according to the singapore police annual crime summary 2017, available at this link, the number of motor vehicle and related thefts decreased by 9.8% to 998 cases in 2017, from 1,107 cases in 2016 After all, Singapore is one of the safest cities in the world! Even though motor vehicle theft rates are declining, around 1,000 cars are reported stolen and you, as a car owner in Singapore, are at risk.
so, in today’s article, kwiksure singapore will look at car owners’ insurance options. what type of singapore car insurance will cover car theft What is the claims process like? Are you protected if your car is stolen, for example in Malaysia, where the media reports that car theft is becoming more technologically advanced? stay with us to find out!
what kind of car insurance covers a stolen car in singapore?
There are three main types of auto insurance: third party auto insurance, third party insurance, fire and theft insurance, and comprehensive auto insurance.
The first type of car insurance mentioned, third party car insurance, offers only the minimum coverage required by Singapore law. it does not cover any damage that may occur to your vehicle or yourself. instead, it protects you from the costs of a third party’s claims against you in the event that you are responsible for injuries or damages to them.
auto insurance to third parties, fire and theft
This type of car insurance offers a limited level of coverage for a stolen car. As its name indicates, this policy extends its protection to your vehicle in the event that:
- Stolen: Generally, the insurer will pay the market value of your car at the time of the theft;
- damaged during a break-in attempt;
- damaged by fire
- protection without claims discount (ncd)
- coverage for personal accidents and medical expenses
- vehicle towing
- windshield damage
- and more
- parking in a secured parking lot or garage, or in a public place with cctv installed
- install a car camera in your vehicle
- activate the automatic anti-theft system
- always lock doors and keep windows up
- have no visible valuables in the car
- do not leave the car running and unattended
- do not leave your car keys in the ignition, or in a place where a thief can find them
- obtain an aftermarket anti-theft device (although you should always check with your insurer before installing aftermarket parts to ensure this does not conflict with your insurance policy).
Because this type of auto insurance is broader than minimum third-party insurance, it will cost you more in premiums, but it will also give you peace of mind if you’re worried about your car being stolen.
comprehensive car insurance
In addition to the benefits provided by the types of insurance listed above, comprehensive auto insurance offers additional levels of protection for you and your vehicle. Extended coverage includes damages to your own vehicle, other than those resulting from fire or theft, and many other optional items such as:
Premiums for this type of auto insurance are highest at first, but with protection against non-communicable diseases and a good driving record, they will decrease over time, although the comprehensive coverage will remain.
singapore car stolen in malaysia
Whether you drive to Malaysia regularly or only occasionally, you should consider extending your car insurance from Singapore to Malaysia as well. Many insurers in Singapore offer this option, so for added peace of mind, check with your agent or broker to see if Malaysia can also be included in your policy.
the stolen car insurance claims process
The first thing you should do when you realize your car has been stolen is to call the police and report the theft. You must obtain a police report if you want to start the claim process. After that, assuming you have third-party, fire and theft, or comprehensive coverage, call your agent, broker, or insurance company directly and let them know of the situation. Make sure you prepare all the necessary documents to file the claim smoothly.
how long does it take to pay the insurance of a stolen vehicle?
Before paying a claim, insurers must evaluate your case. This can take 30 days or more, but when they confirm your car has been stolen, the insurer will reimburse you for the market value of your vehicle under your Third Party, Fire & Theft or Comprehensive policy.
what happens if they find your car after you’ve received compensation for it?
If your stolen vehicle is found after you have received compensation for it, you are no longer eligible to recover it, because the insurer has already provided compensation for your loss. It will become the property of the insurer and you can dispose of it as you wish.
Should I cancel my insurance policy when my car is stolen?
You shouldn’t cancel your car insurance after your car is stolen. The police can find your car and return it to you, where you can claim theft-related damages on your TPFT or comprehensive policy, and ultimately you won’t need to start a new policy to drive it.
how to avoid car theft
The best way to avoid the long and stressful auto insurance claim process is to put an extra layer of protection on your car. Some of the things you can do to lower the chances of your car being stolen include:
one final piece of advice
Knowing what exactly your auto insurance covers before making any claims can save you a lot of time and unnecessary stress. When choosing car insurance in singapore, take the time to compare insurance plans and quotes with experts like the helpful brokers at kwiksure singapore. after all, the best car insurance advice you can get will be personalized advice. Discover the most cost-effective way to insure your vehicle in Singapore and contact our insurance advisors at Kwiksure Singapore directly for answers to all your questions.