Factors to Consider When Getting Your Insurance Policy

You’re excited to be on the road, and your vehicle is set; the next step is to purchase insurance. Keep in mind these factors when looking to get a policy.

The hard part is done; you’ve slogged, studied, passed your driving test, and gotten your dream vehicle; let’s now look at the next step before getting on the road as required by law in Singapore.

That step is one that you would have to consider wisely, and that would have to be getting the most comprehensive motor insurance policy available to you. The following are some elements to consider when doing so.

Not all are the same

Firstly, not all motor insurance policies are created equal. The myriad of insurers often offers a wide array of products and procedures to meet the individual needs of their customers.

When or if the premiums are lower, there may be more limitations placed upon that policy that applies to what is safeguarded and the options you may have if and when you need to make a claim.

It does make a difference

While some motor insurance policies may seem wallet-friendly, these policies may include some boundaries, such as the vehicle’s primary driver or who is eligible to drive said vehicle. Restrictions may even include where you can go for your repairs and the eligibility of vehicle parts.

Some seemingly more pricey policies will often cover all the authorised drivers who can operate the vehicle as long as they possess a valid licence. These more expensive policies may have more wiggle room, and they may allow for a more considerable leeway for you when it comes to your choice of workshops that you can go to for repairs.

While it may seem frivolous to some, doing your due diligence regarding your motor insurance policy will serve you well in the longer run.

What information should the insurer highlight to me?

• The payable for the premiums: When it comes to dollars and cents, it is a smart move for you to consider what is best for you. Paying less upfront and costing yourself more in the future or being a little more rigorous and paying out more upfront.
• Events covered and the period of coverage: If you were to be involved in an accident, you should genuinely find out what your selected insurers can provide you in your time of need.
• Restrictions of drivers allowed: Some insurers will place a cap or restrictions on the number of drivers operating the vehicle legally.
• Unusual exclusions: There may be some prohibitions when you undertake a policy. You should fully acclimatise yourself as to what they are so you would be better informed.
• Claims procedures: Having a policy is excellent, but the most important thing for you is getting up to speed with its claims process regarding what you can and cannot do. It would help if you were also made aware of how to make your claims.

Conclusion

At India International Insurance (III), we will give you the best possible advice and clarity regarding your policy. Our experience and expertise are available to you, having been in the industry for more than 70 years. As your best source of knowledge, don’t hesitate to contact us for a consultation today.