Don’t Forget to Review Your Motor Insurance Cover Before Renewing Your Policy

Reviewing Your Motor Insurance Cover Before Renewing Your Policy  

Motor insurance is mandatory in Singapore for every vehicle on the road. If your car insurance policy is due to renewal soon, it is well worth reviewing the benefits of your cover before going ahead with the renewal.

 

By now, you would have had your motor insurance for at least one year and should have a better understanding on the benefits that you as a driver and your car will need.

 

 

 

Renewal is a good time to reconsider whether you would like to add more benefits or remove benefits that you don’t have any use for. When you renew your car insurance premium with InsureDIY, you get a chance to save money and also get a chance to reconsider your car’s coverage. In this way, you can ensure that you are getting your money’s worth on a policy that will truly benefit you.

 

On InsureDIY, you are able to view and compare the quotes offered by the top insurers in Singapore, such as MSIG, Sompo, NTUC Income, Hong Leong Assurance (HLA), Liberty, and AXA. All of these insurers offer comprehensive motor insurance for cars in Singapore.

 

They also offer a variety of benefits and add-ons as part of the policy coverage. InsureDIY allows you to customise your car insurance coverage based on your preferences.

 

 

A fuss-free way to purchase a car insurance policy worth your money

 

As soon as you have input the required details, InsureDIY will present to you a panel of car insurance plans for your selection, complete with actual premium rates. This fuss-free approach allows you to get multiple quotes without having to visit several websites and input the same details many times.

 

On InsureDIY, you get to choose the most value-for-money plan for your chosen benefits. Often, consumers think that price is the most important consideration. However, cheap premiums usually come with no-frills cover. Investing in a good policy with all-rounded cover is the best way to ensure you are well-protected in a claim event.

 

At InsureDIY, we will help you make the comparison focused on the features of a plan, while presenting you with the most competitive premium rates at the same time.

Below are some of the optional benefits you can toggle to add-on or remove on InsureDIY:

 

 

Authorised Workshop Only benefit

 

When you take up an Authorised Workshop Only benefit, you are choosing to go with the Insurer’s panel of workshops when your vehicle needs to be repaired. Choosing this option can lower your premium significantly and should definitely be considered if you are not particular on the choice of workshop. If your car is relatively new however and you wish to send it to the manufacturer’s workshop, you should still opt for the “Any Workshop”option.

 

 

Loss of Use benefit

 

Loss of Use benefit is a transport service provided by your insurer when your car is at the workshop due to a reported accident. You are either provided with a transport allowance or a replacement vehicle. This benefit allows you to carry on with your daily life getting from one place to another without any loss.

 

 

No Claims Discount (NCD) Protector

 

If you have been a good driver in Singapore and have not made a claim against your policy, you are entitled to get an NCD discount upon renewing. The longer you hold a car insurance policy without making a claim, the higher your NCD discount will be. The limit is set at 50% if you have 5 years of claim-free driving.

 

The NCD protector is set up by the insurer to protect the driver’s NCD. While the NCD follows the driver, the NCD protector follows the insurer. If your existing NCD with your insurer is at 50%, despite having made a claim, it will remain 50% due to the presence of NCD protector. If you opt to renew with a different insurer, you will be asked to show your claim history and your NCD will reduce back to 20%.

 

If a claim had been made, it makes sense to renew with your existing insurer to keep your 50% NCD. Otherwise, it is possible to also add-on an NCD Protector with a new Insurer, if the overall premium package is competitive.

 

Adding an NCD Protector will usually increase your premium by about 10%.

 

 

Renewing your car insurance in Singapore

 

 

With InsureDIY, renewing your car insurance is not a complicated and complex exercise anymore. You get to view an Motor insurance of the top car insurance plans in Singapore and are able to to study the benefits available and decide what is best for your car type, budget and desired coverage.

 

The process is really simple, all you have to do is Motor insurance once and you will get to view the comparative table that will help you make a decision. The process to view and compare insurance policy quotes takes less than 10 minutes. 

 

On the other hand, InsureDIY is ready to help you get the best price when you renew with your current insurer. We'll even give you a straight $30 off your premium, simply e-sign the transfer of agent letter and we will be able to assist in renewing your policy. If you have any questions, do not hesitate to email sg_service@insurediy.com for support.