If you are thinking about signing up for an EQ car insurance plan, here are some pointers that can help you decide if their product is suitable for you or not.
As with other insurance companies out there, EQ Insurance offers coverage for both individuals and enterprises. In this article, we will focus on Personal Coverage, which was designed to safeguard you and your family.
More specifically, we’ll touch on the motor insurance classic plan EQ insurance offers. So, if you are planning on signing-up for car insurance read on and find out what this plan can do for you.
Most comprehensive policies cover the cost of a replacement windscreen. Damage to your car’s windscreen cannot be helped as specks of gravel dislodged from tires of trucks in front of you trigger it. Over time this natural process can weaken the car’s windscreen and eventually break it.
With EQ Insurance’s windscreen coverage you can have it replaced by simply visiting an authorized workshop. Under the Classic Plan you will be able to limit your windscreen excess at $100 + GST. Reinstatement of cover is free.
Personal Accident (PA) for Insured/Passengers
As for personal accident, with EQ Insurance’s Classic Plan, you are insured up to S$ 50,000.
This service can be seen with most car insurance policies and EQ Insurance is no different from the rest. As a policyholder, you are entitled to free towing service of up to $500.
Another important part of motor insurance is the medical reimbursement. As a policyholder of EQ Insurance Classic Plan, this is something that you do not have to worry about. For both the insured and the passenger, a medical reimbursement of up to $300 will be provided if the need arises.
Excess is a standard feature of every insurance policy. The average excess clients have to pay range from $600 to $800. For EQ Insurance, their standard excess is within this range if your car is of a typical make and model.
Under any EQ car insurance plan, there will be an additional excess imposed for unnamed drivers or young, elderly and inexperienced drivers.
Let us discuss how additional excess is applied for unnamed drivers. With the Classic Plan, policyholders have to pay twice the policy excess. Say for example, the insured pays $750. The unnamed driver thus needs to pay twice that amount, which is $1,500.
(All unnamed drivers should be older than 26 years old and younger than 70 years old and with more than 2 years driving experience.)
For drivers who are younger than 26 years old or older than 70 or with less than 2 years driving experience, there will be an additional $3,000 above the unnamed driver excess.
Adding Named Drivers
In some cases, there may be multiple drivers for a single car. Remember that with EQ Insurance the first named driver is for free however it is still subjected to the driver’s age and experience.
Adding named drivers (second and third) to the classic plan would mean an additional $50 + GST.
Many car owners have a budget plan for their money. As such, you may want to look into EQ car insurance seriously if you are thinking of paying by installments. You can sign up using their 6-month or 12-month installment plan via either UOB or Citibank credit cards.
To date, interested parties who would like to sign up for EQ car insurance policies can pay using either: cash, check and credit card.
If you are a UOB card holder, you may take advantage of their 5% UOB Smart Dollar Rebate. Do take note, however, that this is applicable only for Single Premium payments, not installment.
Like every other insurance companies, there are certain make and models that EQ insurance will not insure. This generally includes high end models, sport models and high performance vehicles.
EQ Insurance only accepts car insurance applications coming from local Singaporeans and Singapore permanent residents (PR) only.
With the above benefits, you will surely be able to enjoy a complete peace of mind while you are driving to work or just cruising along with your family.
If you want to see how EQ car insurance measures up to the rest of the insurance companies (in terms of price and features), click on www.motorinsurancesingapore.com and request for quotes now.