Driving Safety Tips To Keep Car Ownership Costs Low
Getting your first car, or even upgrading to the car of your dreams, is a major milestone. But amidst the excitement of that new car smell, it's easy to overlook the potential financial sting of unexpected events. Fender benders, collisions, or even worse, can bring a hefty price tag, turning that dream car into a financial burden.
In Singapore, where car ownership costs are already high, the average repair bill for a minor accident can easily reach a few thousand dollars. How can drivers protect themselves from the unexpected costs that can arise from damage to their vehicle or third-party damage claims?
Let’s explore the importance of proactive protection for car owners, covering essential aspects like affordable car insurance in Singapore and driving safety tips.
The Unexpected Costs of Car Accidents
While we all hope for smooth sailing on the roads, car accidents, unfortunately, do happen. And they don't just cause inconvenience; they often come with a significant financial impact.
Vehicle Damage
Even a seemingly minor fender bender can result in surprisingly high repair costs. Factors like the car's make and model, the extent of damage, and your choice of workshop all contribute to the final bill. A minor accident might set you back a few thousand dollars, while more serious collisions could lead to repairs costing tens of thousands.
These unexpected expenses can put a serious dent in your finances and disrupt your car ownership experience. Regular car servicing costs can also increase if accidents cause recurring issues or weaken the structural integrity of your vehicle.
Third-Party Liability
Beyond damage to your own vehicle, accidents can also lead to third-party liability claims. This means you could be held financially responsible for property damage or bodily injury caused to others involved in the car accident. Imagine damaging another vehicle or, worse, causing injuries to a pedestrian.
Such scenarios can lead to substantial financial claims, potentially exceeding the value of your car and impacting your personal assets.
Mitigating the Financial Impact of Car Accidents
So, how can you protect yourself from these potential financial burdens? Here are two key strategies:
1. Affordable Car Insurance
Car insurance in Singapore is not just a legal requirement; it's your financial safety net in case of an accident.
Standard policies are designed for conventional vehicles, so if you drive an electric vehicle (EV), you'll need a specialised EV insurance plan.
A car insurance plan for petrol or diesel vehicles typically covers:
- Own Damage: This covers repairs to your own vehicle in case of an accident, theft, or fire.
- Third-Party Liability: This protects you from financial liability for damage caused to other people's property or injuries caused to them.
- Medical Expenses: This covers medical expenses for yourself and your passengers in case of injuries sustained in an accident.
2. Driving Safety Tips
While car insurance provides a financial safety net, preventing accidents in the first place is always the best approach. Practising safe driving habits can significantly reduce your risk:
- Defensive Driving: Be aware of your surroundings, anticipate potential hazards, and react accordingly.
- Adhere to Traffic Rules: Follow speed limits, traffic signals, and road markings.
- Avoid Distractions: Put away your mobile phone and avoid any activities that take your attention away from the road.
- Maintain a Safe Distance: Keep a safe following distance from the vehicle in front to allow for reaction time.
- Regular Vehicle Maintenance: Ensure your car is in good working condition by adhering to regular servicing schedules. This helps prevent breakdowns and ensures optimal performance.
Income Insurance: Your Partner in Safeguarding Your Driving Dreams
Choosing the right car insurance is crucial. Income Insurance’s Drivo Car Insurance in Singapore offers the coverage you need for peace of mind on the road:
- Exclusive services from Orange Force: Get roadside accident assistance in 20 minutes1 and accident reporting services by our accident response team, Orange Force.
- Flexibility to choose your workshop: Get your car repaired at a workshop of your choice with Drivo Premium plan.
- Unlimited windscreen cover2: Stay protected on the road and enjoy peace of mind with unlimited windscreen cover2.
Additional benefits of Income Insurance’s Drivo Car Insurance include:
- Reimbursement of car repair costs incurred in the event of an accident.
- Coverage for third-party property damages arising from accidents.
- Personal accident benefit and medical expenses coverage in the event of an accident.
- 24/7 referral services hotline for road and medical assistance in West Malaysia3. You can call +603 2712 3187 for assistance if your car breaks down, or if you are involved in an accident or require medical assistance.
Drive with Confidence, Knowing You're Protected
Car accidents can lead to significant financial hardship. Safe driving practices, like defensive driving, are essential, but they don't eliminate the risk entirely. That's why affordable car insurance is a crucial investment for every car owner.
By choosing the right car insurance in Singapore, you can safeguard yourself from the unexpected costs following a road accident. Drive your car with peace of mind and focus on the things that matter most. Take steps to protect yourself and your vehicle with Drivo Car Insurance today.
1 Since 2011, Orange Force has responded to more than 80% of accident assistance calls within 20 minutes.
2 A windscreen excess of $100 (or any other amount shown on the certificate of insurance) applies for each and every claim under the following plans: Drivo Premium, Drivo Advantage and Drivo Classic plan. For Prestige plan, the windscreen excess is $1,000 (or any other amount shown on the Schedule or certificate of insurance) applies for each and every claim.
3 The 24-hour referral services for road and medical assistance are available within Peninsular Malaysia, which includes Penang and Langkawi but excludes the rest of the islands. This service is applicable for Income Private Car Policyholders only.
This article is meant purely for informational purposes and does not constitute an offer, recommendation, solicitation or advise to buy or sell any product(s). It should not be relied upon as financial advice. The precise terms, conditions and exclusions of any Income Insurance products mentioned are specified in their respective policy contracts. Please seek independent financial advice before making any decision.
These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact Income Insurance or visit the GIA/LIA or SDIC websites (www.gia.org.sg or www.lia.org.sg or www.sdic.org.sg).
This advertisement has not been reviewed by the Monetary Authority of Singapore.
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