Aside from having a decent, well-paid job and comfortable home to live in with the people you dear, owning a car may be one the biggest dreams of many. Despite the fact that owning a car in Singapore costs a leg and an arm, it is notably practical especially for those who are sick and tired of commuting every day. Moreover, owning a car offers a number of advantages.
Once you have chosen which type of car would you like to own, the next step is deciding the best car insurance which can cover not just the car itself but as well as the person behind the steering wheels and the other drivers.
However, choosing which the affordable car insurance for your four-wheel vehicle is not an easy thing as there are two types of coverage to select from carefully: the private car insurance and the public one. The first mentioned insurance is a system run by for-profit corporations while the latter is controlled by the government. To help you decide which one to sign up for, it would be better if we go down and check the advantages and disadvantages of the two.
Private car insurance: Pros and cons
Pros:
– It has a diversity of products and services available for the car owners.
– Offers more discounts which can help customers save money.
– Signing up for a private car insurance is beneficial to the local community when it comes to job opportunities and tax dollars.
The competition between various private car insurers helps to spark more choice and value for customers.
Cons
– A customer needs to pay based on factors that can affect the claims.
– The customer is required to find the right coverage which will suit their situation.
Public car insurance: Pros and cons
Pros
– Easy to understand and has fixed deductibles.
– Insurance is connected to the driver’s license or vehicle registration, so there’s no reason for the customer to carry around other proof of insurance.
Cons
– Since the government s usually lack of funds when it comes to starting and managing insurance system on their own, they are force to subsidies from taxpayers.
– Increase of rates can happen without having to apply for a rate increase.
– It has limited policy choices, add-ons, and discounts offered to customers.
– Reduced private-sector investment
