Comprehensive Insurance ‐ Coverages?

[Kalyan-sg]

I have been driving for 30+ years in Singapore and I always had comprehensive insurance. I never made any claims. Recently, I had an accident. No one was hurt, no property was damaged but the only my car was damaged. The assigned worksop dealt with the insurance company. It appears that insurance company put a cap on the repair cost and the workshop says the capped amount will not be enough to make good the damages. But my car is insured at market price. So, I am not sure of the meaning of 'comprehensive car insurance'. Can any one please elaborate on what is 'comprehensive car insurance' in Singapore? And also what is the meaning of market value of the car, in terms of insurance?

 

[mp4005 help]

https://www.axa.com.sg/blog/insuran...n-third-party-and-comprehensive-car-insurance
after an accident , before Workshops can start work, an independent assessor from the insurance company will go down to see the damages and assess the repairs and cost of items ..

market rate means based on average car price now. you can also insure your car for a specific amount rather than market rate.

every insurance company slightly different SOPs and that is why many people will say cheapest doesn't always mean better. saving few hundred and when the time to claim so difficult and so many issues , it is not worth it.

what you should do is to call your agent assuming you got it through someone / third party agent ..

or call them directly if it is direct to the company and clarify with them exactly why.

first , you have to read your contract as well. the detailed terms and conditions.



Read HWZ Forum Rules!

 

[EJB]

1. How old is your car?

2. What is your scrap value vs repair cost?



If repair cost > scrap value, they will not repair and pay scrap value instead.

 

[kebinu]

1. How old is your car?

2. What is your scrap value vs repair cost?



If repair cost > scrap value, they will not repair and pay scrap value instead.

I don't think so unless it's COE car or very old.

Market value meaning they will assess the car and give it a price at "market rate". Say $65k and paper value is $40k. they may pay around $65k and that's it. They will scrap themselves and get back $40k or sell it somehow.

In such case, even if the repair is $18k, it's probably still worthwhile to repair right?

 

[EJB]

I don't think so unless it's COE car or very old.

Market value meaning they will assess the car and give it a price at "market rate". Say $65k and paper value is $40k. they may pay around $65k and that's it. They will scrap themselves and get back $40k or sell it somehow.

In such case, even if the repair is $18k, it's probably still worthwhile to repair right?

My repairs was $17K and the insurer paid it. So I'm sure it's not due to that.

Likely due to it being a COE car and the repair cost is > market value, so they won't pay above market value and proceed with repairs.