How To Get Your Car Insurance Renewal Done In Singapore
Is your car insurance about to expire? Before the policy period ends, it's important to renew or switch to a different plan. Otherwise, you could be left without coverage at the time when you need it most.
Do You Need Car Insurance?
Some drivers may be tempted to simply let it lapse. After all, they might say that they’ve never had an accident, so why the need for the extra protection? However, it is compulsory to have at least TPO (third party only) car insurance to drive in Singapore. As the name suggests, your insurance will cover the cost of repairs for the other drivers involved should you cause an accident. This also means that you will be responsible for any damages to your car.
Should You Upgrade Your Car Insurance During Renewal?
In the process of renewal, you may wonder if you should opt for a more comprehensive car insurance policy. This will depend on several factors, such as your current vehicle registration. If you have a newer or more expensive car, paying additional premiums for more coverage may be worth the extra investment. This way, if your car is tolled in an accident, you can be compensated for the value of your vehicle up to the limit of your policy. A vehicle that is more than 10 years old, however, is not qualified for comprehensive coverage in Singapore.
To make sure you’re getting the right level of protection for your needs, it pays to shop around for the cheapest rates a few months before your car insurance renewal.
Get the best car insurance policy here.
Frequently Asked Questions About Car Insurance Renewal
Do Car Insurance Plans Have Automatic Renewal Options?
- Yes, you can opt to have your policy automatically renewed. Yet, while this can be a time-saver, it's important to remember that it's not always the best choice. Car insurance rates can change significantly from one year to the next, and by auto-renewing your policy online, you could be missing out on substantial savings. As such, stay updated on the latest car insurance plans in the market before deciding to renew with your existing provider.
What Date is Best to Renew Car Insurance?
- This will depend on the expiry date of your road tax. As car insurance is a requirement for road tax in Singapore, you won’t be able to renew it with an expired policy and may incur a fine as a result. It is thus crucial to have an active car insurance plan that will cover the full period of your renewed road tax. In fact, you will need to present original evidence of insurance as part of the supporting documents for your road tax renewal. As such, it is best to renew your car insurance in advance if your road tax is about to expire.