from the day you passed your driving test. If your have driven 4 years and above you will have the least costly insurance. Between 2 to 4 years the cost will be moderate, 1 to 2 years it will be costly and 0 to 1 year it will be the most expensive.
They insurer will consider how many claims you have filed to determine your final rate. If you find you have a small accident that is not very costly it is best to file a report and declare it as privately settled. Another major risk is age, a young driver will be the most costly to insure while a driver who is between he ages of 31 to 65 is the least expensive. Over 65 the rate jumps up one level.
Luxury and large cars will rate a higher premium with car insurance Singapore. An older car will have a less expensive rate but some insurers will not insure a car over 7 years old. Off-peak cars get a 5 percent discount and a certificate of merit is offered for no traffic incidents along with another 5 percent discount. Indoor workers and women get a slightly lower rate as well, some insurers don’t discount for indoor or outdoor work.