Vehicle Insurance Guide: Important Things to Know and Consider

The quite huge amount of money that you have invested in your vehicle ─ whether it’s four wheels or two ─ is no joke. Which is why getting it insured should be on top of your priorities. The good thing is Singapore mandates all car and motorcycle owners/drivers to purchase motor insurance. It is an insurance policy that covers your vehicle against financial losses should you get into an accident, involving your car ─ whether you are found at fault or a third party is held liable.

For those who are planning to purchase either a car or a motorcycle one of these days, please consider the fact that having auto insurance comes next to it. That being said, here are some important things that you need to know about vehicle insurance.

What are the different types of vehicle insurance?

• Car Insurance

This insurance is a must for everyone who owns a car. This kind of insurance covers physical damages, theft, and accidents involving your auto.

• Commercial Car Insurance

Given the fact that commercial vehicles are always on the road, a higher risk of liability issues is expected. At this point, commercial vehicle insurance is offered and a must-have for those companies that make use of cars, trucks, and vans for business purposes. This kind of insurance does not only secure and covers the vehicle used, but also the employer, employee, and the business in general.

• Motorcycle Insurance

Riding on a two-wheeled vehicle is riskier than driving four wheels; hence motorcycle insurance is the best way to keep your protected while you are on the road.

What are the types of car insurance cover?

• Third Party Cover

By having this car insurance policy, the car owner/driver can be covered for damages to property belonging to other people, which includes cars, fences, streetlights, and the like. Even the death or bodily injuries to passengers and third parties in which the driver is held responsible is cover by this kind of car insurance policy.

• Third party, fire, and theft

No matter how cautious you are when it comes to taking care of your valuable four wheels, unlikely situations will still arise which can result to damage or loss of your car, including accidental loss, damage by fire, or theft. But by adding this policy, you can save yourself from the hassle and out-of-the-budget expenses. However, it is important to note that this kind of policy slightly costs higher than the aforementioned cover.

• Comprehensive Cover

Considered as the most common type of car insurance cover, which covers the driver’s legal liability for damage to property belonging to other persons; just like how the third party cover works. But more than that, the comprehensive car insurance policy also acts as a great tool to shoulder the expenses caused by the repair or a replacement of car should it get damaged or lost due to accident, theft or vandalism.

What affects car insurance costs?
Provided that there are many car insurance policies offered by various car insurance companies, it is a must to know that each policy is different from one another, and so is the cost. But if you’re thinking about what affects the cost of premiums, here are some:

• Age of vehicle
• Engine capacity
• Make and model of vehicle
• Driver’s personal details

In case you’re looking for one of the best provider of motor insurance in Singapore, Autoshield will help you quote the right insurance for suitable for both you and your car’s needs. Reach us via our customer service hotline 6385 0777 or by sending SMS to 8588 9191, 8686 9991, 8688 9991, 8588 9991, 8866 9991, 8868 9991, 8668 9991.