The 10 Best Car Insurance Quotes In Singapore That You Can Consider Right Now
Finding the right car insurance in Singapore can be a daunting task. With so many different quotes to choose from, it's hard to tell which one will suit you best. The good news is that we've done the research and come up with a list of the top 10 car insurance providers in Singapore and their rates. Read on for more information on each company, including pros and cons, customer reviews, and policy features.
One of the most important things to consider when choosing your car insurer is your budget. Not all insurers offer competitive rates so it pays to shop around for the most affordable quote possible. If you're willing to spend more money per month on your insurance premiums then you could find a cheaper monthly premium
The 3 Main Reasons Why You Need Car Insurance In Singapore
In Singapore, you need to have car insurance.
1. In Singapore, liability for personal injury and death is limited to the extent of a person's financial capacity. If you own a car, your insurer will compensate for any damages you cause in the event of an accident. It means that if you are found liable for an accident and it exceeds your coverage limit (which is S$250,000), the other party can sue your estate to recover their losses.
2. If you don't have car insurance coverage, then the police may impound your vehicle on the spot or levy fines up to S$10,000 upon conviction (depending on how severe the offence is).
3. Owning a car without insurance means that if anything happens to or with that car while it
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Why Does Motor Insurance Cost More In Singapore?
The cost of motor insurance in Singapore is very high. In fact, it is one of the highest in the world. Motorists pay a whopping $1,000 per year on average just to get their car insured.
There are many factors that contribute to the high price of car insurance in Singapore. These include the expensive cars, insufficient public transport and safety standards for drivers here compared with Western countries.
One of the most important factors that contribute to this high cost is how new cars are taxed here. Cars registered new after 1 January 2000 attract six-year property taxes, while cars registered new before 1 January 2000 attract 10-year property taxes. This means that every 6 years, motorists need to pay an additional $10,000 for their car tax compared with before when they only had to pay
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What Types of Motor Insurance Are Available In Singapore?
Motor Insurance in Singapore is a legal requirement. You can get different types of policies for different purposes.
Different types of Motor Insurance Policies available in Singapore:
- Third-party motor insurance: Can be used to cover damages on your car from an accident where you are at fault.
- Comprehensive motor insurance: This provides coverage for accidental damage to your vehicle, theft or loss of your vehicle, and medical expenses incurred by a passenger in the event of an accident.
- Liability only motor insurance: Can be used while driving any vehicle other than your own while it is being driven by someone else.
- Temporary third party motor insurance: This is often bought before renting a car, but it does not provide any coverage for the rented car or any damage done to it by