List of queries comes into peoples mind of Singapore when it comes to motor insurances
1) Why I need motor insurance or Car Insurances?
2) Different type of insurances policies availability?
3) How does the insurer set my premium?
4) What kind of information insurer need to know about me?
5) What is a No-Claim Discount (NCD)?
6) Do I have to reinstate my windscreen cover after a claim? Will my NCD be affected??
7) Do I get my money back if I’ll cancel insurance policy?
1) Why I need Motor Insurance?
As no one know what can happen with anyone anytime, that’s why having motor car insurance is essential because it recovers your expenses in the event of car damage or any kind of injuries happen to other.
2) Different type of car insurances policies availability?
1: Third Party Single Coverage – this kind of policies covers only
A) Death or injury to other parties
B) Damage to other parties’ property
2) Third Party Multiple Coverage - This kind of medium type policies cover. eg
a) Other parties Death.
b) When made loss to other parties’ property.
c) Fire damage theft of your vehicle.
3) Comprehensive Coverage – it is combination of above both policies, this plan covers death or injury to other parties, damage to other person property, fire, theft, accidents, and medical costs arising from the accident.
3) How does the insurer set my premium?
In Singapore, mostly all of Insurer always set client premium on the base of some risk factors ranking system, few of them are
Make year of your vehicle,
Engine capacity,
Age and occupation of drivers,
Insurance claim history of driver
Type of cover
4) What kind of information insurer need to know about me?
Insurance are necessity of today life that they can protect you when things go wrong. When you decide to insurance yourself property like vehicle, there are few things that your insurer should know so that they can work out what the risk is of insuring you and how much that will cost for them.
5) What is a No-Claim Discount (NCD)?
As name suggest “no claim discount”, if no claim has been made as per your insurance policy for more than a year, you are entitled to a No-Claim Discount (NCD).. This is your insurer’s way of recognizing you for having been a careful driver. Discount of policies renewal depends on the periods of the insurances with no claim.
6) Do I have to reinstate my windscreen cover after a claim? Will my NCD be affected?
The windscreen benefit covers the cost of reinstating any glass in the windscreen and windows including the in-vehicle unit subject to an excess of S$100 each claim. Such claims do not affect your NCD (No-Claim Discount), so you not need worry about it. Genuinely, it will not be affected if liability is 20%, but almost in other cases, your NCD can be affected.
7) Do I get my money back if I’ll cancel insurance policy?
Mostly Insurance agencies may make refunds to policyholders under certain conditions. Some other insurance agencies can use the return to offset premium payable.
1) Why I need motor insurance or Car Insurances?
2) Different type of insurances policies availability?
3) How does the insurer set my premium?
4) What kind of information insurer need to know about me?
5) What is a No-Claim Discount (NCD)?
6) Do I have to reinstate my windscreen cover after a claim? Will my NCD be affected??
7) Do I get my money back if I’ll cancel insurance policy?
1) Why I need Motor Insurance?
As no one know what can happen with anyone anytime, that’s why having motor car insurance is essential because it recovers your expenses in the event of car damage or any kind of injuries happen to other.
2) Different type of car insurances policies availability?
1: Third Party Single Coverage – this kind of policies covers only
A) Death or injury to other parties
B) Damage to other parties’ property
2) Third Party Multiple Coverage - This kind of medium type policies cover. eg
a) Other parties Death.
b) When made loss to other parties’ property.
c) Fire damage theft of your vehicle.
3) Comprehensive Coverage – it is combination of above both policies, this plan covers death or injury to other parties, damage to other person property, fire, theft, accidents, and medical costs arising from the accident.
3) How does the insurer set my premium?
In Singapore, mostly all of Insurer always set client premium on the base of some risk factors ranking system, few of them are
Make year of your vehicle,
Engine capacity,
Age and occupation of drivers,
Insurance claim history of driver
Type of cover
4) What kind of information insurer need to know about me?
Insurance are necessity of today life that they can protect you when things go wrong. When you decide to insurance yourself property like vehicle, there are few things that your insurer should know so that they can work out what the risk is of insuring you and how much that will cost for them.
5) What is a No-Claim Discount (NCD)?
As name suggest “no claim discount”, if no claim has been made as per your insurance policy for more than a year, you are entitled to a No-Claim Discount (NCD).. This is your insurer’s way of recognizing you for having been a careful driver. Discount of policies renewal depends on the periods of the insurances with no claim.
6) Do I have to reinstate my windscreen cover after a claim? Will my NCD be affected?
The windscreen benefit covers the cost of reinstating any glass in the windscreen and windows including the in-vehicle unit subject to an excess of S$100 each claim. Such claims do not affect your NCD (No-Claim Discount), so you not need worry about it. Genuinely, it will not be affected if liability is 20%, but almost in other cases, your NCD can be affected.
7) Do I get my money back if I’ll cancel insurance policy?
Mostly Insurance agencies may make refunds to policyholders under certain conditions. Some other insurance agencies can use the return to offset premium payable.
