Car,Insurance,Singapore,Availa car Car Insurance in Singapore -- Available Types of Coverage
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While searching for car insurance in Singapore, you will encounter different coverage options that may confuse you. However motor insurance is not complicated as long as you know the essentials. In Singapore, there are 3 types of auto insurance coverage you can choose from. They are the comprehensive coverage, the third-party fire & theft and the third-party only policy. As we get deeper into each of these types of car insurance, their characteristics will be clearer to you. 1. Comprehensive coverage. This gives the broadest protection for vehicle owners in Singapore. It covers the entire scope of the third-party fire & theft insurance, and also pays for the insured's liabilities. Some of these liabilities include bodily injury, death and property damage to a third-party. The comprehensive coverage also insures your own car against damages. 2. Third-party fire and theft. This type of policy covers the full scope of the third-party only insurance and it also insures against damages arising from fire and theft. Therefore such insurance coverage will also include protection against death, bodily injuries and property damage.3. Third-party only. This insurance compensates for death or bodily injuries to the other party involved in the accident only. It also pays for damages to any property that you damage. The compensation will only take effect if it's proven you're the driver at fault. That being said, not every automobile owner is able to insure their car under third-party only coverage. If your car is bought under hire-purchase, the bank will require you to protect your car under a comprehensive policy. This is without exception, usually. The rationale for this is to ensure that vehicle owners maintain their financial responsibility to the bank in the event of a total (or significant) loss. Similarly, insurance companies in Singapore will also require you to provide them with evidence that your car has been fully paid up or your financial institution has granted you permission to insure your vehicle under third-party only coverage before this type of motor insurance policy can be issued to you.On top of the basic coverage, there are different types of (optional) insurance under the comprehensive coverage that can give you more protection. Common options include the no-claim discount (NCD) protector, extended personal accident cover as well as the additional driver cover. There are of course many other riders that you can add to your original policy. These are just what's most popular.The above information are essential facts that you have to know in order to get a suitable car insurance for your vehicle. This knowledge can also protect you from less-than-ethical agents whose sole intention is to get your business by providing you with misleading information.Finally, before you put your approval on the dotted line, remember to check that your choice of policy and the scope of coverage is indeed what youre signing for. When in doubt, always ask a professional to explain to you the terms that you do not fully understand so you know what you are purchasing.
Car,Insurance,Singapore,Availa