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Is Car Rental Insurance Expensive In Singapore?

If you live in Singapore, you definitely know from experience that there are other expenses that you are required to meet when you rent a car other than the rental price. One of them is the insurance. Even though there are companies that will insure the cars before they give them to customers, others will require you to do it on your own. Regardless of the agreement that you come up with, one thing that is without a doubt is that there always will be an addition to the costs. This has got many people complaining that car rental insurance is too costly. To determine the credibility of such claims, here is a look at some of the most important factors that companies often consider when calculating the cost of insuring a rental car in Singapore.

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There is greater risk of accident when the car is rented

When you rent a car to someone whom you are not even familiar with, there is no doubt that there will be a greater risk. This is because you have no idea of how they drive or what they are likely to do with the car. Indeed, there have been cases of people who are reckless with such vehicles because they know that they do not belong to them after all. This is a crucial factor that will always come into play when companies calculate the insurance cost of a certain car. Although many people do not understand it, this is the reason why it might seem that the cost of insuring a personal car is relatively lower than when the car is rented. However, if you look at it from this angle, you will agree that there is need to have a higher rate.

The driver’s records also matter

Another thing that you need to know is that there is a difference in the driving records of every individual. Just as when insuring any other kind of car, a company is likely to charge this type of insurance higher to someone who is known to have a bad driving record. If you take a look at some of the records, you will be astonished to realize that there are people who have had too many accidents. This means that when you show up at an insurance company to get a cover for that vehicle, you definitely will have to pay more. The worst scenario is when the company declines to insure you at all owing to your records. If this happens, then it only means that you will have to either look for another person to drive the car or just look for another means of transport for whatever reason you needed to hire the car.

Rent Out Exotic Cars?

The car rental companies need to cushion their businesses

It also is important to understand that car rental in Singapore is a business. Here is someone who is giving your their car so that you can easily move around town or to wherever you want to. In as much as they want to do it, they also want to make sure that they will remain I business. There is nothing bad as having a car written off without any compensation just because the person that was driving it was not insured. If this was to go on, then you can be sure that before long, most of the companies will be out of business. This definitely is not what people are looking forward to considering the fact that the government and the private sector in Singapore alike are always working hard to ensure that businesses such as these thrive. Another thing that you should know is that this kind of insurance is for your own good. Failure to have a good insurance cover does not only put you at loggerheads with the law – it also affects your life.

The bottom line is that even though it is true that costs of insuring rented cars in Singapore is a little higher than that of the normal cars, it is a point that is justified. After all, this is a car that you only will be using for a short duration and so, there is no need to complain too much about it. YOu can also chose an affordable company if you want.
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