Motor Insurance Policy

Motor Insurance Policy

Motor Insurance Policy – As you know, car insurance needs to be renewed every year. And it’s important to do this because car insurance, either Comprehensive Third Party Fire and Theft (TPFT) or Third Party Only (TPO), provides protection against accidental damage, fire, theft and third party damage to your vehicle. Liability for death, personal injury, property damage, etc.

Renewing your car insurance before it expires is not only important, it’s necessary. This is because if you don’t renew, not only will your policy expire, but it can lead to many other complications.

Motor Insurance Policy

First, you need to get a new insurance policy for your car. Additionally, if your policy is not renewed, you may lose all benefits from the previous financial year, such as ‘No Claims Discount’ (NCD). Most insurers provide a one-year grace period in accordance with Singapore General Insurance Association (GIA) guidelines. However, it provides a two-year grace period to reinstate your original policy.

Compare & Buy Motor Insurance Policy Online In India 2024

In this article, we’ll discuss what happens when your car insurance expires and what to do if it happens. But of course, it’s best to prevent your car insurance in the first place.

You cannot legally drive a car in Singapore without insurance. If you are caught driving without insurance, you can be prosecuted under the law and even pay a hefty fine.

Under Singapore’s Motor Vehicles (Third Party Risk and Indemnity) Act, anyone driving a car in Singapore without third party risk insurance can be fined up to S$1,000, jailed for up to three months, or both. . If you are convicted of this offence, you will also be disqualified from holding or obtaining a driver’s license for 12 months from the date of conviction.

Another risk that can lead to the loss of your car insurance coverage is the increase in insurance premiums. If there is a significant amount of time between policy expiration and renewal, you may end up paying much higher premiums or not renewing at all.

Top Reasons To Buy Comprehensive Car Insurance

The biggest risk without car insurance is that you get into an accident. Driving an uninsured vehicle can expose you to liability, including injury and damage to your life and other drivers, as well as your vehicle and other vehicles on the road.

This means you have to pay for property damage and medical bills out of your own pocket.

Now let’s get to the main part of the article: what to do if your car insurance has expired.

The first step is to contact your car insurance company. Your insurer may continue to offer a grace period for standard renewals on expired policies. Otherwise, you will have to apply for new car insurance.

Renew Car Insurance Online

However, if you’ve been thinking about switching insurance companies, now might be a good time to do so. Compare car insurance online and choose the policy that offers the best deal with competitive premiums.

Next, organize your expired car insurance papers and documents and keep them handy. This document should also include documents, invoices, receipts and other details for previous claims.

Once you notify your auto insurance company that your policy has expired, they will need to recalculate your premiums and offer you new options. Check all the details of your new policy and your expired auto policy to ensure you get the same coverage. Of course, if you need to, you can choose other additional benefits and check for current discounts or promotions that may apply to your new policy.

You should also check that your insurer can continue to provide no claim discounts (NCDs) on lapsed policies. If you’re a loyal customer, your insurer may approve this claim, so it’s worth checking.

Things To Look For While Choosing A Motor Insurance Policy

In the end, it’s up to you to choose an entirely new auto insurance policy or reinstate a policy similar to your expired policy.

Choose the policy that’s right for you and pay only for what you need. Here are some ways to lower your insurance premiums:

The best way to avoid coverage gaps and protect yourself is to maintain regular coverage and ensure your car insurance doesn’t lapse. Pay monthly premiums on time and check your policy expiry date.

You should be able to set up automatic payments and automatically renew your policy. If you change insurance companies, make sure the start date of your new policy matches the end date of your old policy.

Classification Of Cars: How Does It Affect Your Auto Insurance Policy?

Always remember that if you don’t renew your policy before it expires, it will lapse. Since an uninsured vehicle can put you at financial risk in the event of an accident or disaster, it’s best to hold off on your car insurance.

But the good news is that you can easily renew your car insurance by submitting your application online. So, renew your car insurance on time to avoid the consequences of expired insurance! As a car owner, you are required to have car insurance. It can help you search for the best insurance policy, but without expert knowledge and in-depth analysis, the vast amount of car insurance information available online (and offline) can be confusing and overwhelming.

We are here to help. This article contains valuable information about car insurance plans, including types of insurance, accident protection and other coverages, to help you make the best decision based on your personal preferences and circumstances in finding the best insurance plan for your car. . Read! If you want to buy a car, apply for a car loan.

AIG Asia Pacific Insurance Pte Ltd is a prominent general insurance company in the city since 1953 and is known for providing motor collision insurance at lower premiums compared to other insurance companies.

Your Certificate Of Motor Insurance

Comprehensive plans offer more benefits, including vehicle loss to theft, neutral accident damage such as floods, collision coverage, and automatic benefit reset for window or windshield cover (exceeding SGD 100 before GST).

Allianz, a renowned financial institution, has been serving Singapore’s retail, small business and medium business markets since 1998. Allianz offers the best comprehensive car insurance for car owners at reasonable prices.

Trading as Budget Direct Insurance, Auto & General Insurance (Singapore) Pte is an international insurance company based in the British Isles. Apart from car insurance, the insurance company also offers motorcycle and travel insurance to Singaporeans.

Online insurance company Etika, part of the Maybank group, has received a strong “A” rating from rating agency Fitch. Etika, among other insurance companies, offers the best car insurance services for young and inexperienced drivers.

Important Car Insurance Terms You Should Know

FWD is a comprehensive insurance company that started operations in Singapore in 2016 and offers a variety of insurance products to Singaporeans. To serve its customers, FWD has emphasized on products that are clear and customer oriented.

HL Assurance is a subsidiary of the Hong Leung Group in Malaysia. In addition to a wide selection of workshops, HL Assurance offers policyholders additional benefits such as air conditioning and paint protection and other optional vehicle maintenance. The plan adjusts your premiums based on the workshops you choose. Policyholders who choose the fixed workshop option pay lower premiums than other policyholders who choose the free workshop option.

MSIG Singapore Pte Limited, a subsidiary of MSI and part of the MS&AD Insurance Group, has been operating in Singapore for over 100 years. The company has an A+/stable rating from Standard & Poor’s. MSIG car insurance is the choice of budget insurers.

Drivo Premium plan owners can choose the workshops that work for them and get reliable emergency care from their insurance company.

Steps To Claim Car Insurance After An Accident

SingLife is a local general insurance company with a strong international presence. Because of our commitment to our customers, the car insurance options we offer are best suited to young, inexperienced drivers.

SingLife offers insurance add-ons to enhance coverage. As with other customers, customers can purchase up to 10 days of free car and accident protection. “Lock and Key Replacement” The driver pays to replace the vehicle’s security system. Finally, additional personal injury insurance is insured up to SGD and gives passengers 100,000 in the event of a traffic accident.

SingTel, a Singapore-based telecommunications operator, offers car insurance underwritten by Great Eastern General Insurance. This insurance provides superior medical coverage in the event of a road accident with a lower premium.

In addition to requiring only the basic coverage required by law, auto insurance provides various types of protection for the car owner, passengers and property, including the car, in the event of a car accident.

Motor Insurance > Policies

Unfortunate events related to car accidents can take a toll on you, your family, and your property. Your insurance plan should protect you and others against the risk of falling if necessary.

Consider this when choosing car insurance

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