Things you need to know about car insurance

CNGpicnic

Senior Member
Joined
Jun 19, 2008
Messages
1,505
Reaction score
1
1) Does it make a diff if a car is from a parallel importer or authorized dealer?
2) Any diff if the car is a popular model (more on the road) or not popular model (less on the road)?

Cheers...


If a car is from parallel importer and is low in model circulation, the spare parts for those models might not be readily available in Singapore, and it might cost more to purchase for accident-related repairs.
Therefore, the insurance premium might be higher.

Cars and models from AD are usually larger in circulation, and due to the economy-of-scale, the spare parts will be more readily available and lower in cost.
Therefore, premium might be lower.
 

gamma7sg

Master Member
Joined
Oct 9, 2005
Messages
3,031
Reaction score
20
Have one question to ask. If my insurance expired in March, is it possible to renew it during February? If i managed to renew it during February, will it expire in Febraury or March next year? Thanks.
 
Last edited:

CNGpicnic

Senior Member
Joined
Jun 19, 2008
Messages
1,505
Reaction score
1
You can renew for as long as the insurer allow.
Typically it is within 4-5 weeks before the current one expires.
The new expiry date will be as per the current one.
Call your insurer to confirm.
 

sg2303

Senior Member
Joined
Jul 10, 2007
Messages
597
Reaction score
0
Can we have a list of insurers available in singapore?

Allianz Insurance Co of Singapore Pte Ltd
American Home Assurance Co - S’pore
AXA Insurance Singapore Pte Ltd
China Insurance Co (Singapore) Pte Ltd
EQ Insurance Company Ltd
HSBC Insurance (Singapore) Pte Ltd
India International Insurance Pte Ltd
Liberty Insurance Pte Ltd
Lonpac Insurance Bhd
Mayban General Assurance Bhd
Mitsui Sumitomo Insurance (Singapore) Pte Ltd
MSIG Insurance (Singapore) Pte Ltd (formally Aviva General Insurance Pte Ltd)
Nipponkoa Insurance Co Ltd
Overseas Assurance Corporation Ltd
Royal & Sun Alliance Insurance Plc
SHC Capital Ltd
Tenet Insurance Co Ltd
TM Asia Insurance Singapore Ltd

My insurance is ending soon. I heard that india international, china insurance, ntuc are the cheapest available.

Anyone has any others to add on?
 
Last edited:

Techno Pride

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
19,668
Reaction score
663
It depends on the risk classification method used by the insurer. The insurer that offers the lowest rate to your friend may not offer the lowest rate to you. Factors like occupation, age, driving experience, car performance etc determine the risk.

The premium for a new car owner, who'd fall under "young and inexperienced" and outdoor occupation, range from $1800 to a whopping $4000.
 

Beta_Tester

Honorary Member
Deluxe Member
Joined
Aug 16, 2003
Messages
115,188
Reaction score
53
Do years of experience count? More years of experience = Insurance Cheaper?

How do they count? The year when u get your driving licence? The day when u got your car n Insurance under you?

Thanks.
 

X66

Member
Joined
Jan 1, 2000
Messages
461
Reaction score
2
Do years of experience count? More years of experience = Insurance Cheaper?

How do they count? The year when u get your driving licence? The day when u got your car n Insurance under you?

Thanks.

Driving experience is counted based on the date you got your licence. It got nothing to do with when you got your car insurance under your name.

Generally speaking, the higher the driving experience, the lower the premium. A typical example of how most insurance company work

Driving experience < 2 years - Decline or special quotation (also means special expensive)
Driving experience 2 to 3 years - a bit cheaper
Driving experience 2 to 3 years - cheaper
Driving experience 3 to 4 years - even cheaper
Driving experience 5 and above - cheapest

Note that it differs insurance company to company, some insurance company after 3 years cheapest rating already
 

X66

Member
Joined
Jan 1, 2000
Messages
461
Reaction score
2
hi if a car is still under loan, can get Third-party, fire theft coverage?

This one entire depends on the insurer.
Some allow, some don't.

If i am not wrong, the insurance will sell you third party insurance as long as you wish to do so. It does not matter to them if your car is paid up or not.

Hoever, it does matter to the bank / finance company. It is usually the finance company that wants to get a comprehensive coverage. I have yet to come across one finance company that dun need comprehensive coverage. If you know of any, pls let me know. Thinking of changing car le :p
 

X66

Member
Joined
Jan 1, 2000
Messages
461
Reaction score
2
If a car is from parallel importer and is low in model circulation, the spare parts for those models might not be readily available in Singapore, and it might cost more to purchase for accident-related repairs.
Therefore, the insurance premium might be higher.

Cars and models from AD are usually larger in circulation, and due to the economy-of-scale, the spare parts will be more readily available and lower in cost.
Therefore, premium might be lower.

I only know that most insurance company charge 20-30% extra premium for PI cars. Never got to know why. Something new I learn today. Thanks CNG!
 

Beta_Tester

Honorary Member
Deluxe Member
Joined
Aug 16, 2003
Messages
115,188
Reaction score
53
Driving experience is counted based on the date you got your licence. It got nothing to do with when you got your car insurance under your name.

Generally speaking, the higher the driving experience, the lower the premium. A typical example of how most insurance company work

Driving experience < 2 years - Decline or special quotation (also means special expensive)
Driving experience 2 to 3 years - a bit cheaper
Driving experience 2 to 3 years - cheaper
Driving experience 3 to 4 years - even cheaper
Driving experience 5 and above - cheapest

Note that it differs insurance company to company, some insurance company after 3 years cheapest rating already

okay thanks. Another part..

So am i right to say if insurance under my name for a longer period = to getting NCD?
 

Beta_Tester

Honorary Member
Deluxe Member
Joined
Aug 16, 2003
Messages
115,188
Reaction score
53
One more Question regarding a thread i made a while back.
http://forums.hardwarezone.com.sg/showthread.php?t=2250156

~

Lets say if you car is souped up

Then it has some problem or accidents or for whatever reasons u need to claim insurance..

So the insurance gets voided or what? Cant claim?

Any aftermarket parts. LTA approved or Not. - If I were to use/install them on my car.

Thanks.
 

CNGpicnic

Senior Member
Joined
Jun 19, 2008
Messages
1,505
Reaction score
1
Insurers require car owners to ensure their vehicles are properly and reasonably maintained, and not to overload the mechanics the car was designed to take.
Anyone should read their insurance contract for further details on "what is not covered" and "care for vehicles".

It is a fact that a souped-up car will add more mechanical stresses to the car components.
Whether an accident is caused by mechanical problems, or road situations, or a driver's failure to comply to safe driving habits, remains an investigative effort on all involved.

Insurers do insure accessories, subject to acceptance and additional premium.
e.g. moon/sun-roof, solar film, CNG installation, etc.
Not all accessories will be allowed though.

Receipts for installed accessories are to be provided to the insurer to establish the claim limit.
 

Beta_Tester

Honorary Member
Deluxe Member
Joined
Aug 16, 2003
Messages
115,188
Reaction score
53
will say like i flash my ecu, change it or do some minor mods and adding stuff to make cars go faster void the insurance?

i went to ask.. they tell me subjective.

What if those ppl who lup turbo in their cars?

Thx
 

EJB

High Supremacy Member
Joined
May 24, 2001
Messages
48,391
Reaction score
6,268
will say like i flash my ecu, change it or do some minor mods and adding stuff to make cars go faster void the insurance?

i went to ask.. they tell me subjective.

What if those ppl who lup turbo in their cars?

Thx
It *is* subjective.

TC cars have more expensive insurance, so if you install TC, your premium will rise accordingly.

Certain ADs will void the warranty of the part you modified.
 

Vostro1200

Member
Joined
Sep 5, 2008
Messages
184
Reaction score
4
Hi CNG

I have a COM in riding. I was wondering whether can the 5% can be bring over to car ??:s13:
 

CNGpicnic

Senior Member
Joined
Jun 19, 2008
Messages
1,505
Reaction score
1
Hi CNG

I have a COM in riding. I was wondering whether can the 5% can be bring over to car ??:s13:

I also wish it can be done, but unfortunately, the answer is NO.
But you know what, you can always try.
Maybe the insurer might agree to your request.
 

Beta_Tester

Honorary Member
Deluxe Member
Joined
Aug 16, 2003
Messages
115,188
Reaction score
53
It *is* subjective.

TC cars have more expensive insurance, so if you install TC, your premium will rise accordingly.

Certain ADs will void the warranty of the part you modified.

Mostly i get from PI.. I ask them will void they also tell me subjective. :x

What abt stuff like adding ecu or flashing them?

Thanks.
 
Last edited:

Techno Pride

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
19,668
Reaction score
663
If i am not wrong, the insurance will sell you third party insurance as long as you wish to do so. It does not matter to them if your car is paid up or not.

Hoever, it does matter to the bank / finance company. It is usually the finance company that wants to get a comprehensive coverage. I have yet to come across one finance company that dun need comprehensive coverage. If you know of any, pls let me know. Thinking of changing car le :p

That was what I thought too. Have to check the loan agreement. Problem is I have not seen any loan document before.
 

Techno Pride

Arch-Supremacy Member
Joined
Jan 1, 2000
Messages
19,668
Reaction score
663
to add on:

for AIG, 15% discount for OPC the last time I tried. Not sure whether applies to all makes or just Hyundai only. AIG is a bit different from other insurers as to how the driving experience affects pricing. Every one additional yr of driving experience will affect the premium...very slightly.

Do contact a broker to get a few quotes for you and compare plan featuers.

the above information may no longer apply next mth, the month after next etc etc as insurance companies reserve the right to revise their pricing methods without notification.
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Community Guidelines and Standards, Terms of Service and Member T&Cs for more information.
Top