What to Look for When You Buy Car Insurance in Singapore

When buying car insurance in Singapore, most people simply want coverage for their vehicle in case of an accident. Is there a way to get a good deal and, if possible, a bit more too?

Third-party Liability

If you’ve caused damage to someone else’s vehicle, you need to at least know that whatever costs come up will be covered. These could be for vehicle repairs or medical needs.

Roadside Assistance

Again, roadside assistance is all but mandatory. Who knows what can happen every time you drive out? If you find yourself in a pickle, especially if it’s a roadside accident and you can’t move your vehicle on your own, having that assistance to get it from point A to point B is invaluable.

Low Excess

A crazy excess is going to be a turn-off. After all, if you’re trying to make an insurance claim, you want your provider to accept it with as little resistance as possible. The lower the excess, the less the claim is going to cost you.

For context, the excess is a figure you must pay before your insurance company takes on your claim. With Bubblegum insurance, for example, the excess is only $600, which most certainly ranks among the lowest costs in Singapore.

Low Premium

What about before an accident even happens? You are going to need to pay an insurance premium, after all. Considering it’s a recurring payment, albeit an adjustable one, you still want to know that you’re going to find it affordable.

if you compare the costs of some of the leading insurance companies in Singapore, for example, you will notice a trend. Certainly, there are differences in the prices, but they’re all in a bracket.

For example, Tom, a 33-year-old who drives a 2017 Honda Fit with no “at-fault” accidents in the past three years and 40% and CD will pay anywhere between $1,200* and $1,500* dollars as an insurance premium at your standard leading insurance companies.

What if it were possible for Tom to get insurance that would cost less than $950*? What would you do if you were Tom and such a company existed with good coverage? It’s a no-brainer!

Personal and Vehicular Coverage

If you’re opting for an insurance policy that is meant to cover you if an accident should happen, you want to know that your medical bills will be taken care of. After all, they can get very pricey very quickly.

On the flip side, you also want to ensure that any repairs that need to be effected on your vehicle will also be covered under your policy.

As you are evaluating policies, it’s an excellent idea to find out what exactly is covered, and the extent of the said coverage.

Extras

Until now, everything covered was baked into your policy, and it was just a matter of your trying to optimize the various offerings. For example, regardless of where you go, you’re going to pay a premium. However, you would want to optimize that premium.

Extras are another case entirely. Essentially, you may find that an insurance company offers attractive benefits, which could come in the form of additional coverage that you wouldn’t typically get.

The course of action to take here would be to evaluate the core product, ensure that it meets your needs, and then the extras can be treated as icing on top of the cake. You most certainly should take these offers where you can get them, provided the rest of what is being offered is also stellar.

Reputation

Obviously, you shouldn’t base your entire decision on a name you’ve heard. Even if you are aware of some of the names in the market, it would be a good idea to understand why they have a must whatever reputation it is that is present. One of the critical considerations is knowing which entity is underwriting the insurance policy.

The Bottom Line

As you look to buy car insurance, there is most certainly a lot to think about. Most of it revolves around the coverage and services you will get for your insurance premium.

Perhaps you may want to consider going the route of Bubblegum insurance. The MoneySmart Group has been helping Singaporeans get access to optimal car insurance for some time. 

Bubblegum Car Insurance, which India international insurance Pte Ltd underwrites, was created by MoneySmart to offer more savings and coverage. For example, you get some of the lowest premiums in Singapore for all your typical coverage plus an engine and gearbox warranty.

Remember, as you decide, you want to get the most out of your premiums. Don’t lose sight of this as you compare and conclude.

*Costs accurate as of October 2022 based on insurer websites