Should I Get Rental Car Insurance
If someone is visiting Singapore at some point, and depending on their plans, they may think about renting a car. However, everyone has the question, "Do I need rental car insurance?"
Why Should an Individual Consider Rental Car Insurance?
1. Protect Your Wallet
Of course, nobody plans for an accident and yet these are some of the devastating events that can occur and they come with a price tag. Without insurance you will be at risk to meet the cost of the damages of the rented car or even other vehicles which may have involved in the accident.
2. Peace of Mind
Get a rental car insurance because it makes you feel more at ease and comfortable during your bus trip and you do not need to think of the happenings on the road that can cause damage to the vehicles.
3. Legal Requirements
In some instances, the law of Singapore prescribes the various types of insurance that one is suppose to have. This is important as it will help avoid a candidate getting caught in an event that has fines or penalties. If you need to obtain insurance that would meet these requirements, rental car insurance is one choice that is rather easy to get.
Types of Rental Car Insurance
1. Collision Damage Waiver (CDW)
This is actually the standard type of rental car insurance that many people go for. It concerns the damages in regard to the rented car. Though sometimes we wish we had control on the roads, sometimes one could dent that shiny new SUV in the car park and that is when CDW comes in to save the day.
2. Theft Protection
Singapore is a safe country but normally one can get robbed anywhere. This type of insurance is useful if the car rented is stolen, then the policy shields the renter.
3. Personal Accident Insurance
Personal accident insurance provides for medical expenses in case of an accident for the policyholder and the passengers.
4. Third-Party Liability
This insurance comes in handy when one knocks the car of another person or when there is an impact on the third party, it covers the damages of the other car as well as injuries. Further, it goes toward being responsible for or shielding other persons from harm.
Do I Need It?
1. Existing Coverage
In order to make any move to obtain the required insurance, take a look at your current coverage. Often, rental car insurance is provided as an additional feature of the credit card. Thus, if you operate credit cards provided by DBS, UOB and HSBC for the rental, you may already have some coverage.
2. Cost vs. Benefit
Evaluate the possible expenses of the insurance against the possible losses when the insurance is not taken. Indeed, if the rental is only for a day or two, then the cost of this type of insurance will not be very reasonable. However, if that amount shall be paid on a long-term basis, it would be wise to rent the property.
3. Your Driving Record
For those new to driving, if you are rather lucky not to have any accident records, then probably you might think that you don’t need the insurance. Remember that even though the best of the riders could be fully efficient in handling their rides, they too can fall off sometimes. When it comes to your safety especially in your own vehicle then it is better to be safe than sorry.
4. Your Comfort Level
Most people have a concern about accidents and that is where rental car insurance comes handy. On the other hand, if you are sure of your ability to maneuver the car and also the readiness in case of accidents then you may choose to omit it.
How to Choose the Right Insurance
1. Understand Your Needs
The first step here is to determine what type of insurance is necessary. If you are only popping out for a couple of hours. However, if you have a plan of traveling across the island by road, then you might need more detailed information.
2. Compare Providers
Note that different rental companies do not provide the same insurance services for their clients. Do not forget to compare one provider with others and their services provided. You realise that sometimes you might get better deal or a more coverage elsewhere for instance.
3. Read the Fine Print
Pay attention on reading the terms and conditions of the programs being offered. There are some policies that may exclude or limit the coverage to a certain extent that you may consider unfit for your case. Be fully aware of your obligations when agreeing to something new, this comes as a result of signing an agreement.
4. Consider Add-ons
There are additional facilities like GPS or child seats which can also be hired from the renting company. Though they are not insurance, they can improve your rental. Do not always buy things that are not necessary to have; ensure that it has met your needs.
