Like a two-wheeled car, where renewal rates are very low when viewed from an auto insurance standpoint. One of the main reasons may be the high cost of repairs, which, even in the usual scenario, can also cost a lot of money. Car insurance is definitely a must today given the dire condition of roads and traffic in Singapore. While auto insurance is simple and not as difficult as life insurance or health insurance, people make a lot of mistakes when buying it.
Based on the parameters analyzed, Singapore is the most preferred way to buy or compare auto insurance policies online. Today in Singapore, about 70% of auto insurance purchases are made online, and building a website to compare insurance policies in this case is a real boon, backed by new IRDA regulations. The best thing about buying it online is that it allows any customer to compare multiple plans from multiple insurers at the same time.
When comparing auto insurance plans, keep in mind the following things:
- You should have a clear idea of the insured value declared on which the comparison is based. The person who drives poorly and the person who drives very carefully may end up getting insurance comparisons on the same IDV. The correct practice of keeping your vehicle in good condition can give you a good incentive when buying auto insurance and IDV will take care of that. Don’t let your IDV drop so low that the aftermarket value of your vehicle drops.
- Auto insurance has two components, one of which concerns your own damage and third parties. Try to get a clear idea of both. Although third party insurance cannot be controlled as established by the regulator, the damage coverage itself varies from one insurer to another. When comparing auto insurance, you need to know what exactly is covered by self-harm under each policy from another insurer.
- When comparing, you should also look for opportunities where you can get a premium discount. The most common of these is the no-claim bonus, whereas when comparing one or more insurance plans, you should always compare the premium post that asks for the correct no-claim discount amount.
- Another important thing to consider when comparing auto insurance plans is whether you are considering appropriate additional coverage for your vehicle. If you add coverage, another auto insurer will charge a different premium, so you should be very careful with this. In addition, when comparing auto insurance with complementary coverage, the amount of coverage is very important, as well as what is covered and what is not.
Although buying car insurance plans online, Singapore is now a trend due to the simplicity of the process, but when comparing before buying, you should have a clear understanding of all the points mentioned above. Not only will this help you buy the right plan that suits your goals, but it will also help you save a lot of money.