What do you usually associate motor insurance with? Is it the high costs, the complex process or tedious claims procedure? While it may not have been uncommon to hear of people paying exorbitant prices in the past, this has now changed with the introduction of new plans that offer more value for your money. In this article, we debunk the 4 myths that people often have about motor insurance.
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Myth #1: Motor insurance is always expensive
Motor insurance doesn't always have to be expensive as shown by Sompo's Private Car Insurance. Providing good coverage at affordable prices, Sompo ExcelDrive Car Insurance offers great value. Moreover, those currently enjoying a 30% No-Claim Discount (NCD) and above could also receive free NCD Protector and an additional 5% Offence Free Discount (OFD), regardless of your demerit points. Loyalty and multiple car discounts may also be given for your Sompo Private Car Insurance.
Additionally, it may be reassuring to know that your car would receive coverage for flood damage in the event of flash floods. Sompo's emergency response service (MARS) also promises to have their officers reach your accident scene within 20 minutes thus providing you with the added convenience of not having to deal with the aftermath of an accident.
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Myth #2: Your premiums increase after one claim
You make a claim, your premiums increase - this is the common understanding that many Singaporeans have about motor insurance. With a recent accident often resulting in car insurance companies either increasing your premiums or removing your NCD discount, it is not entirely wrong for Singaporeans to have this mind-set that a claim will result in a premium hike.
However, with FWD Car Insurance, your premiums could remain unaffected even if you were in a recent accident. This is because FWD offers a lifetime NCD guarantee where you are able to maintain your NCD protection even if you get into multiple accidents in a year. However, do note that a 50% NCD is necessary in order for the driver to enjoy lifetime NCD guarantee.
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Myth #3: Low mileage drivers "lose out" with the high premiums
Drivers who spend less time on the road may be inclined to think that they are on the losing end with their insurance premiums similar to those who drive more. This is however untrue with Etiqa Insurance offering ePROTECT sMiles, a "pay-as-you-drive" model that allows drivers to only pay for what they use. As this usage based plan uses telematics app technology to measure the distance travelled it ensures that individuals who drive less will also pay less for their car insurance. This could then translate to 50 per cent cost savings on your car insurance premiums.1
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Myth #4: Claims take an eternity to settle and are too complicated
While the above statement may have once been true, the advancement of technology has made the entire process easier and less complex. FWD for instance allows individuals to generate a quote, make their purchase and settle their claims all through the mobile thus making it simple and convenient for individuals who are looking to purchase motor insurance.
Additionally, Etiqa promises fast claims approval with their launch of a 30 minute Own Damage (OD) claims approval. This speeds up the claims process and ensures that you no longer have to wait for several days for your claim to be approved.
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With motor insurance mandatory in Singapore, having one that is easy to understand and inexpensive could make your experience a better one. Therefore, hesitate no more and allow FSMOne to make your ride an enjoyable one!
Or email us at advisory@fundsupermart.com for other enquiries.
Available Products on FSMOne Insurance |
Term Life, Whole Life, Critical Illness, Annuity, Health, Endowment from Etiqa Insurance, Manulife, NTUC Income and Tokio Marine Life Insurance *Please check with our advisory team if the product you want is available on FSMOne Insurance |
1Source: https://www.etiqa.com.sg/portfolio_page/fast-vector-mobile/
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