Auto Insurance Vs. Automobile Insurance: Key Differences – If car insurance jargon sounds Greek to you, this is the perfect place to narrow down the keywords you need to understand.
There are many ways to maintain our car. We can have it serviced regularly, give it a good shine or clean it more often. While car insurance and car maintenance don’t often appear in the same sentence, car insurance means protecting you and your wallet from unexpected financial expenses.
Auto Insurance Vs. Automobile Insurance: Key Differences
As with most things, it’s important to understand the basics before delving into more complex elements. Here are some key terms to keep in mind when purchasing car insurance. Some of these may be relevant if you have purchased other insurance.
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In Singapore, it is a crime not to insure your car. The penalty is a fine of $1,000, imprisonment for up to three months, or both. Your driving license will also be suspended for 12 months. Insurance is also a condition for the renewal of road tax.
This is also a good solution because insurance primarily provides financial protection against car accidents and theft. More comprehensive insurance plans may provide additional benefits to cover other claims. This means you won’t have to pay the entire amount for damages directly from your wallet if your car is involved in an accident.
Nothing in life is free (crying), and neither is your insurance. Premium refers to the amount you pay for your insurance policy. You can choose to pay one-time or in monthly installments using a credit card or GIRO. The premium you pay varies depending on the insurance company and the benefits offered, but we’ll discuss this in the next article.
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Are you looking for insurance that will cover 100% of the damage? You’ll be better off hunting unicorns, and the next best option is to pay a higher premium for anything close to full coverage.
In any accident, there are usually two types of payments. The first is a deposit to partially cover the repairs, and the second is insurance to cover the rest. Deductible means the first payment made by the insured driver.
Surplus and bonus go hand in hand. The higher the deductible, the lower the premium and vice versa. Depending on your situation and whether you are an accident-prone driver, high-premium, high-low premium insurance may not be right for you. If the family car is shared by different drivers, you may also want to take this into account.
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AKA No Claims Bonus. Think of NCDs as a reward system from your insurance company for safe driving. Every time you make no insurance claims, you receive a discount on your premium for the following year. This can increase to 50% if you can remain accident-free for five years.
However, this reward system is not just about give and take. Your NCD may be reduced if you make any claims or make multiple claims in a year. Another aspect of insurance to consider is if you regularly step on a curb or hit a parking post with your car.
Fortunately or not, the ‘tally’ NCD will not be reset if you change your car as it is marked in your name. You better start racking up those points!
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Finally, the insurance company and policy require names. If you are the only driver of the car, the insurance company will name you as the main driver.
Named drivers refer to other drivers you share the car with, such as your spouse or child. If you are the primary driver and policyholder, the named drivers are also covered by the same insurance policy. Premiums and deductibles may vary depending on the insurance company you sign up with, so read the fine print before signing on the dotted line.
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If you have a key read/keyless FOB car, it is important to purchase car key insurance. Car key add-on coverage to your policy will cover the cost of replacing your entire lockset if you lose your car keys.
When people insure their cars, insuring their keys is not a foolish practice due to the belief that replacing a lost car key is not expensive. However, this is where people make mistakes. While the cost of replacing lockable car keys for a year is relatively reasonable, the cost of a new set of Riot or keyless locking car keys ranges from Rs. 8000 and costs up to Rs. 1 lakh on premium cars like the Fortuner. Therefore, buyers of cars equipped with anti-riot or feature-rich locking systems should seriously consider car key insurance.
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Additionally, if you think you can avoid replacing lost car keys if your car is stolen and you don’t have all the keys for it, you may be rejected by your insurer. For details, read “If You Don’t Have All Your Keys, Your Insurance Company May Deny Your Stolen Car Coverage.”
It is worth knowing that Ost car policy does not cover the loss of keys. To insure your keys, you must purchase an additional passenger wherever this is offered. Generally, the price of this driver ranges from Rs 100 to Rs 300, depending on the car model/variant.
As technology advances, many high-end cars are equipped with a Riot key lock system or a keyless frequency operated button (FOB).
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FOB is a keyless locking system based on new technology that completely controls the function of locking and unlocking the car with a keyless lock. You don’t need a key to start your car, instead the vehicle starts with a push of a button.
So, if your high-end Riot car key/keyless remote is damaged/lost and you want to replace it at an original equipment manufacturer (OE) authorized service center, not only is it expensive, but the product itself is expensive. , you need a qualified mechanic to replace your car key lock set.
For security reasons, if your Reed-Key/Keyless Remote is stolen, damaged or lost, it must be completely replaced as it is an integral part of your car’s Reed-Lock system.
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“The Riot-Key/Keyless FOB and Riot-Lock systems work on the principle of a radio transceiver that allows you to easily lock and unlock your car, such as closing the windows and roof when remotely locking your car,” said Aid Bassin , co-founder of repair company Koganic and car service. Other activities.” He said: “The car’s radio transceiver operates within a typical range of 10-20 meters.”
Each key/keyless remote control has a unique computer code that is linked to the code in your car’s re-locking system. Therefore, you cannot open the car using another keyless/keyless remote control. If you try to unlock your car with a different key every year, the re-locking system will detect an error in the code and activate the car alarm.
Soe remote/keyless FOB keys have separate buttons to set your car alarm, unlock your car and help start your car when parked in a crowded area.
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Bhasin says: “Any safety and convenience features in your car can be controlled by Riot-Key when you are away from your car at a certain distance. However, these features vary depending on the make and model of the car, and therefore the price of the keys varies accordingly.
So, if the ore features are enabled on your reote lock system and reote/keyless FOB, the ore will be replaced.
If you have a key read/keyless FOB car, it is important to purchase car key insurance. Car key insurance or key and lock replacement insurance as an add-on to your Otter policy will cover the cost of replacing your entire set of key locks if your car keys are lost, the key is stolen or the lock is damaged. Due to accident/theft.
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As you know, the premium cost of “additional key and lock replacement insurance” in an otter insurance policy is relatively lower than the cost of replacing a damaged car lock set. Sajja Praveen Chowdhury, Head-Otter Insurance, Policybazaar.co, said that in case of theft or loss of computer-coded or encrypted keys, they need to be replaced at an OE authorized service center, which costs Rs. it will cost 4 thousand -10,000 or depending on the ore of the car, AK,
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