
While car insurance is mandatory for all car owners in Singapore, do you know the difference between the various policies? In this article, we highlight the three things to look out for when you purchase car insurance.
#1 Courtesy car after an accident
One benefit is the access to transport allowance or a complimentary courtersy car after your accident. As your car will be sent to the workshop for repairs, you may find yourself greatly inconvenienced if you have been reliant on your car for your daily commute.
However, did you know that some plans offer the benefit of a transport allowance or complimentary courtersy car after your accident? This means that your insurer will provide you with a courtesy car to drive while your car is in the workshop for repairs. Alternatively, you may receive a fixed amount for your transport which could be used to rent a temporary car or used for your taxi rides while your car is in the workshop.
(See "The 5 Factors Affecting Your Car Insurance Premiums")
#2 Coverage for additional named drivers
When you purchase car insurance for your car, you are by default the named driver and will receive coverage as stated in your car insurance policy. By adding a named driver to your policy, this will allow him/her to enjoy the same scope of coverage as you.
One thing to note is that the conditions for adding an additional named driver to your policy will differ between insurers. While some insurers require additional charges, others may allow you to cover a second named driver at no additional cost. Certain insurers may even cover all drivers without you having to name them. This allows even unnamed drivers to enjoy a certain level of coverage while driving your car.
(See "How much should I be spending on insurance for my child?")
#3 Payable excess
An excess refers to the amount that you will need to pay before your insurer compensates the cost of your repair or loss. With excess payments used by insurers to reduce the number of small claims, a lower excess will generally result in higher premiums.
If you would like to reduce the cost of your car insurance, you should look for a car insurance plan that offers the flexibility to adjust your excess. This allows you to pay a lower premium in exchange for choosing a higher payable excess in the event of a claim.
(See "Are you paying too much for your car insurance?")
Promotion: Get rewarded when you lower your motor insurance premiums with FSMOne
From now till 31 March 2021, send us your motor renewal quote and receive up to $50 cash reward* to your FSMOne Cash Account. *Terms and Conditions apply.

All you have to do is:
- 1. Take a photo of your motor insurance renewal quote.
- 2. Upload the photo here or email the photo in to ins.sg@ifastfinancial.com.
- 3. Receive your $10 cash reward! You will receive another $40 cash reward if you subsequently purchase a motor insurance from FSMOne.
Our representative will be in contact to facilitate your motor insurance renewal.
For more information, you may refer to our article: Promotion: Get rewarded when you lower your car insurance premiums with FSMOne.
*Terms and conditions can be found here.
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