Best value plan in Singapore?

Keeping up with the latest car insurance deals in town isn’t fun for anyone. Most of the time, it gets filed away as one of those “done and done” tasks.

But what if we told you that there is a broker out there that saves you the hassle of contacting an agent and offers lower premiums than the established competitors in the market?

Meet Bubblegum, a digital insurance ecosystem developed by the folks behind MoneySmart Financial with the goal of keeping insurance affordable and hassle-freeIf you are like us and find Singapore’s car insurance offerings lackluster (think expensive premiums and dinosaur-era processes), then you are in for a surprise.

READ MORE: Introducing Bubblegum: 5 things you should know about our new insurance brand

Bubblegum Auto Insurance Plans at a Glance

Bubblegum is an inclusive Insurance broker that covers everything the most common Cars in Singapore. However, depending on your car type, you should choose the right type. Here they are from the simplest to the most comprehensive:

It is illegal to drive without car insurance in Singapore. The cheapest TPO (third parties only) The insurance meets the minimum legal requirements, but only covers damage to third parties in the event of an accident. Everything else must be paid for out of pocket. So TPO is only suitable for cars that are very old, rarely used, or both.

Like TPO, TPFT (Liability, Fire and Theft) offers minimal protection. The only additional cover is in the event of loss or damage by fire or theft, so it’s only suitable for old cars – the kind you’d rather scrap than pay to repair if you were involved in an accident.

If your car does not fall under the special cases mentioned above, you should at least opt ​​for a Comprehensive Car insurance. This is the minimum requirement for financed cars (i.e. you have a car loan) as it covers damage to your own vehicle, including:

Please note that Bubblegum is a extremely cost-effective option to supplement vehicle damage coverage and maintenance in any workshop.

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In addition, you can also claim your medical expenses (up to $300) and your personal accident insurance ($20,000 for named drivers, $10,000 for passengers).

What about the Bubblegum Comprehensive + Guarantee?

Bubblegum is the only car insurance company in Singapore that offers an optional Engine and transmission warranty of up to $5,000 in addition to the standard coverage plan. No pre-inspection is required, but you must demonstrate that any problems that arise are not due to pre-existing conditions.

This unique benefit allows you to make a claim if your car engine or Gearbox This means that Bubblegum car insurance not only protects you financially in the event of an accident, but also covers car breakdowns or malfunctions.

Why does Bubblegum offer this? Based on the Singapore Police Force’s annual car accident reports, Bubblegum estimates that each driver is involved in a car accident only once every 20 years. or soTherefore, when you pay for a traditional car insurance policy that only covers damage in the event of an accident, you often feel like you are throwing money out the window.

Since car breakdowns are probably more common than accidents, we hope that this optional benefit will provide added value to drivers.

Can you customize your Bubblegum car insurance?

Yes, of course. This also includes the optional engine and transmission warranty, which we discussed in detail above.

You can also customize your Bubblegum auto insurance plan with Options How Each workshop for its own damage repairsNCD Protector (or NCDP if you have 50% NCD), accident payouts for unnamed drivers and more.

Note that Bubblegum does not offer certain extras such as courtesy cars that you can use when your car is in the garage. Although it sounds nice, this benefit is usually not worth itBubblegum doesn’t want to charge its customers for something they most likely won’t use. You’ll pay about $80 per year for this benefit, which you rarely need.

Let’s talk about Bubblegum car insurance premiums.

Are Bubblegum’s car insurance prices really lower than the competition?

To find out, say hi to Jason. He’s 35 this year, drives a 2018 Honda Vezel with 50% NCD, and hasn’t had any “at fault” accidents in the last 3 years.

Here’s how Bubblegum’s auto insurance plan compares to other popular offerings on the market:

As you can see, Bubblegum’s annual premium is the lowest with a standard deductible of $600. However, Bubblegum’s insurance coverage is better than the others due to the additional transmission and engine warranty.

Why (or why not) choose Bubblegum car insurance?

We try to be impartial here, but it is hard to deny that Bubblegum car insurance offers very good value for money. Bubblegum plans are some of the cheapest in town, yet you don’t have to compromise on insurance coverage.

Bubblegums exclusivity Engine and transmission warranty Option is also a big plus, especially for good (careful, experienced, law-abiding) drivers – like you, hopefully.

Still, we realize that Bubblegum isn’t for everyone. If you’re an old-school driver and are happy with the long-standing arrangement with your agent or representative, poking around in an app might not be the most pleasant experience for you.

However, the Bubblegum app was developed to make your life easierHere you can apply for your policy within 5 minutes and receive thanks to Singpass automationAnd if you get into a situation on the go, just pull out your phone and call or send a message Bubblegum’s 24/7 auto insurance hotline– they take care of everything.

Curious about Bubblegum car insurance? Visit Bubblegum.co and download the app from the Apple App Store or Google Play Store to get a no-obligation, personalized car insurance quote.

The post “Bubblegum Car Insurance Review 2023: Best Value Plan in Singapore?” first appeared on the MoneySmart blog.

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The article Bubblegum Car Insurance Review 2023: Best Value Plan in Singapore? appeared first on MoneySmart Blog.

Original article: Bubblegum Car Insurance Review 2023: Best Value Plan in Singapore?.

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