Comprehensive Car Insurance Plans And Renewal

Consider searching for and renewing your car insurance tentatively 1 month in advance so that you have ample time to also renew your Road Tax and car inspection if you need to.

• Third party risk factor
• Driver’s profile eg. age, experience, prior claims, etc.
• Model of the vehicle

Insurance is based on the concept of pooling of risks. If the overall claims experience is bad, premiums will be increased across the board for all motorists irrespective of whether a claim is made or not. However, the premium increase borne by those with a clean driving record will be lower than those with accident claims because the latter will have an additional loading on the claim and thereby pay even more

In Singapore, there are two types of motor insurance schemes. Authorised Workshop or Any Workshop. It is easy to understand that the authorised workshop scheme has lower premiums because the insurer has control of the repair cost. Most of the motor cars are covered under authorised scheme in Singapore. People usually opt for any workshop scheme because they have super model cars which can only be fixed in designated workshops. View Sgcarmart’s full list of partner workshops.

The premium for your motor insurance policy is calculated using certain risk factors such as vehicle model, capacity, driver's age among other factors. Market value of the vehicle is not a direct risk factor as it does not influence the claims received from third parties for property damage and injuries. Further, the repair costs for motor vehicles has increased over the years. Hence, there is a need to increase the premium to ensure a sustainable business.