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Average cost of buying and maintaining a car in Singapore

Average cost of buying and maintaining a car in Singapore Car ownership costs can be categorised into initial purchase costs and recurring costs. Initial Purchase Costs •Certificate of Entitlement (COE) – The Vehicle Quota System is an initiative to control the number of cars on Singapore’s roads, by determining the number of new vehicles allowed […]

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FAQ for motor claims

MCF FAQs (Source: General Insurance Association Singapore, GIA) 1. What follow-up action should a motorist take if another motorist offers to compensate him for damages caused to his vehicle at the point of the accident?Even if the parties agree to a private settlement, a report to the respective insurers is still required for record purposes. […]

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Cancellation of policy

Cancellation of policy taken from moneySENSE Mr Muthu Krishnasamy bought a motor insurance policy for his three-year old car from an insurance company. Before his policy was due for renewal, Mr Krishnasamy received a written notice from the insurance company that his policy would be cancelled. No explanation for the cancellation was provided. Mr Krishnasamy […]

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Motor Claims Procedures

Motor Claims ProceduresThe new Motor Claims Framework (MCF) introduced by the General Insurance Association of Singapore simplifies making motor claims for all users in Singapore. In an accident, here are the 4 simple steps you can follow:Get Informationo Exchange particulars of involved parties including Name, NRIC/FIN number, Phone number, Address & Insurance Company o Take […]

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3 MAIN TYPES OF MOTOR INSURANCE

3 MAIN TYPES OF MOTOR INSURANCE Comprehensive (Also known as Type 1 coverage)This type of policy provides cover for personal accident and accidental damage to your vehicle and windscreen replacement on top of protection against fire and theft, as well as third party death, injuries and property damage. Everything else being equal, this type of […]

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Singapore Car jargons

Singapore Car jargons ARF(Additional Registration Fee)100 per cent of the Open Market Value calculated by Singapore Customs COE(Certificate of Entitlement)If you want to buy a car in Singapore you need to auction for this document ( auctions are twice a mont) which is to secure with a SGD 10,000 deposit per bid. Pre-condition: you must […]

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Getting a cheaper insurance for your car

In Singapore, car insurance premiums are priced according to the risk level insurers have to bear. As a consumer, knowing these factors help you navigate around potholes so you can get the most competitive motor insurance in the market — every time. In general, the following are major factors that insurers take into consideration:– Make […]

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