Most (if not all) auto insurers in Singapore issue a renewal notice to car owners. It’s not a legal requirement to do so, but it’s beneficial for vehicle owners. Renewal notices act as reminders that the policy is about to expire. They are usually sent one month before your policy expires.

A renewal notice contains basic information about your motor car insurance policy such as:

- Name of Insured
- Expiry Date
- Renewal Premium
- Vehicle Details
- Permitted Use & Exclusions/Restrictions that May Apply

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The proposal form needs to be submitted and sent (along with the quotation) to the insurer in order for them to underwrite your motor car insurance policy. The underwriter relies on the information given by the car owner to assess the risk undertaken by the insurance company.

Therefore it is important that car owners provide accurate and relevant details as required by the proposal form, to the best of your knowledge.

The following information is usually requested in the proposal form:

- Name & Address Of Car Owner
- Type Of Business Or Trade (If Applicable)
- Driving Experience Of All Drivers, Insured & Named Drivers
- Claims Experience & NCD (aka. NCB) Entitlement Amount
- Type Of Cover (Comprehensive, 3rd Party, Etc.)
- Vehicle Usage
- Whether Your Car Has Been Modified
- Vehicle’s Make & Model, Seating Capacity, Market Value & Year Of Manufacture
- Vehicle Registration Number, Date Of Registration, Engine Number & Chassis Number
- Finance Company (or Hire Purchase Company), if Applicable
- Some Details Of Vehicle’s Accessories

Soon after submission, the Certificate of Insurance or Cover Note can be released to the car owner.

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The Third-Party, Fire and Theft insurance covers your own vehicle against loss or damage by fire or theft, on top of the scope of coverage provided by the third-party only insurance.

Unfortunately, damage to the insured’s vehicle by anything other than fire and theft is not covered by under this policy.

Most car owners will opt for a comprehensive policy instead because of the Third-Party, Fire and Theft Insurance’s limited coverage.

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Looking for the cheapest car insurance quote can be quite a hassle – looking up different auto insurers, putting together different quotes with different benefits, doing research on which insurance companies are reputable and which one makes you jump through hoops when you need to claim, etc.

One way to skip through all these trouble is to engage a motor insurance comparison service. Such service applies to both personal and commercial vehicles.

After submitting all relevant and necessary information, you can access the cheapest insurance quotes with maximum benefits for your automobile. (Usually after 1-2 working days) Even if you’re riding a motorcycle, the comparison service can serve you to fetch the best deal for you as well.

Why Do Quotes From Insurance Companies Differ?

Auto insurers charge premiums according to a pretty standard criterion. And the reason why their quotes are different is because the benefits that they offer are different. Also, the insurer’s claim experience differ, therefore their risk tolerance are different.

In light of the above, the cheapest car insurance quote may be lacking in some benefits – benefits that are provided by all other insurers. Yes, there are those very cheap auto insurance quotes that covers exactly what the rest of the insurers are offering. However, sometimes, it takes forever to claim. That’s why motor insurance quote comparison services do not usually recommend the very cheapest quote. Instead, a cost-benefit comparison approach is usually taken.

By the way, you didn’t hear the “take forever to claim” part from me – go talk to the rest of the car owners and you’ll know which insurer has good (or not so good) claims reputation.

How Do The Insurers Price Your Car Insurance Policies?

Insurance companies price each policy according to the risk they’re undertaking to insure you. Risk is calculated by historical (and statistical) claims data. Insurers often regard females and older drivers as safe drivers, thus giving them more discounts and benefits. Statistically, young male drivers cause the most road accidents. Thus, drivers that fall into this category often pay a higher premium for the same benefits.

Auto insurance companies will reduce your monthly premium if you can show proof of a clean driving record. Providing information like No Claim discount (NCD) is important and will help you get the best deals. You can find out your NCD amount from your existing insurance company.

Another factor that determines the price of your insurance premium is the make and model of your car. For example, driving a sports car will cost you more on car insurance expenses compared to an average car. This is because cars that are faster and more powerful are considered more dangerous (riskier for the insurer).

All these basic factors are what auto insurance companies consider when giving you a quote. Thus, it is important to provide at least the above information when looking for car insurance quotes.

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What are the different types of car insurance available in Singapore?

There are three main categories of auto insurance. Each category provides different coverage, thus impacting your right to claim should an accident occur:

(Most car owners in Singapore opt for the Comprehensive Cover, as it gives the widest protection)

Third Party Only Coverage, which covers:

- Death or injury to other parties
- Damage to other parties’ property

Third Party, fire and theft Coverage, which covers:

- Death or injury to other parties
- Damage to other parties’ property
- Fire damage to, or theft of, your vehicle

Comprehensive Coverage, which covers:

- Death or injury to other parties
- Damage to other parties’ property
- Fire damage to, or theft of, your vehicle
- Accidental damage to your vehicle
- Personal accident cover (for private cars only)
- Medical expenses (for private cars only)

Optional Benefits for Comprehensive Policies
(which may be subject to payment of additional premium)

- Windscreen damage
- Damage arising from riot, strike and civil commotion
- Damage arising from flood and windstorm
- Liability of passengers for acts of negligence
- Personal accident benefits for passengers
- Additional excess
- No-Claim Discount protection (for private cars only)

These Optional Benefits may seem like icing on the cake, but you may find them important nevertheless. Many reputable insurers include these benefits into their coverage while others don’t. Usually the VERY cheapest ones are just bare-bones in their coverage and thus do not include these.

If you feel that these optional benefits are important to you, choosing these bare-minimum budget quotes may do you no good. You may find that when the premiums for (let’s say) windscreen damage is added to their basic coverage, they’re actually more expensive than their competitors.

Of course, paying a premium for “brand names” may leave you with the shorter end of the stick in view of cost over benefit. And some motor car insurance are designed to cream “fat-cat” car owners. Avoid these. Do your due diligence of studying the quotes of different companies. This is where MotorInsuranceSingapore.com comes into the picture and it make things really easy for you.

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