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  1. Get Double the Peace of Mind with DirectAsia – Policy Owners’ Protection (PPF) Scheme Reading time: 3 mins Getting your vehicle insured is certainly a must, especially if you own one in Singapore. The right car or motorcycle insurance can help protect you, your family members, your passengers and other drivers. If an accident happens, you want to know you have the right coverage to take care of any property or bodily injury costs that may arise. On top of that, car and motorcycle insurance is an important protection not just for your vehicle, but for your financial liability as well. If you get into an accident without insurance, you could potentially be stuck paying for thousands of dollars in damages and injuries. However, you may be thinking of the worst that could happen – what if my insurance company shuts its doors for good? What happens to all the money I invested towards my car or motorcycle insurance coverage? This is a legitimate concern, especially in light of Covid-19 and the economy being so volatile, but don’t worry! We’re glad to inform you that you get double the protection with your insurance coverage under the Policy Owners’ Protection (PPF) Scheme. What is the Policy Owners’ Protection Scheme (PPF)? The Policy Owners’ Protection (PPF) Scheme was set up by an act of parliament to protect insurance policyholders – such as car or motorcycle insurance – in the event the insurance company fails, as in the case of bankruptcy. The PPF Scheme in Singapore is administered by the Singapore Deposit Insurance Corporation (SDIC). In turn, The SDIC board is accountable to the Monetary Authority of Singapore (MAS). Do all insurers automatically fall under the PPF Scheme? Only insurers registered by MAS are members of the Policy Owners’ Protection (PPF) Scheme. You should note that DirectAsia is a member of the scheme and comes under the list of Direct General Business within SDIC’s official website. Is my DirectAsia insurance policy protected under the scheme? Yes, your car and motorcycle insurance policies, as well as travel insurance policies with DirectAsia are all protected under the PPF scheme. What do I need to do to be covered under the PPF Scheme? Do I need to pay more? Coverage under the PPF scheme is automatic when you hold a car, motorcycle or even travel insurance with DirectAsia. There is no need to fill out any application form or pay an added premium. Levies are paid by the insurer. Just remember to keep your insurance policy and personal details such as name, ID number, mobile number and address updated at all times. How will I be compensated by the Policy Owners’ Protection Scheme? If your insurance company collapses and the Monetary Authority of Singapore (MAS) decides to activate the scheme’s funds, compensation will be made to the main policy owner, of the unutilized amount covered by the policy, up to 30 days after the company officially folds. Your insurance policy contract should clearly state your entitlement for a refund of the premium. In this case, the SDIC would refund policy owners the prorated premiums paid for the unutilized period of the insurance coverage. What is my entitlement under this scheme if my insurance company fails? In the event your car or motorcycle insurer fails, your entitlement to compensation under this scheme is as follows: Under the Motor Vehicles (Third Party Risks and Compensation) Act, the full amount of any liability of the failed insurer, under the relevant legislation of the policy, is payable.For travel insurance, the full amount of liability of the failed insurer, under the terms of the general insured policy, is payable. Caps or limits are applicable to compensation paid out for general insured policies – such as car and motorcycle insurance – in the following instances: $50,000 for own property damage of motor claims, under personal motor insurance policies. But rest assured, the limits are expected to fully cover more than 99 percent of claims, based on past years performance. How can I be sure that the compensation is activated under the scheme? You could ask your insurer directly or check your insurance policy contract. It is clearly stated within your DirectAsia car, motorcycle or travel insurance contract. How am I paid compensation? Arrangements will be made by the SDIC to pay out any compensation owing to policy owners by way of cheque, cash orders or other electronic payment methods. Key Takeaway So, if your main worry is what will happen if your insurance company fails, now you can be assured that you not only have coverage for your car, motorcycle and when you travel, but also protection for all your insurance policies itself. We also assure you that DirectAsia has been going strong since 2014 with over 100 years of experience in the industry. Wholly owned by global insurer Hiscox – world’s leading international specialist insurance groups listed on the London Stock Exchange – we aim to provide you with the best options and total peace of mind. So don’t worry about this happening to us, as we intend to forge ahead despite the Covid-19 pandemic, to keep you and your family safe and secure. As a member of the PPF scheme, DirectAsia provides you all the protection you need with absolute security. If you have other questions regarding the Policy Owners’ Protection (PPF) Scheme or would like to switch your insurance to DirectAsia, you can drop us a message or call us at 6665 5555. The post Policy Owners’ Protection Scheme (PPF) | General Insurance Policy Guide appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  2. What are the popular types of motorcycles insured by DirectAsia? Reading time: 4 mins There’s nothing quite like being able to feel the wind in your hair on top of a motorcycle. Maybe you just got your motorbike license and you’re looking to buy your first bike? Or you want to get a two-wheeler for commuting to work, or perhaps you’re gearing up for an amazing motorcycle road trip soon – either way, finding the right bike can be a challenging task. You’ve probably been to a few dealerships to check out the latest models or scoured the internet looking for what’s available in Singapore. The amount of motorcycles available in the market is staggering, and even if you have a basic idea of what look you want, there are various types that are suited for different uses. To begin, you should know what are the important factors to consider when buying a motorbike. The next question of course would be about your motorbike insurance. You’ll have to pick an insurer, check the cover types, and confirm your eligibility – that’s a lot to think about – but it’s definitely crucial to get your bike insured. So, if you don’t know where to begin, here’s a guide of the popular types of motorcycles available in Singapore that are covered by DirectAsia’s motorcycle insurance, no matter the make, model, or if it’s a class 2B, 2A or 2 bike. Cruiser If you can picture a Harley-Davidson, you know what a cruiser is – long and low with a V-twin engine (i.e. it’s got two cylinders arranged in a V). Though they may be faster than almost any sports car, cruisers are not about outright performance. Instead, they’re designed to look cool while chugging lazily along. Most are Harleys, but plenty of other manufacturers have at least one in their range. Some options in Singapore: Harley Davidson Road King Special, Harley Davidson Forty-Eight, Honda VT1100 Shadow, Suzuki VZR1800 Boulevard Intruder, Keeway Cruiser 250 Other things to consider: The low seat on a cruiser means you’ll have to raise your hands to the handlebar, which could get tiring during long rides. Scooter Scooters haven’t changed much since the very first Vespa. If it’s got small wheels, a floorboard for your feet and an automatic gearbox, it’s a scooter. They’re a great mode of city transportation, with loads of storage under the saddle and no gears or clutch to worry about – you just twist and go. Several manufacturers sell bigger versions – maxi scooters – that can hit far higher speeds and handle motorway travel. Some options in Singapore: Vespa GTS 150, Lambretta V200 Special, Yamaha Xmax 300, Honda CBF150, Piaggio X10 350, SYM GTS 200 Other things to consider: The scooter’s small wheels are made for incredibly quick steering. But this could also make the scooter very unstable at higher speeds. Plus, small wheels transmit bumps and jolts to the rider much more severely than larger ones. Street Bike Street motorcycles are motorcycles designed for being ridden on paved roads. They are made with metal to be sturdy and stable. Street bikes also have more rounded and smooth shaped tires, to ensure there is more grip with the road. The seats on street bikes are positioned further back to enable for a longer ride and a relaxing posture so you can relax at traffic lights. Some options in Singapore: Yamaha MT-15 Xabre, KTM 1290 Super Duke R, Ducati Monster 821, Honda CB400 Super 4 Spec 2, BMW K1200R Other things to consider: Street motorbikes have more traction from their tires, so, when taken off-road, the brakes will quickly lock up the tires since it is on a low traction-surface. In other words, this bike is not ideal for cruising on dirt roads or off the beaten path. Sports Bike The sports genre of motorcycles is clearly meant for speed and agility with a more forward-leaning design to cleanly swerve along corners while riding. So they’re the perfect ride for smooth straight suburban roads or curvy racetrack ones. One of the largest differences with a sports type motorcycle, compared to other motorcycles, is its weight. They are generally one of the lighter motorcycles made from a lot of aluminum and lighter materials to increase the side-to-side maneuverability. The seat height is usually higher than other bikes to be able to lean the motorcycle farther down without scraping the foot pegs. Some options in Singapore: Honda CBR150R, Hyosung GT125R, Kawasaki EX300 Ninja, KTM RC390, BMW HP4 Race, Ducati 959 Panigale, Honda CBR1000R Fireblade, Other things to consider: Shorter riders may be on their tiptoes with the taller seat height. And the downside could be the riding position, which puts lots of weight on your wrists and cramps your legs – not great for long journeys. Sports Tourer Sports tourers are lighter and considerably more comfortable than sports bikes. They’re a compromise, but a good one. These adventure bikes are marginally less capable around corners, yet can give the impression that you might be heading off on a daring global adventure. It’s ideal for quick trips with friends or a longer road trip you may have been thinking about. It will hold quite a bit of extra gear and will allow you to put on a lot of miles over a long weekend. The engine size is also a little larger, for extra power to cruise the highways across the country. Some options in Singapore: Kawasaki ZG1400GTR Concours, Yamaha FJR1300, Honda CBF600, KTM 1290 Super Adventure, Ducati Multistrada 1200 Other things to consider: Although they have larger fuel tanks, sports touring motorcycles suffer from poor fuel efficiency. Touring motorcycles typically weigh more than street-style bikes. And this added weight requires greater fuel to keep it running. Another issue that you may face with a sports touring motorcycle is poor maneuverability. Unlike street or cruiser motorcycles, these bikes are designed more for riding on long, open roads, and not so much for maneuvering through the rush hour traffic. Conclusion: Keep calm and twist that throttle No matter what type of motorcycle rider you are (regardless if you’re a 2B, 2A or 2 motorcycle rider), or what type of motorbike you’re looking for, it’s important to check on the comfort design of the bike, seat height, traction of the tires, fuel economy, luggage options, overall style and most importantly the noise and air pollution that it may cause. The other crucial thing to consider are the main factors in buying the right motorbike insurance. Ask yourself; what are you planning to use your new motorbike for? Do you plan to ride it out of Singapore – be it to Malaysia or Thailand? This should help you decide what coverage and extra options you may need. Once you’ve made up your mind, you can get a quick motorcycle insurance quote from DirectAsia, or call 6665 5555 for assistance. The post Direct Asia Motorcycle Insurance | Which types of motorbikes are covered? appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  3. How Is Motorcycle Insurance Premium Calculated in Singapore? Reading time: 6 mins We released an ultimate guide to motorcycle insurance in Singapore few months back – you may want to check that out. The guide explains the types of motorcycle insurance, explains motorcycle insurance excess, some quick tips on how to find the right insurance, factors that affect the insurance premium, insurance renewal and so on. In this article, we will talk about how insurance providers calculate your insurance premium for your two-wheeler. Read on. There are three main cover types for motorcycle insurance – Third Party Only (TPO), Third Party, Fire and Theft (TPFT), and the Comprehensive plan. Basically, your motorbike insurance premium depends on the choice of insurance cover type of the rider, along with other criteria that we have listed below. There is no clear-cut formula but most insurance companies have an online calculator you can use to calculate your insurance premium. It’s important to note, that different insurance companies consider different factors. Let’s look at some of the factors that would affect the insurance premium of your motorbike. 5 Factors Insurance Companies Consider When Calculating Your Motorcycle Insurance Premium Age Your age is one of the principal factors insurance companies take into consideration to determine what your motorcycle insurance premium will be. Riders in their 20s typically have to pay 75% higher than their older counterparts because accident statistics have shown that the ratio of younger riders (20 – 29 years old) involved in road accidents is much higher than riders in their 30s and 40s. Because of this, insurance companies increase their motorcycle insurance premiums to cushion the risks that are involved in insuring younger high-risk riders. Riding Record Insurance companies will check your past record as a rider to determine your motorcycle insurance premium. Have there been issues with speeding tickets or have you been in an accident before? If so, your motorbike insurance premium will likely be higher. On the other hand, if you have a good NCD rating, it will be factored in when the insurer determines the amount of your motorcycle insurance premium. The Type of Motorcycle This goes without saying (but we will say it anyway); How expensive your motorcycle is will also likely determine how high your premiums will cost. Because high-spec motorcycles can cost the insurance company a lot more to repair or replace as compared to cheaper motorcycles on the market. The make and model of the motorcycle will therefore, impact your premium. Remember the age factor we spoke about earlier? – How younger riders are likely to pay more; Taking that into consideration, we expect a rider that is 37 years old to pay less if he is using the same motorcycle as a 26-year-old. But if the 37-year-old gets a more expensive motorcycle, say an exotic two-wheeler or a sports bike, he will likely pay a considerably higher amount for a comprehensive insurance cover. So, do keep this in mind when you decide to get your next bike. Usage of the Bike Is this a personal or commercial motorcycle? The bike’s usage information is considered before the insurer decides the amount of premium you should pay. Commercial motorcycle premiums will be a lot higher because of the frequency of use. In fact, some insurers in Singapore do not even provide cover for two-wheelers that are used for commercial purposes. Insurance companies also calculate how often a privately owned motorcycle is used. If you use your motorbike daily, the premium will be higher compared to a rider that may not take the bike out for a ride every day. Motorbike Insurance Excess You can lower your motorbike premium if you choose to shoulder some risks. We call this an excess fee. This is the amount you will pay upfront, before the insurance company pays for a claim. Say, if you pay an excess of $1000, and the damage on your motorcycle costs $7000. The insurance company will bear the balance $6000 in repair costs. The higher the excess you’re willing to pay, the lower your motorcycle premium will be. How to Use an Online Motorcycle Insurance Premium Calculator? All the factors mentioned above are taken into consideration when determining your motorbike insurance premium. But how can you actually calculate what your premium will be? Direct Asia has an online calculator that can help you calculate how much your motorcycle insurance premium would be, based on the information you give. Fill in the correct information about the make and model of your motorcycle, your no claim discount rating and other information required to get an accurate quote. Final Thoughts Taking all things into consideration, it is certainly advisable to get premium insurance under the Comprehensive plan or at least, the TPFT insurance cover. That way, you can be sure that you and your motorbike are well protected, if you ever meet with an accident while riding. Also, bear in mind that getting an exotic motorcycle or superbike may not be the best option for you because of the premium it requires. You may want to pick a more affordable motorbike with a lower premium and maintenance fee, especially if you are a new rider. The post Guide on How Motorcycle Insurance is Calculated | Factors to Consider appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  4. 10 Skills and Abilities Required to Become a Safe Driver Reading time: 5 mins What do you think are the skills and abilities that make a good and safe driver? Driving a vehicle is an achievement for many, and although this might not happen until later in life, it’s empirical to learn to be the best at it when you finally have a vehicle of your own. Mistakes can be committed by even the most professional drivers, but that does not mean you should be careless when driving. While getting your license is an essential part of becoming a driver, it is only the start of the journey in acquiring your driving skills. Once you’re driving on your own, you should learn and develop skills and abilities for safe driving. So, what are the characteristics that make a good and safe driver? Let’s find out. 10 Abilities and Skills required to become a safe driver 1. Acquire an excellent sense of navigation One of the most important skills required to be a safe driver is to have a great sense of navigation. While modern electronics and GPS systems have become an essential tool for every driver, it is important to remember that technology can be faulty or what’s worse, it may break down. So, you must be able to read and interpret maps, be aware of which roads can or cannot be driven on and be able to look out for road safety signs. 2. Be responsible and reliable Like any other job or task, you must be responsible and reliable, not only for your own safety but also for the safety of others around you – which include passengers and other drivers on the road. While driving, several situations may arise that will warrant you to respond accordingly. For instance, if it’s pouring rain, you may want to slow down and keep a fair distance to the car in front of you. Road safety must be your top priority to prevent accidents and any other mishaps. No doubt, being responsible and reliable are characteristics of a safe driver that will help keep you and your community safe. 3. Keep in mind that speeding doesn’t save time Driving basically helps you get from point A to point B. You might think speeding will help you save time and reach point B faster, but the simple truth is, it won’t. A vital characteristic of a safe driver is understanding that speeding, especially within the city or town streets, is potentially dangerous. Your driving instructor would have stressed about sticking to the speed limit when you were first learning to drive. The instructor would have warned you about failing the driving test if you didn’t adhere to it. These rules are no set in place to make the test hard for you, but to ensure that you practise safe driving from the get-go. There’s no question that speeding can put you and others around you at a safety risk. So, it’s advisable not to go beyond the stipulated speed limit on the roads. If you need to get to your destination quickly, use alternative routes. A safe driver will not rush through crowded streets. On the other hand, driving extremely slow or road hogging is also not the characteristic of a safe driver. According to the Land Transport Authority (LTA), road hogging is an offence. If you are comfortable driving just a little below the speed limit, keep well to the left (including on dual carriageways) unless –– you intend to overtake;you intend to turn right; orthere is a bicycle lane, in which case, you should keep to the left-most vehicle lane. 4. Know which side the fuel cap is on Have you ever arrived at the petrol station and pulled up to the kiosk, only to realise that the fuel cap is on the other side of the car? Then you hurriedly try to adjust your vehicle so that the pump would reach your tank? If your answer is yes, you are not alone. It happens to the best drivers, especially if they drive multiple cars – with the fuel cap on different sides – regularly. Empty fuel warning light in car dashboard. Fuel pump icon with arrow pointing to the left side. But did you know that there is a way to tell which side of the car the fuel cap is on without having to get out of the car? First, look at your fuel gauge; you will see a little arrow next to the fuel pump icon. This arrow will either point to the left or right. Whichever side the arrow points to, indicates the side the fuel cap is on. However, this may not always be the case for continental and vintage cars, so, just to be sure, check your side view mirrors before you get to the kiosk. This information does not only make for a smart driver but also a safe one. By not holding up others at the petrol station, you can fill up your fuel tank with ease and make way for others to fill up their fuel tanks too. 5. Keep alert Another important quality of a good and safe driver is being alert and ready to handle any situation on the road. Sudden, unwanted situations could arise and put your driving skills to the test; Maybe you saw the red light later than you should have, or the driver in front of you suddenly steps on the brakes. How do you avoid an accident in that instance? If you are driving a newer car, you probably have anti-lock brakes installed. But what if you don’t have it installed or you are driving an older car, you would need to steer clear even with the brake pedal pushed to the floor. Though emergencies like this don’t always happen, it is important to always be prepared. 6. Understand the road rules Keeping alert is necessary, but that’s not all the skills required. To be a safe driver that others can trust, you must know and understand the road rules. You must comprehend what the different road signs mean and always follow the stipulated rules and regulations. Aside from that, it’s also important to use your turn signals. Your turn signals are there to alert other drivers that you will be changing lanes, getting off at an exit or making right or left turns. The driver behind you can’t read your mind, so not only is failing to signal one of the worst driving etiquette mistakes you can make, but it could also cause an accident. 7. Practise self-discipline Self-discipline is another crucial quality of a safe driver. It’s easy to expect others to obey traffic rules and drive reasonably, but it may not always be the case when it comes to obeying it yourself. Driving past a red light may make you feel like a daredevil, but does it make you a safe driver? The simple answer is no. A safe driver is a self-disciplined driver – there is no debate about that. Remember, that your life and the life of others around you can be at risk even with the slightest display of recklessness. So, always be disciplined and be a safe driver. 8. Be patient Patience is a good virtue everyone should have. It is also an essential characteristic of a safe driver. Remember, you are not in a race to get to your destination first. Instead, you should be concerned about getting to your destination safely. Patience is a necessary quality of a good driver as it keeps you safe and helps you stay calm and collected even when things don’t go as planned. 9. Be cautious at all times There are different types of drivers on the road with you. Some are great and practise safe driving, while others may be reckless. This is why you need to be cautious at all times in order to avoid mishaps and accidents. Being cautious is certainly a quality of a good driver. Keep in mind that there are many people on the road who may not practise safe driving like you. 10. Ensure your vehicle is in good condition Always ensure that your vehicle is fit to drive. Being a safe driver goes beyond keeping to traffic rules. It also includes ensuring that the vehicle is in excellent condition to be driven on the roads. You need to check the vehicle each time before you drive out to ensure it’s in good, working condition. It’s important to check the brakes pads, the lights, the tyres, the gearbox and the windshield wipers before you even leave your carpark. Other important things to check would be the engine oil, coolant fluid, driving belt and the clutch. If you are not sure how to do these more difficult checks, ask a professional to help you out and explain to you, the important things you can look out for before you drive out the next time. Conclusion Being a safe driver should be the aim of all drivers. It comes from understanding that while your vehicle is a great asset to you, it could also cause harm if you are not careful in maneuvering it. To be a safe driver, you have to be alert at all times, ensure you and the vehicle are always in great condition and bear in mind that you are not competing with other drivers on the road. Apart from being a safe driver, it pays to be a smart one too – make sure to buy car insurance that gives you custom coverage according to your needs. If you have any questions related to car insurance, you can connect with DirectAsia’s experts at 6665 5555. The post Characteristics of Safe Drivers | Abilities to Develop for Safe Driving appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  5. How Does a Motorcycle Accident Affect your Insurance? Reading time: 5 mins Introduction Before any car driver or motorcycle rider can take their vehicles out on the roads in Singapore, it is mandatory to have an insurance policy, at least, Third Party Only insurance coverage (TPO). Every moving vehicle on Singapore roads should have an insurance policy. But the question is, what happens when your motorcycle is involved in an accident? How does it affect your motorcycle insurance? The answer is not so simple. There are a few factors that determines how motorcycle accidents can affect your insurance. We have discussed them in detail, below. First, let us glance through some of the available insurance policies for motorcycles. Third-Party Only (TPO): This policy has the least coverage in Singapore. It only covers the other party—that is, the other rider, motorcyclist or pedestrian—involved in the accident. It covers expenses that involve bodily harm, property damage, and even legal fees, if you are the party at-fault. It is also worth noting that, TPO does not cover the pillion passenger. Third-Party, Fire and Theft (TPFT): Many motorcycle owners in Singapore opt for this insurance coverage. It covers damage done to the third party, and your motorcycle, if it gets damaged by fire or gets stolen. There is no coverage for you, as the rider in this policy. Comprehensive: This is the best coverage by far and is also the most popular option in Singapore. It offers the same coverage as TPO and TPFT, plus it covers damages done to the motorcycle, including the rider and the passenger. Even though comprehensive insurance covers almost everything, some comprehensive coverage plans don’t cover the motorcycle if its tyre and rim get damaged while riding. Now that you have a brief understanding of the insurance policies available to motorcycles in Singapore. Let’s get into the main topic of this article. How Does A Motorcycle Accident Affect Your Insurance? If you have a history of accidents on your motorcycle insurance, your insurance company will require this information to determine your insurance premium. The only time an accident on your motorcycle does not impact your insurance is when you’re not at-fault, it’s your first accident as a motorcycle rider, or you have an excellent track record with only minor accidents. To understand how your insurer determines whether you are at-fault or not-at-fault in a motorcycle accident, let’s take a look at a few possible scenarios (for illustration purposes). Scenario 1: When the Rider Is Not At-Fault A motorcycle is at an intersection waiting for the traffic light to turn green. When the light eventually turns green, it is the right of way for the motorcyclist to proceed. But, if a vehicle at the other side of the intersection ignores the red light on their lane, and drives ahead, colliding with the motorcycle rider that has the right of way, then the motorcycle rider is deemed as the not at-fault party. Scenario 2: When the Rider is At-Fault A rider that has had too much to drink is riding on his motorcycle. And at a red traffic light, he stops behind a car, where the rider is not visible in any of the driver’s rear-view mirrors or blindspots. The traffic light turns green, and the driver wants to switch lanes, but he hits the unseen rider in the process. Here the insurance company will declare the rider as at-fault, because if the rider wasn’t drunk, he’d probably have reacted quickly to the car’s lane switch. But, if the collision happened and the motorcycle rider wasn’t drunk and didn’t have alcohol in his system, then the car driver would be the at-fault party. How Can I Avoid Affecting My Motorcycle Insurance as A Rider? There’s a known prejudice against motorcycle riders for being reckless; motorcycle riders automatically are blamed for accidents they are involved in, even when they are not at-fault. In view of this, we advise you to always drive safely. Follow all traffic rules and regulations, avoid distractions and avoid the blind spots of other motor vehicles on the road. Practicing safe riding is one way to keep your motorcycle insurance unaffected. But, when there is an accident, and you are not at-fault, inform your insurer immediately after the accident to lodge an accident report. If there is a foreign registered vehicle involved, injury to any party, or any damage caused to government property, a pedestrian or cyclist, then you will have to lodge a full police report. You can lodge a police report at the nearest Neighbourhood Police Centre or Neighbourhood Police Post from the scene of the accident. In this case, it is crucial to obtain an official police report before you contact your insurance company to raise a claims request with your insurance company. If you’re not at-fault, ensure the other party (the one at-fault) makes a third-party claim on their insurance, as soon as possible. It is also advisable to use your phone to take pictures or shoot a video of the accident scene and all parties involved to show the police and your insurer . The more detailed your documentation of the accident, the better your chances of receiving your claim. Takeaway Statistics show that motorcycle riders have a higher chance of getting into fatal accidents compared to other vehicles. This is because unlike cars, where there’s a body of metal protecting the driver & its passengers, motorcycles don’t have much outer protection for the driver & its pillion passenger. Ultimately, you play a large part in determining the safety of riding a motorcycle – by choosing the best motorbike and protective gear and riding your motorcycle responsibly. On top of that, riding a motorcycle is also associated with inherent risks which could drastically affect your motorbike insurance. This is one reason why it is crucial to arm yourself with the best motorcycle insurance, so that you will be protected by full coverage if you were to be in an accident. If you’re a younger or inexperienced rider, you’d find our guide for beginner riders helpful. You may also be interested in our tips on lowering your insurance premiums and on how to maintain your motorcycle to prevent mechanical failures. The post Does a Motorcycle Accident Affect Your Insurance? | DirectAsia appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  6. Top 7 Tips to Make Your Motorcycle Fuel Efficient Read Time: 6 Mins In Singapore, motorcycles are a better option in terms of ownership and maintenance. Same case on fuel efficiency. Their smaller engine and lightweight parts require less energy to move. Thus they consume less fuel than cars. An average bike runs at 13–17 kilometers per litre your motorcycle’s fuel efficiency may vary. It’s affected by engine size, bike condition, riding habits, and total weight. It doesn’t matter whether your results are above or below the average km/l. With tips, you can always increase the fuel efficiency of your bike. Regular servicing, changing riding habits, and reducing weight can help you ride more for less. With that said, keep reading to learn how you can improve your gas mileage. You will get seven tips to make motorcycle fuel efficient. So here are the tips. 1. Keep Your Tyres Properly Inflated Underinflated tyres lead to unwanted drag burdening your engine. It means your bike burns more fuel to roll and result in a poor gas economy. On the other hand, properly inflated tyres eliminate resistance. In this circumstance, your bike’s engine requires less power to move and cuts on gas usage. Overinflated tyres have a smaller contact area and drag—they may give a harsh ride. It can lead to rapid tyre wear. For the best results, fill your tyres with the manufacturer-recommended PSI pressure. In addition to your bike’s better fuel efficiency, they last longer. Do also check your air pressure often to ensure it’s at the recommended level. 2. Maintain Your Bike Regularly A poorly serviced motorcycle becomes inefficient and reduces mileage output. For instance, lubrication breakdown caused by dirt and oil wears results in mechanical resistance. The resistance strains the engine and affects fuel consumption. Regular bike servicing is the best way to achieve fuel efficiency. It involves maintaining your motorcycle’s engine in the correct maintenance cycle. It helps it work better by ensuring proper breathing and oil combustion. Here is the bottom line: maintaining your bike regularly will not only improve your oil efficiency but also give you a safe ride. Your bike will be reliable and have a long life. 3. Drive at a Steady Speed Heavy acceleration decreases your motorcycle fuel efficiency. Operating your engine at higher RPMs(revolution per minute) consumes more fuel than a moderate acceleration and maintaining an even speed. If you want to boost your fuel mileage, avoid aggressive driving and keep a steady speed. Gradually increase your bike’s speed for better fuel economy. It can help use less fuel over the same distance but with increased travel time. To achieve constant speed, use highways. They’re straight, flat, and with low traffic jams. Therefore, you can avoid recurrent acceleration and deceleration. In addition to increased km/l, you can save repair costs on brakes fade and worn shocks. 4. Buy High-quality Fuel Poor-grade fuel (containing ethanol and low octane rating such as Levo 92) can be harmful to your motorcycle’s engine performance. It can lead to pinged and bent valves and engine knocking. Again, it can cause your fuel jets to clog with sludge. It lowers fuel efficiency and increases the need for high-priced repairs. Although high-grade fuel (ethanol-free and high octane rating such as Esso Synergy Supreme plus) is costly, you get more kilometers per litre than with ordinary gas. On top of better gas efficiency, they ensure your bike is working. It’s key to enhancing your motorcycle’s life. An alternative to expensive high-quality fuel is the use of fuel additives. They are used to supplement standard oils to increase their performance. They boost your fuel economy by reducing gas-mileage-sucking quantities. 5. Reduce Weight on Your Motorcycle Extra weight leads to more bike-engine strain. It translates to slow acceleration and more gas usage. Eliminating this weight can reduce fuel consumption and engine damage risks. To improve your motorcycle fuel efficiency, replace heavy parts with lighter ones. For example, some bikes have a heavy steel sprocket for a bigger chain. By replacing it with a lighter aluminium sprocket, you can reduce 1kg of your bike’s weight. Also, reduce your motorcycle’s load and carry the commended passengers. Furthermore, consider reducing your body weight by wearing lighter clothes. Doing this may lead to improved mileage overall. Note that overstraining your engine can cause damage which could be costly to repair. 6. Be Aerodynamic Wind resistance increases with an increase in the bike’s speed. For instance, at 100km/h the resistance is double that at 65km/h. It causes drag and needs more engine power to counter. The drag force has an impact on your fuel economy. It accounts for shortened kilometers per litre To reduce fuel consumption, use a full-face helmet. It’s more aerodynamic compared to a half-face helmet. Also, replace saddlebags with fuel-efficient storage for lower drag. Other ways to lower wind resistance include lying flat or ducking behind the windshield. Gripping your knees on the tank can also help. Ride at a lower speed to reduce the wind resistance. You could save on over-speeding ticket bills. 7. Use Highways Curvy, mountainous roads and city driving heighten your fuel usage. It’s resulted from frequent braking and acceleration due to traffic jams and road structure. You miss the opportunity to drive at a constant speed with low RPMs, which boosts gas mileage. Taking highways enables you to maintain a steady speed. They’re flat and straight, thus are the best gas-efficient option. You also get minimized idle time due to low traffic. Additionally, highway riding can help avoid unnecessary service bills. Recurring braking can result in unbudgeted repairs on faded brakes and worn shocks. It also affects your bike’s performance. Other Motorcycle Fuel Efficient Tips Replace the fuel and air filters. Clogged air filters cause mileage problems; changing one can give you 10% more engine efficiency.Check for a fouled spark plug, poorly adjusted carbs, and faulty jets. They’re responsible for engine choke and unburnt fuel.Clean your engine frequently. The bike’s engine shorty gets dirty and needs regular cleaning.Change the oil often and ensure you use the correct grade. It reduces friction and lubrication resistance.Check all indicators and gauges to ensure they are working.Ensure your chain is clean and free from rust.Check for engine oil leaks.Ensure enough backpressure. Works to keep any unburnt fuel in the combustion chamber.Observe other expert-recommended maintenance. With a bigger budget, you’ve alternatives to higher motorcycle fuel efficiency. They might best suit your increased km/l option. They include: Purchasing a lighter and more fuel-efficient bike. Check out the reviews on the top-selling motorcycle in Singapore.Replacing your motorcycle’s engine with a smaller and gas-efficient one. If implementing the other tips could affect your riding experience, consider going down this path. Final Thoughts Did you understand how you can increase the fuel efficiency of your bike? Implement these tips to achieve your desired motorcycle fuel efficiency. Additionally, you will improve your bike’s overall performance and enhance its life. You will get a comfortable ride for less. To save more on fuel cost, research on different credit cards offering fuel discounts in Singapore. By choosing your best option, you could decrease your fuel expenditure. Last but not the least, make sure you have a good motorcycle insurance which can help you meet any unexpected expenses due to any damage to your motorcycle or third-party injury due to an accident etc. Consider DirectAsia motorcycle insurance for a customized plan that suits your needs at a reasonable price and not to mention its award-winning customer service and attractive NCD options. Was the article helpful? Let us know! The post Tips to Make Motorcycle Fuel Efficient | Increase Fuel Efficiency appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  7. Top Tips to lower Motorcycle Insurance Premium in Singapore Reading Time: 5 mins Owning a motorcycle is a dream for most youngsters. Motorcycles in Singapore come at a premium. If you have become the proud owner of a motorcycle in Singapore, you need to be ready to shell out some precious dollars on insurance as well. When you own a brand-new motor cycle, you may wish to choose a more comprehensive cover for your precious possession. Motor insurance does not come cheap here, and the insurance premiums can create quite a dent in your monthly budget. In this article, we will be looking at a few ways in which you can lower your motorcycle insurance premiums in Singapore. When you are looking for an insurance cover for your motorcycle, the first decision that you need to take is regarding the type of insurance policy to buy. There are 3 types of motorcycle insurance in Singapore: Third Party Liability Cover This is the bare minimum insurance as mandated by law. Third party motorcycle cover will insure you against any third-party liability such as death, bodily harm or property damage to a third party due to an accident involving your motorcycle. It does not cover you for any injury that you may sustain or any damage to your motorcycle due to an accident. Third Party Fire and Theft Policy Under this plan, you are covered against third party liability due to accident involving your motorcycle. Apart from that, you are covered against theft of your motorcycle and total loss due to fire. Fire and theft coverage can be added on for a small extra premium. Comprehensive Coverage If you have bought yourself a high-end motorcycle, it makes sense for you to opt for a comprehensive insurance coverage. Most banks and financial institutions insist on a comprehensive cover as a pre-condition for offering motorcycle loans. Such a policy will offer you coverage against personal injury to yourself and damage or loss to your motorcycle due to any accident. This is in addition to covering third party liability, fire and theft. A comprehensive cover covers you against almost all kinds of risks. Hence, the premium for such policies tend to be higher than what you would pay for a third-party liability cover or a third-party fire and theft cover. Add-ons Add-ons are additional cover that you can choose if required, for an additional premium. Some of the add-ons that you could consider are: Emergency 24 Hour Roadside Assistance Cover If you are always on the road, it might be a good idea for you to choose emergency assistance cover as an add-on. This coverage would offer you round- the- clock help with any emergency breakdown issues. This includes minor on-site repairs, tyre changes, lost key assistance, battery jump starts, fuel tank emptying, towing charges and so on. This add-on cover can save you a lot of trouble during those long, arduous rides. Medical Expenses In case you or any driver authorized by you (depends on your coverage) is injured in a motorcycle accident while riding the insured motorcycle, the medical expense is covered (coverage limit is applicable). Your passenger’s medical expense is also covered (coverage limited is applicable). For ex: DirectAsia offers a coverage amount of S$2500 for you and any authorized driver and the same coverage is provided to the passenger. Any Rider Protection Coverage for any unnamed rider who rides your insured motorcycle with your permission. Terms and conditions apply. Personal Accident In case of any unfortunate happening like death or accident resulting in permanent loss or damage of any organ of the motorcyclist, he, or his family (in case of death) will get the insurance claim amount. DirectAsia offers up to S$ 100,000 for death and/or loss of sight or limbs. Tips on how to lower your motorcycle insurance premium in Singapore The amount of premium that you pay will be directly proportional to the value of your motorcycle. If you have bought a high-end sports bike with higher capacity, you will end up paying high premiums. Smaller capacity, commuter bikes will cost you less to get them insured. Please keep this in mind when you choose your motorcycle. Your riding experience is another factor that the insurance company considers as important while fixing the premium. An inexperienced rider poses a higher risk than a rider who has several years of riding experience. It will be a good idea to own a lower cc bike whose premium may be low, ride and gain experience before switching to a higher cc bike – helps in keeping your premium low. Your riding history is another factor that can come to your aid. Most insurers offer a feature called “No Claim Discount”. If you do not make claims for a few years, you become eligible for discount on the premium that you are required to pay. Being a cautious driver and not running into any accident can certainly work to your advantage. Similarly, it would be advisable to desist from making very small claims that can affect your claims history. Also, safe driving may also result in Singapore’s traffic police issuing you a certificate of merit (COM) which labels you as a low-risk driver. A person with the certificate of merit may get you a offence-free discount on premiums. Another way to lower motorcycle insurance premium is by agreeing to pay a higher “deductible” or “excess”. Deductible(excess) is the amount that the customer agrees to pay, whenever a claim arises. The remaining amount is paid by the insurance company. There is an inverse relation between the amount of deductible and the premium amount. The higher the deductible that you agree to pay, the lower would be your premium. In case you are looking at shelling out a smaller amount as premium every month, you could opt to pay a higher deductible. The usage types are another factor that can determine the amount of premium that you are required to pay. A rider who spends more time on the road poses a higher risk for the insurance company and would need to pay more. There are 2 usage types: Private and Commuting use and Private and Business use. A rider who falls under the second category would need to pay a higher premium since he would be spending more time on the road, thus increasing the risk factor. For example – if a rider uses his bike for food deliveries, it will affect the insurance premium. A motorcycle is often a dream purchase for many. It is important to safeguard your motorcycle with the right type of motorcycle insurance. By making your own comparison of the offers from various insurance companies and by using some of the tips to lower your motorcycle insurance that we have shared in this article, to you can make sure to get the best deal that ensures you pay a lower premium. On a happy note, know that Direct Asia offers NCD30 for safe riders that comes with an extra 10% off premium. The post Tips to Lower Motorcycle Insurance Premium | How to reduce Premium appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  8. The Ultimate Motorcycle Maintenance Checklist Reading time: 6 mins One of the smartest things a motorcyclist can do is maintaining your motorcycle properly and doing it often. Keeping the owner’s manual within arm’s reach is crucial too. In it, you will find how long you can use certain parts of your motorcycle before they need replacement. Maintaining your motorcycle is a preventive measure to keep it performing optimally. In this article, you’ll learn the ultimate checklist to maintain for your motorcycle thoroughly. Know that some parts of your motorcycle need daily maintenance while others need to be attended to every other week and month. Check Your Tires & Wheels There is no such thing as overdoing it when inspecting your tires. It is one of the crucial steps to maintaining your motorcycle in tip-top shape, and this, in turn, will keep you and others safe. You should check the cast alloy rims every 2-6 months to look out for bends and cracks on rims. Avoid hammering, heating or bending the rims to shape, it damages the rims even more. Service centres can help check if the motorcycle’s rim is misaligned. Replace the tyres that have been in use for more than 5 years. Make sure the replacement tires meet the exact specifications recommended by the manufacturer in the owner’s manual. Use a coin to go through the tyre tread to ensure the tires have ample space between the tread. (The more accurate way of checking your tire is to use a treadwear indicator to measure the tyres pressure.) Keep an eye out for any sidewall bubbles or any signs of defect on the tires and get them fixed immediately. Battery Batteries manufactured in recent times require little maintenance. But your battery can and will run down. Use a multimeter regularly and check if your battery is between 12.5 to 12.7 volts when the motorcycle is not on. Ensure the terminals have not accumulated dirt or turned loose; clean them with dielectric grease to prevent corrosion. Check the sticker on the battery for how long you should use the battery before you replace it—The rule is usually after 5 years. However, examine the battery after every 1-2 years or 5,000 – 10,000 kilometres. Brakes Your brakes are very vital parts of your motorcycle. Ensuring your motorcycle comes to a halt when you hit the brakes can make a huge difference sometimes. Ensure that your braking system is in excellent condition. You need to check them often, at least after every 900km. To check this, the motorcycle must be lifted off the ground with a lift or a motorcycle stand, spin the wheel, and check the rolling resistance. You can also hold each side of the wheel and shake it to check for any looseness and signs of warping. Make sure the brakes levers work and have normal pressure. If they aren’t, the brakes might need bleeding. Many pads come with a line that shows when it is time to change them. Our advice is not to wait till the brakes pads wear so close to the metal before you finally replace them. Buy brake pads with the exact specifications as the previous ones (Make sure you buy from reputable shops. This is very important.) Fluids Checking on your oils and liquids depends on how often you ride. If you ride it regularly, then check it frequently. If you ride it less often, then check it before you ride. Ensure your motorcycle is standing upright so you can get an accurate measurement. The cooling system, brakes, engine, clutch all need liquid to provide pressure or lubricate. Check-in with your manual to know how often you should change out the oil or top up the oil. Running out of fluids like the braking fluids can be an enormous problem, or insufficient cooling liquid can cause components in your motorcycle to overheat and become damaged in the process. Chains Inspect and oil the chains on your motorcycle frequently. The chain of the motorcycle is a good indicator of how well it is maintained. Lubing up your chain from time to time is ideal; you can also use kerosene or a degreaser to clean old grease that has accumulated dirt and causes the link to freeze or become damaged before reapplying the new chain lube. For frequent riders, clean and re-lube your motorcycle after every seven days, and for infrequent riders, do this at least two times a month. Filters A dirty and clogged air filter will cause your engine to overwork and underperform. If the filter is dirty enough, your motorcycle can go off right in the middle of wherever. You need to swap out your air filter after every 5,000km. New air filters are affordable. If you’d rather wash your air filter: clean it in kerosene, then coat it lightly with engine oil. Make sure you dry out the filter before installing it. Change out the fuel filters after 25,000km. Spark Plugs Ensure you replace your spark plugs after every 5,000 to 15,000 kilometres—this depends on the type of spark your motorcycle’s engine requires. Spark plugs are part of your motorcycle ignition system so take care inspecting for any sign of a crack, corrosion, and replace the bad spark plugs immediately. Controls and Cables Be sure your clutch and throttle are hinged properly. Be sure the cables are lubricated well. Replace the worn-out cables immediately. Turn the handlebar from side to side and observe for any cable interference or strain. Clean Your Motorcycle Do not use dish soap to wash your motorcycle; it damages the exterior of your beloved vehicle. Soap might seep into the engines and corrode some parts of the engine. Use soaps made for washing automobiles. They are easier on the exterior. Washing your motorcycle is also a great time to do a thorough check on your bike; you might notice something out of order that needs attention. Final Thoughts Remember to tighten all loose nuts and bolt properly; it does not take more than a few minutes. Maintaining your motorcycle might seem like a lot of work, but it makes all the difference on performing your motorcycle and for your safety. Remember to take your motorcycle to the mechanic for its check and maintenance every 6 months. One more thing. You cannot be too careful, that is why we advise buying motorcycle insurance. It is mandatory in Singapore and a step in protecting yourself and those around you. Safe riding out there! If you are looking for motorcycle insurance, DirectAsia is the best choice. With a customer satisfaction rating of more than 90%, you can expect nothing but great service from us. The post Motorcycle Maintenance Checklist | Motorbike Inspection Checklist appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  9. A Quick Guide to Certificate of Entitlement Renewal Reading Time: 4 Min Read It’s no secret that the cost of acquiring and running a car in Singapore is about five times more expensive than those living in the United States; 6 times more expensive than Australia; and 5.5 times more than China. This is mainly because Singapore is a rapidly growing economy. It has world-class public facilities that all the citizens enjoy. It can even be said that Singapore is on par with other modern metropolises like Zurich in Switzerland, Paris in France, and Hong Kong. As a Singaporean citizen or permanent resident, you would understand why the cost of driving a private vehicle in the country is expensive. And one document – synonymous with the word car in Singapore – is the “Certificate of Entitlement,” or simply COE. This paperwork bestows someone the right to acquire a vehicle. Well, if you’ve been hitting Singapore’s busy yet clean streets at the moment, you might have an idea of how labor-intensive it is to acquire a COE. Nonetheless, here are all the details you need to know on how to renew your COE! In this article, we’ll briefly discuss COE, how to get one, and a quick rundown on renewing it. What exactly is COE? As mentioned above, COE stands for Certificate of Entitlement. Basically, this confers someone the right to purchase, own, and run a vehicle in Singapore for a maximum duration of 10 years. It is important to note that getting your hands on a COE is not easy. There’s a COE quota available for the whole country. After a decade, owners have to either renew their COEs for another 5 or 10 years to keep their vehicles. Otherwise, they have to either deregister or scrap their cars. What’s with the Scarcity of COE? Due to Singapore’s extremely limited land area (728 square kilometers) and the ever-growing population, the government enacted the Vehicle Quota System (VQS). This directive basically regulates the total number of vehicles running on the state’s roads. By imposing only, a definite number of COEs at a given period, VQS can control Singapore’s terrifying traffic situation. Skyrocketing Prices of COE The popular economic model of Supply and Demand also relates to why the price of COE is exceptionally volatile. At certain random given periods, COEs will incur aspiring car owners to shell out extra dollars, a tad more than the usual fees. Fundamentally, since Singapore is a progressive country, many people would have wanted to have their own cars. This will mean that the demand for COEs significantly supersedes the availability of supply, thus escalating the prices of COEs. To say the least, COE is the leading cause of why cars in Singapore are mega exorbitant. Renewing your COE When a COE expires, the owner needs to renew it to keep the car registered under his/her name. Otherwise, the car will be deregistered and, ultimately, scrapped. Some people tend to purchase a new car when their COE expires. However, renewing their COE is the most economical thing to do for most. Owners can renew their COEs even before the document’s actual expiry date. It can even be extended for up to 30 days after the expiration date, as long as the owner already started the renewal process. However, the car won’t be allowed to take on the road during the process. Also, expect an additional fee for late payment. Here are some ways on how to renew your COE: 1. Renewing COE Online With modern tech available, renewing your COE is now a breeze with the help of the Internet. To do this, you’ll have to access the OneMotoring website. This website is operated by Singapore’s Land Transportation Authority (LTA). It deals with all things related to vehicle-information and convenient digital services. Fill up all the necessary information. You’re required to have a personal Internet banking account with sufficient funds in any of the following banks: CitibankDBS/POSBStandard CharteredOCBCUOB 2. Renewing the COE via Snail Mail and thru LTA’s Customer Service Centre Renewing your COE via snail mail is the traditional yet, sort of, slow process to complete the task. However, it’s the same process when renewing your COE through LTA’s Customer Service Centre. Simply download the COE Renewal Application form, fill in the required information and send it to this address: Land Transport Authority (LTA) Customer Service Centre 10 Sin Ming Drive Singapore 575701 If you plan to pay with a Cheque, ensure that it is payable to “LAND TRANSPORTATION AUTHORITY” and cross “A/C Payee Only.” Also, include your car’s info and contact details on the backside of the Cheque. For those with expired COEs, LTA will only accept payments via Cashier’s order. It’s recommended that the mail be sent at least two weeks before the actual expiry date because the date of your COE renewal application is also the date the LTA receives the application. If your COE is past its expiry date, expect to be penalized with a late fee. However, suppose you still fail to renew your vehicle’s COE within a month of its expiry. In that case, you will need to deregister and dispose of your vehicle immediately. Type of VehicleLate Fees Motorcycles and Private Cars (up to 1,000 cc) $50 Private Cars (1,001 to 1,600 cc) $100 Private Cars (1,601 to 2,000 cc) $150 Private Cars (2,001 to 3,000 cc) $200 Private Cars (more than 3,000 cc), Company Cars, and Goods & Public Service Vehicles $250 Others $250 Payment is allowed via cash, Cashier’s order, and Diners Club or NETS card. Also, take note of the Service Centre’s operating hours stated below: 8:00 am to 4:30 pm on Mondays to Fridays8:00​ ​am to 12:00​ ​pm on Saturdays Renewing Your COE: 5 Years vs. 10 Years? As mentioned, if you opt to renew your COE, you can do so for a period of either five years or ten years. This will depend on several factors, such as under what category your vehicle falls and its statutory lifespan. Five-Year Renewal Period If you wish to renew your COE for five years, you will need to pay half of the PQP required. Moreover, there are certain conditions applied for each vehicle category. They are often classified under four categories – A, B, C, and D. Vehicles that fall under categories A, B, and D can only renew their COE for five years once. After this, you can no longer do so, and you need to deregister your vehicle. However, category C vehicles can renew their COEs several times after the initial renewal. However, the only catch is that the subsequent renewals can only be for 5-year periods. Moreover, once your car reaches the end of its designated statutory lifespan, you can no longer renew your COE and will have to deregister it. Ten-Year Renewal Period On the other hand, if you choose to renew your COE for ten years, you must first pay the entire PQP for your vehicle’s category. Unlike the 5-year renewal period, vehicles falling under the categories A, B, and D aren’t limited when renewing for ten years. Five Years or 10 Years? Choosing to renew your COE for either 5 or 10 years will entirely depend on you and how long you intend to keep your car. For example, if you want to keep your car for another few years but want to change sometime in the future, it might be best to renew for five years only. Aside from cutting the PQP by half, it’s also less commitment on your part. On the other hand, if your car is relatively new and you can foresee driving it for another ten years, then the 10-year period might be the better option. Final Words It is understandable why some may think that renewing COE is a big hassle. However, that couldn’t be further from the truth. The methods mentioned above are quick and straightforward, so you will not have any problems getting your beloved car on Singapore’s excellent roads again. If you want more information about renewing your COE and its benefits, you can ask for assistance from DirectAsia and call the hotline at 6665 5555. They can help you evaluate whether renewal is the best option for you and what it means for your car insurance. The post COE Renewal in Singapore | Certificate of Entitlement – A Quick Guide appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
  10. Private Settlement After A Car Accident – What You Should Know Reading Time: 5 mins Nobody wants to get into accidents; no car owner wants as much as a scratch on their car. But it can happen – from a minor scratch to damages that requires new car parts or even a new car. No one is exempted from unexpected events, but smart motorists know that having a great insurance plan can help shoulder the costs if it occurs. In this article, we will discuss everything about a private settlement for an accident also when and why you should opt for a Private settlement. What Is A Private Settlement? If there is a motor accident and the parties involved agree to resolve the issue without filing a claim from their motor vehicle insurers. To enter into a private settlement, both drivers must complete and sign a Private settlement letter that you must submit to your insurer within 24 hours of the incident. This document is legal and a binding agreement between both parties. Any party that breaches this agreement is subject to sanctions under the breach of contract and payment for damages. Under the Motor Claims Framework (MCF), you must inform any accident to your insurance company between 24 hours even if damage to the vehicle is not visible. When Should You opt for Private Settlement? If the accident is not complicated. Pick a private settlement when there is no bodily harm or injury to either party and minimal or no damage to either vehicle. It is better to get into an agreement privately. To protect your No Claim Discount (NCD) It is wise to enjoy the discount your NCD provides and opt for a private settlement. If you file a claim for a small repair, you could lose your NCD and even pay higher insurance, unless you have NCD protector plans in place. You have been previously filing for claims for other accidents. Here in Singapore, if you file for over two claims during your insurance period, your insurance company will label you as a high-risk driver, this will incur higher premiums, and in some cases, insurers might not renew your insurance plan. If you pay higher excesses Some drivers choose to pay a higher excess to reduce their insurance premiums. Filing a claim for small repairs will affect your higher excess payments, and also you might get a drop in your NCD or worse, losing it. When Not to Enter A Private Settlement? There was bodily harm to either party or even death. In case, there was a ghastly accident resulting in death or life-threatening injuries, the incident should be reported to the police. [ here’s a quick guide on how to report a car accident ] Severe damage that out-of-pocket expenses cannot cover. In the instance of an accident, a car or both cars are damaged beyond repair. If there is a need for a new replacement or payment for hefty sums for repairs, the private settlement is not an option. It also applies when a motorist damages government property. When there was an incident of hit and run. You cannot enter a private settlement when an accident as severe as a hit and run happens. You’d have to call in the authorities. Now, you know what a private settlement is and when to and when not to opt for a private settlement? Let us talk about how to get into a Private settlement. Whether you are the at-fault motorist or not, the arrangement is the same. Steps to Get into a Private Settlement Step 1. Get an Accurate Estimate of the Repairs Costs Take the damaged vehicle to your insurer’s authorized repair shop to assess the damage and get a written estimate of the costs of repair. This is standard procedure, so the at-fault party can know how much they will pay as compensation. Step 2. Complete and Sign A Private Settlement Letter. As we mentioned before, this letter is a legally binding document between parties involved in an accident, containing all the information about the accident, and the terms and conditions of their agreement. A private settlement letter contains the following details: Details of the accident, including the location, date, and time of the accident. Details of parties involved and their vehicles. Including the full names of the drivers, identification numbers and vehicle registration numbers. Terms of the agreement, which may include: A statement that no bodily harm or death happened.A statement that both parties have resolved the matter between themselves.The amount the at-fault party is to pay to the other, or if both parties decide to pay for the cost of repairs themselves.An agreement that neither party will make a report of the accident to the police.An agreement that neither party will subsequently file for a claim for damages to their insurer. d. Acknowledgement of receipt of compensation and signature of a witness, if any. e. Signatures of parties entering the settlement. Step 3. Inform Your Respective Insurers and Send Them A Copy of Your Private Settlement Form. Completing, signing, and sending a copy of your letter to your respective insurers is required by the Motor Claims Framework. You are also required to inform your insurer if you are involved in an accident and within 24 hours. The Private settlement letter also protects you if the other party goes behind your back to file a claim or refuses to pay the agreed compensation amount. Final Thoughts We never plan for accidents, but at least we can be prepared. You can ask for copies of private settlement letters from your insurer and have them stored in your car. A driver should always opt for a Private settlement when it makes economic sense Want some advice on how to pick the right car insurance that will cover you and your vehicle sufficiently for any unforeseen mis happening? Call the car insurance experts at DirectAsia on 6665 5555 or get a quote online. The post Private Settlement After a Car Accident: Things you Should Know. appeared first on Car, Motorcycle & Travel Insurance Blog | DirectAsia Insurance Singapore. View the full article
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