Car
Insurance
What most driver and car owner
doesn’t know after an accident?
Common
Knowlege of Car Insurance
What
is
an
Excess?
An
Excess
is the first amount of any
claim which you have to bear. The amount varies from insurer to
insurer. Other
dependent factors are the car make and model, insured and driver’s
profile,
driving experience and claims history.
What
is No-Claim Discount (NCD)?
If
you did not have any claim from your Insurance for that year, you will
get a 10% discount from your insurance premium the next year. Every
year there will be an increase of 10% discount on no claim until a
maximum of 50%. For commercial vehicle, the NCD for 1st year is 10%,
Subsequent year additional 5% until maximum 20%.
What
is NCD Protector?
Normally
if you had an accident which is not to your advantage, NCD will be
reduced by 30% (Eg: 50% become 20%). If you have an NCD
Protector, your NCD will be protected at 50% for one time only.
NCD Protector cannot be transferred to another insurance company.
If you renew your insurance with current insurance company,
your NCD will remain at 50%. Iff you get other insurance
company to quote for your insurance, they will only do it at NCD 20%.
What
is COM (Certificate of Merit)?
If
you did not have any major traffic offence after driving for 3years,
Traffic Police department will give you a COM. You can check whether
you are eligible for the certificate ONLINE
(If you need
to). When you renew or get a new quotation for your car insurance,
remember to inform the agent/company to check your eligibility for COM.
Many people who renewed the car insurance without knowing about COM did
not get a discount. Not all insurance company participate in
COM,
check
with the insurance agent or company.
I
read
about damage to vehicles by
falling trees, flooding and fires by arsonists. Can I claim for such
damages?
Most
Comprehensive Car Insurance
covers damage caused by accidents including falling trees and flood
related
damages. Malicious damage caused by unknown persons are also
recoverable.
Do
I have
to go to IDAC to file an
accident report?
There
is no
need to file the
accident report at IDAC. You can also make the report with Company
insurance
authorised workshops.
What
should I do when I meet with an
accident?
Take
note
of the details of the
accident, third party’s vehicle number, driver’s name and contact
details.
Do
not
admit or discuss liability.
If you have a camera with you, please take pictures of the damage to
all
vehicles and record details of witnesses, if any.
If
there is
injury to any person,
please call the police immediately. Where the accident involves a
vehicle or
other property belonging to the Singapore government, foreign vehicle,
pedestrian or cyclist or hit-and-run, please make a police report
within
24hours of the accident.
Car
Insurance classification Type
Third Party – Only cover damaged that your car had cause to a third
party. Insured have to bear the cost of repairing his own car.
Third Party, Fire and Theft – In addition to Third Party, it also cover
Fire and Theft of the car.
Comprehensive – In addition to Third Party, Fir and Theft, it also
cover damage to own car. Most insurance company also includes some
liability of passenger and medical coverage.
Some
Benefits given by insurance company (Every
Insurance
Company
Differ)
“Any
workshop” or “Authorise workshop only”
Any workshop: You can go to any workshop for repair, the workshop you
prefer, including dealer workshop. Many people prefer to go to dealer
workshop as they will get a better service and quality.
Authorise workshop: You have to use the Insurance company authorized
workshop for any repair.
For cars still with 3 years warranty, it is preferred to choose a
package that allow you to go back to the manufacturer workshop for
repair. This is in case the dealer workshop void any future warranty
claim due to any repair/changes done to the car that is not authorize.
Lost of use benefit: When your car is in the
workshop, the
insurance company will wither compensate you with a car or daily cash
for you to rent a car. The number of days for lost of use different
from insurance company.
Excess waiver: Some company waive own damage
excess for
insured NCD of 50%.
Authorised
workshop (Please refer to your insurance policy for the updated list)
Other
Insurance Company Authorised Workshop (Please refer to your insurance
policy for the updated list)
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Settlement Form
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