You’ll be eligible for a No-Claim Discount if you’ve been a safe driver and haven’t filed any claims for the past two years (NCD). When you renew your coverage, you’ll receive a 10% discount for each year you go without filing a claim, up to a maximum savings of 50%. This means that if you don’t file a claim for five years, your insurance premium will be slashed in half, saving you money!
Therefore, you must trust Singapore motor Singapore, there provide efficient services to their customers. So you must read this article to know more about motor insurance and other services.
Methods to get motor insurance
Here come the methods to get motor insurance:
- Send us your information. Please provide us with the necessary information from LTA for us to extract the fundamental facts about your vehicle.
- Within 24 hours, you will receive quotes. They will find the best economic plan for you after consulting with the insurance partners.
- Invest in Insurance. Make an online payment, and they will buy the plan you choose on your behalf.
Three months before your current policy ends, you can renew it. That way, you’ll have plenty of time to get your vehicle examined or renew your road tax.
Types of Motor Insurance
Comprehensive, Fire & Theft (TPFT), Third-Party, and Third-Party Only (TPSO) are the three forms of car insurance available on the market (TPO). It is required to hold at least a TPO auto insurance coverage under Singapore’s Road and Safety Act.
TPO is the most basic, and it covers any costs incurred as a result of your damage to another person’s vehicle and their medical expenses. It is the most cost-effective policy for anyone looking for low-cost auto insurance. TPFT is a mid-tier plan covering accidental fires and theft losses.
The most popular and well-rounded policy is a comprehensive strategy. It covers losses and damages to your passengers, vehicle, goods, yourself, and third-party, fire, and theft liability.
If you drive a COE automobile, you may want to consider switching to a lower-tiered insurance plan to save money, as you are more likely to destroy your vehicle than fix it after an accident.
The Calculations
Several things influence your insurance premiums. Driving experience, NCD, age, gender, car information (make/model/year), occupation, claim history, policy type, and vehicle usage are all factors to consider. Here the experts pledge to assist you in locating the most cost-effective auto insurance policy.
The excess, also known as the deductible, is a portion of any claim that your auto insurance provider will not cover. Excess payments are paid out of your pocket and are required to keep small claims under control.
It also transfers some responsibility to the driver and aids in the reduction of insurance prices. Your NCD records are kept by your insurance carrier only. To find out if you have an NCD, contact your current insurer. Therefore, you must take better decisions when choosing a motor insurance company.
