What is the main feature that attracts your attention when buying car insurance? How would you compare the different brands out there? - Seedly
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Anonymous

Asked on 21 May 2020

What is the main feature that attracts your attention when buying car insurance? How would you compare the different brands out there?

Do you have any advice to share for buying car insurance? A bit lost!

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Nathaniel
Level 5. Genius
Answered 4w ago

The vast majority of consumers will typically hone in on price. Coverage breadth is usually secondary; in any case, with the commoditisation of motor insurance, there's not significant differences that exist between the different insurers. Some insurers will offer slightly better benefits (e.g. higher personal accident benefits, broader panel of approved workshops, etc.), but unless you're really keyed into the ins-and-outs of motor insurance, most consumers will focus on the lowest-priced cover.

The above explains the rapid rise of comparator sites (like the ones below), and online direct insurers.

Personal car insurance comparison - heavily used to get the best priced policies:

  1. https://www.gobear.com/

  2. https://www.moneysmart.sg/

  3. https://www.motorist.sg/car-insurance

Personal car insurance direct - also heavily used for best priced policies:

  1. https://www.budgetdirect.com.sg/

  2. https://www.fwd.com.sg/car-insurance/

Direct insurance companies like Budget Direct or FWD tend to offer better rates than traditional insurance companies. You can use the comparison sites to look at rates from traditional insurance companies versus the online insurers.

Commercial car insurance - compare commercial motor policies:

  1. Compare commercial vehicle insurance here. (https://www.providecover.com/types-of-insurance/commercial-vehicle-insurance/)

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Zen Ang
Zen Ang
Level 4. Prodigy
Answered on 09 Jul 2020

I will compare the price and coverage. then i will see which one suits my needs more. personally i got my car insurance from https://www.motorist.sg/car-insurance. they plans are quite good and affordable i feel

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David Ginnola
David Ginnola

09 Jul 2020

Thank You! This was so helpful!!! will check out https://www.motorist.sg/
M
mrtaxi99
Level 2. Rookie
Answered on 03 Jul 2020

Hello it depends on how much coverage you need and to get the best price point you should compare the insurance you want among different car dealerships.

I personally recommend https://www.motorist.sg/car-insurance as the people there are rly helpful and the price is pretty sweet as well.

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Rylan Lim
Rylan Lim
Level 2. Rookie
Answered on 12 Jun 2020

Hi Anon! It's normal to be a bit lost as there are many jargons when it comes to getting a vehicle insurance. I personally use quotation websites like https://www.motorist.sg/car-insurance as a baseline on where to start, as they will give you the best quotes for the insurance plan that best suits your needs. Hope this helps.

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If you have a trusted workshop which happens to be an authorised workshop (that works with an insurer), then it is a bonus. Otherwise, preferred workshop is usually one of the first criteria for me.

Thereafter, transport allowance and replacement car are usually mutually exclusive. In any case, this depends on the type and model of car that you are driving. Luxury sports model tend to have higher allowance; but the car workshop may not be able to provide an equivalent CC. Depending on extent of damage, generally I tend to skew towards transport allowance.

Finally, excess and NCD has a direct impact on premium. For excess, there exists a need to balance what you are willing to pay in terms of excess vs premium.

Other than that, it is usually beneficial to work with an experienced agent. This is because some consumers won't read the contractual terms etc. In times of need, it is usually more helpful to seek advice and opinion from the agent first.

I share quality content on estate planning and financial planning here.

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