Car Insurance High – When buying a car, most people focus on the price of a new car. And with insurance premiums rising to more than $100,000 these days, it’s easy to overlook everything else.
But owning a car means more than just paying for it. There are many costs associated with ownership, including maintenance, taxes, and perhaps most importantly, insurance.
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All car owners should check that they have adequate insurance before driving. However, many simply buy the first one offered. As always, the devil is in the details.
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While there is no one-size-fits-all solution, here are four things to keep in mind when choosing the best car insurance for your needs.
Accidents happen. But what’s especially frustrating is when your insurance company makes you pay an excess (the amount you pay when you make a claim) even though the accident wasn’t your fault, which is common.
So, if you are not at fault, look for a policy that will reduce or eliminate the excess amount. You don’t have to pay for other people’s mistakes.
No claims discounts (NCDs), which insurance companies give to policyholders who do not incur a claim for a certain period of time, can mean significant savings on premiums. However, at the time of making a claim if you are at fault for the accident, your NCD can drop by a whopping 30%. To get this 30% back on NCD, you need to be uninsured for three years.
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But there is no reason to worry. You can also add an NCD protector to your policy to protect you against NCDs on demand or consider a policy that reduces your NCDs at a lower rate. That way, you won’t have to pay a hefty fine for a one-time mistake.
A Certificate of Entitlement (COE) allows you to register and use your vehicle for 10 years. You can then choose to deregister your vehicle or renew your COE. Given the current high COE prices, this option is becoming increasingly popular. However, the coverage provided by most auto insurance policies ends after 10 years.
If you want to save by renewing your COE instead of buying a new car, look for insurance that covers older cars.
Buying car insurance requires due diligence to ensure you get the best deal for your car and profile.
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The good news is that DriveShield might be the best for you. We cover all the bases with our unique plan in partnership with major insurance company Singlife. While it offers a waiver of the excess amount if the insured is not at fault, it promises to reduce the NCD by only 10% if the beneficiary is at fault.
DriveShield is also a comprehensive plan that covers the new wave of electric vehicles, older cars up to 15 years old and everything in between.
Additionally, with DriveShield’s enhanced plan, its Gap Cover feature covers unpaid car loans in the event of a total loss, and its Loan Protector feature does the same in the event of the insured’s death. Similarly, if you choose the enhanced plan, you can also receive an accident report at the scene and transport you and your passengers from the scene of the accident to any destination in Singapore.
Whether you’re buying a new car or looking to renew your insurance policy, check out DriveShield. Don’t miss special discounts!
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Terms of use apply. Protected up to the limits specified by SDIC. This insurance is underwritten by Singapore Life Limited.
Or check out the NAV Planner to analyze your financial situation in real time. The best part is that it is hassle free. Automatically calculate your cash flow and give money tips. The General Insurance Association of Japan reports that auto insurance claims decreased by 8.5% in 2016, even as the number of reported accidents increased by 8%. This is the highest level in the last five years, and the association suspects that the cause of this abnormal situation is the sudden increase in the number of car users.
According to the General Insurance Association of Japan, auto insurance claims fell 8.5% to $494.4 million last year (2016), but the number of reported accidents rose 8% to 161,361, the most in five year.
The association suspects that the cause of this abnormal situation is the rapid increase in the number of private rental cars. This is because, like taxis, private hire car insurance has a high excess amount (the amount the insured must pay first before the insurance company intervenes).
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For such vehicles, that excess can reach $5,000, discouraging Uber and Grab drivers from filing insurance claims. That’s also why auto insurance premiums aren’t likely to go up, industry insiders say.
But here’s the problem. Could these drivers have collided with other road users who could potentially seek compensation for their damages?), the driver can file a claim against their insurance policy.
If this happens, won’t insurance premiums go up, ultimately forcing insurance companies to raise their premiums?
Unless, of course, those private hire drivers are crashing into each other or street furniture. Although there may be cases like this, it is more likely that you will be involved in an accident with an ordinary driver.
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