General Insurance: Personal Insurance and Commercial Insurance: Car Insurance

Car Insurance

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Car Insurance

What most driver and car owner doesn’t know after an accident?

Common Knowlege of Car Insurance

What is an Excess?
An Excess is the first amount of any claim which you have to bear. The amount varies from insurer to insurer. Other dependent factors are the car make and model, insured and driver’s profile, driving experience and claims history.

What is No-Claim Discount (NCD)?
If you did not have any claim from your Insurance for that year, you will get a 10% discount from your insurance premium the next year. Every year there will be an increase of 10% discount on no claim until a maximum of 50%. For commercial vehicle, the NCD for 1st year is 10%, Subsequent year additional 5% until maximum 20%.

What is NCD Protector?
Normally if you had an accident which is not to your advantage, NCD will be reduced by 30% (Eg: 50% become 20%). If you have an NCD Protector, your NCD will be protected at 50% for one time only.
NCD Protector cannot be transferred to another insurance company. If you renew your insurance with current insurance company, your NCD will remain at 50%. Iff you get other insurance company to quote for your insurance, they will only do it at NCD 20%.

What is COM (Certificate of Merit)?
If you did not have any major traffic offence after driving for 3years, Traffic Police department will give you a COM. You can check whether you are eligible for the certificate ONLINE (If you need to). When you renew or get a new quotation for your car insurance, remember to inform the agent/company to check your eligibility for COM. Many people who renewed the car insurance without knowing about COM did not get a discount. Not all insurance company participate in COM, check with the insurance agent or company.

I read about damage to vehicles by falling trees, flooding and fires by arsonists. Can I claim for such damages?
Most Comprehensive Car Insurance covers damage caused by accidents including falling trees and flood related damages. Malicious damage caused by unknown persons are also recoverable.

Do I have to go to IDAC to file an accident report?
There is no need to file the accident report at IDAC. You can also make the report with Company insurance authorised workshops.

What should I do when I meet with an accident?
Take note of the details of the accident, third party’s vehicle number, driver’s name and contact details.
Do not admit or discuss liability. If you have a camera with you, please take pictures of the damage to all vehicles and record details of witnesses, if any.
If there is injury to any person, please call the police immediately. Where the accident involves a vehicle or other property belonging to the Singapore government, foreign vehicle, pedestrian or cyclist or hit-and-run, please make a police report within 24hours of the accident.

Car Insurance classification Type

Third Party – Only cover damaged that your car had cause to a third party. Insured have to bear the cost of repairing his own car.

Third Party, Fire and Theft – In addition to Third Party, it also cover Fire and Theft of the car.

Comprehensive – In addition to Third Party, Fir and Theft, it also cover damage to own car. Most insurance company also includes some liability of passenger and medical coverage.

Some Benefits given by insurance company (Every Insurance Company Differ)

“Any workshop” or “Authorise workshop only”
Any workshop: You can go to any workshop for repair, the workshop you prefer, including dealer workshop. Many people prefer to go to dealer workshop as they will get a better service and quality.
Authorise workshop: You have to use the Insurance company authorized workshop for any repair.
For cars still with 3 years warranty, it is preferred to choose a package that allow you to go back to the manufacturer workshop for repair. This is in case the dealer workshop void any future warranty claim due to any repair/changes done to the car that is not authorize.

Lost of use benefit: When your car is in the workshop, the insurance company will wither compensate you with a car or daily cash for you to rent a car. The number of days for lost of use different from insurance company.

Excess waiver: Some company waive own damage excess for insured NCD of 50%.

Authorised workshop (Please refer to your insurance policy for the updated list)

Other Insurance Company Authorised Workshop (Please refer to your insurance policy for the updated list)

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