Some quotes say, “Jobs fill your pocket but adventures fill your soul.” Everyone loves to travel to make some adventure into his or her lives. However, in traveling, they must remember their safety first.
None of the travelers wants to take hitch while traveling. That is why they choose to take insurance with them. They will choose whether Car Insurance or Travel Insurance is the right thing for them or both.
Nevertheless, most of the travelers choose them both to avoid any circumstances.
Car Insurance
Car Insurance companies in Singapore offer three main types of motor insurance policies and two types of motor insurance scheme.
Three Main Types of Motor Insurance:
Comprehensive car insurance that covers repair or replacement of the vehicle. If it is damaged or lost because of theft, accident, vandalism or weather-related damage. We recommend this type of car insurance if you do not have enough savings to replace the car, or are economically dependent on it.
Third-Party, Fire and Theft Cover car insurance covers damage and damage caused to your vehicle by a vehicle or other party’s property, it also covers your vehicle is stolen or damaged by fire. To purchase this policy, you must not have any financial loan for your car.
You should also make sure you have enough savings to replace the car, especially if you rely on the economy. For newer cars, it is better to get comprehensive car insurance.
Third-Party Cover car insurance covers claims of liability from third parties for injury and damage to their vehicle or property caused by your vehicle. To purchase this policy, you must not have any financial loan for your car.
You should also make sure you have enough savings to replace the car, especially if you rely on the economy. For newer cars, it is better to get comprehensive car insurance
In Singapore, there are two types of motor insurance scheme. Authorized Workshop or Any Workshop. An authorized workshop is one that has an arrangement with the insurance company and hence the scheme has a lower premium because the insurer has control of the repair cost.
A reason for people to choose the “any workshop” scheme is that they have a certain car make, which can only be fixed in designated workshops.
Excess, also called deductible, is to the first amount of the claim, which the insured has a bear. If the insured has an excess of $500 and the total repair costs $3,000, then the insured has to pay $500 while the insurer pays the remaining $2,500.
The insurance company normally imposes some excess, as this would serve as a form of co-insurance. With an excess, the insured would tend to be more careful because if claims occur, the insured also has to be out of pocket and contribute towards the claim.
In general, the higher the excess, the more careful would be the insured and hence the lower the risk of having a claim, to reduce frivolously (unnecessary and avoidable) claims.
You can choose to pay a higher premium to have lower excess. If you are a PHV (Private Hire Vehicle) driver, you can also ensure the high excess from less than $4.00 a day.
Travel Insurance
Travel insurance helps protect you from risks while you are traveling overseas. All policies offer at least basic levels of cover for medical costs, cancellation and lost, damaged or stolen baggage. However, policies’ coverage varies greatly and it is important to check that you have the right insurance for the kind of traveling you plan to do.
Here is the level of cover for the features named above and consider the following:
- Emergency assistance
- Personal liability
- Scheduled airline failure
- Legal assistance
- Travel disruption
- Holiday curtailment
Generally, the single-trip policy covers you for as long as your trip lasts up to a maximum of 180 days. An annual travel policy covers you an unlimited number of trips for an entire year from the policy start date. Such a policy is worthwhile if you are a frequent traveler.
A Family travel insurance Plan will cover children under 18 or if still schooling. This is a much cheaper option to consider when traveling with family.
If you plan to travel several times within a year, annual travel policy covers all your trips and can be far more cost-effective.
The cheapest policy might not have the best coverage, so choose a policy which best suits your needs.
To get the best Car Insurance quotes for your budget, kindly go here: https://bit.ly/2Kcf8rc
For Travel Insurance, you can go here: https://bit.ly/2Zk9B8t
