Hassle to buy insurance for older cars in Singapore, says expert of Budget Direct Insurance Singapore
SINGAPORE, 16 August 2017: PRNewswire - Buying insurance for older cars can still be difficult despite record numbers of COE renewals.
This is the view of one industry expert who says that the majority of insurance companies do not sell policies for older vehicles online. Instead many customers of cars older than 10 years are assessed on a case by case basis and have to endure lengthier quote processing times.
Simon Birch, CEO of Budget Direct Insurance, said: "Owners of older vehicles have sometimes struggled to buy insurance online. It has been particularly difficult to get Comprehensive cover. Insurers need to stay up to date with Singapore motoring trends and that includes catering more to those with older vehicles and making it easier for them to buy."
Birch believes that Budget Direct Insurance is one of the few that is making it easier for this sector of the motoring community. He said: "At Budget Direct Insurance motorists, including those who own older vehicles, can get a quick quote online within 30 seconds. We are one of the few insurers able to give an online quote, especially for older cars."
Frustrated customers have been turning to Budget Direct Insurance for help.
One such motorist is Yap Boon Fong Yvonne. Her current insurer was unable to provide comprehensive insurance once her vehicle had reached more than 10 years old. She said: “I have been with them (my current insurer) for more than 10 years and they are not covering comprehensive for me. Thanks to Budget Direct I have what I want.”
The matter was highlighted following the release of LTA figures showing that more than 14,000 car certificates were revalidated in the first five months of 2017.
The figures also revealed that more owners were choosing to extend by 10 years instead of five.
Birch says this upward trend of motorists holding onto their cars for longer makes much better economic sense.He added: “A good car will last years. Renewing your COE is a great way to keep costs down. Paying less for your insurance is another way to save too. At the end of the day it makes for smarter motoring.”