Finance

Car Insurance – Some Most Important Things You Should Know

Everyone may have an idea of what car insurance is as the name describes its meaning. Of course, you may value your car. Car insurance is the umbrella that protects both you and your car from unforeseen risks and from incurring losses in case of an eventuality. You may love your car and who does not, even the slightest scratch hurts and even the smallest bumps give you sleepless nights.

And if your car meets an accident, it will be the worst situation if you don’t protect your car by taking up car insurance which is the most necessary element to protect your car and claim some benefit if the car meets an accident. The cover of the car in the insurance policy includes the insured car, the insured party and third parties, third parties mean other vehicles or people which get affected by your car. The premium depends on the things you include in your package like the value of the car, the type of coverage, the classification of the vehicle, and so on. So, higher is the premium, more benefit you get and lower the premium the benefit also becomes less.

The biggest mistake you may make can be by not reading the terms and conditions of the policy which you choose, always be aware of what is included and what are the limit and other terms too. HLAS is a good option if you want to buy a car insurance quote with good benefits in Singapore. So below are some of the points which you need to keep in your mind or else you will be left with a useless plan?

Followings are:

  • Higher the deductible, lower will be the premium: Car insurance companies decide prices of the premium on the estimate they think they have to bear and pay you in case of an event where the insurance needs a claim. So, if you agree to raise the deductibles, hence decreasing the amount that the insurance company has to give in your claim, usually, they offer a low premium. Avoid opting such policies unless you can afford to pay the deductibles.
  • You can transfer your No Claim Bonus (NCB): If you don’t have an idea and you waste the policy of your previous plan, let us tell you that you can transfer your accumulated NCB to your new car when you want to upgrade your car and you can also transfer your current NCB to another insurance company from the previous one.
  • Get your car engine insured too: Add on can be added to your insurance plan if you don’t have an idea about this, it is time to know the fact that you can opt for an add on that would cover your engine as well to save the cost of repairs that are not caused by an accident. If you had bought a car for the first time then you may not know that the repairing of an engine costs you pretty expensive, when it is caused by flooding and so, this add on will help you to claim your insurance for the expense of engine repair.
  • Know about Zero Depreciation: This type of cover offers full settlement without factoring in the depreciation. So, in case you and your car meets with an accident, a zero depreciation cover ensures you do not have to pay anything from your pocket for the damage caused. The premium of a zero depreciation cover is higher than that of the regular cover and that is, of course, to be higher as it includes extra benefits, but it is worth the effort and the trouble which often harass you.
  • Get your car accessories covered too: You might not know about the fact that most of the companies that provide the car insurance, offer you the cover for the luxurious accessories fitted in your car as well. This coverage can be brought by an add on to the Car Insurance Quote you choose and the premium will be a bit higher than the regular one. The additions to your policy might increase the premium amount, but in the long run, this will be the safest as you might not find it shocking paying a certain amount at a time.

All these above-mentioned points need to be understood and keep in your mind if you are a first-time car buyer and a first-time insurance buyer as it will give you much information about what actually car insurance covers and what it means. Choosing a bit high premium amount and choosing a good package might seem you uncomfortable once but when you realize that it was not a wrong decision then you will feel good to opt for your decision. HLAS company can be a good option if you are a first-time buyer.

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