Import Car Insurance
Import car insurance is getting popular in Singapore as more car owners opt to purchase an import car from overseas. While the cost of purchasing a parallel import vehicle is much cheaper than purchasing a regular vehicle from a local car distributor; It is typical, more challenging to find an affordable car insurance. For that reason, SingaporeCarInsurance.org can assist you in researching and obtaining the best import car insurance which fits your conditions. Make a car insurance quotes online request today.
Import Car Insurance Cost
The import car insurance cost is generally higher in price than a conventional Singapore-bought vehicle. This increase in prices may be due to repair costs and construction standards of the import vehicle.
- Repair costs – An import car may require different spare parts during repairs. These spare parts are typical are not available in Singapore; increasing the repair cost as the workshop has a difficult time sourcing for the items. When car insurance companies take this into consideration, the prices for import car insurance surges.
- Construction Standards – The vehicle imported into Singapore may not follow the Singapore standards. As such, an individual may receive a left-hand drive vehicle. The difference in the way vehicle construction methods may ultimately increase the import car insurance prices.
Different Import Car Types
Many people in Singapore believe only one type of imports exists; that being the parallel imported vehicle. Unfortunately, that’s a misconception – the other import car type is the grey imported vehicle. As a responsible car owner, it is your duty to know more about the two import vehicle types before purchasing one as it will affect the import car insurance prices.
- Grey Import Vehicles – Grey import vehicles are vehicles manufactured outside Singapore but not accustom to Singapore standards. Car insurance companies may not be willing to cover a grey import as it brings a large risk to them. Even if they do, they may inflate the premiums of the import car insurance and even ask the owner to send the vehicle for testing before issuing an import car insurance quotation.
- Parallel Import Vehicles – Parallel import vehicles are vehicles built outside Singapore but have to match the same minimum standards set by the Singapore Government. As such, car insurers are more willing to cover a parallel import vehicle rather than a grey import vehicle.
Reducing Import Car Insurance Cost
As import car insurance can cost much more than conventional covers, many car owners of import vehicles tend to look for solutions to keep the price down. Here are 3 tips to help you reduce the import car insurance cost.
- Increase Your Excess – By opting for a higher excess, the car insurance company will reduce the import car insurance premium. However, ensure that you increase it to an amount which you can manage should a claim occur.
- Be A Safe Driver – You can kill two birds with one stone by driving safely on the streets. You protect yourself and everyone around you. As a reward, you will receive no claim discount from the car insurance company which can reduce the import car insurance premium.
- Buy A Lower Performance Import Vehicle – An import sports car will fetch a much higher import car insurance price. If the premium is a concern, consider purchasing a lower performance import vehicle.
Find The Best Import Car Insurance Deals
The best way to find the best import car insurance deals is to rely on an unbiased source to help you do the research and assist you in the buying process. At SingaporeCarInsurance.org, we have helped countless of car owners get the best-suited import car insurance in Singapore. Contact us today for more details.