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Car insurance premiums keep getting higher and higher because of constantly rising claims, because of which insurers are skeptical and hesitant to bring down their costs. The upside to this is that there is more than one way to save money on motor insurance and get the best protection you require to meet your personal car needs.

Of course you can always save money on Motor Insurance by choosing a coverage plan that offers the lowest premium with the maximum benefits. Working with us is one of those ways! And here is how we can help you achieve that - to collect your profile details and our consultants will be tasked to source for the best car insurance deals from the largest and most reliable general insurers in Singapore. This can save your effort to compare between policies as there are many variations and the price difference can range from tens of dollars to more than $800, so this may be challenging for you to find a good deal. Our ambition is to serve our clients well and ensure that your insurance needs are well protected.

icon-quote-left Besides obtaining auto insurance comparison quotes from various insurers like AXA, Aviva, AIG, MSIG, NTUC etc, we also specialize with commercial vehicle insurance if you own a lorry, van or pick-up. In rare cases whereby if you own more than one vehicle, we are able to help you make a sound decision with our Fleet Insurance. icon-quote-right

Nonetheless, here is a list of things you can do to save money on your motor insurance quotes, and invest that money where it would be more useful, like installing a new Rockford Fosgate Audio system!



Check and cover

Motor Insurance coverage is provided in three forms, including fire and theft, third party, and comprehensive, with each having their own level of coverage being offered. The most basic form is third party, whilst the most complete form is comprehensive. We usually recommend that you get the comprehensive plan for motor insurance and the reason for this is simple - comprehensive coverage is the only coverage plan which insures damage claims resulting from an accident, whereas other plans are restricted to certain factors (such as fire damage or accidents concerning third parties). In these instances, you would have to pay for your own personal damages, while your insurance company will only cover a certain aspect.

Voluntary excess

The more you are willing to pay up front when making a claim, the lower the premium, so you may be able to save money by increasing the excess on your policy. But again, be sure to compare policies with varying levels of voluntary excess as our research has shown that the savings are nominal once you reach a certain level of voluntary excess.

Minimise optional extras

There are many types of benefits which you can avail when choosing a coverage plan. Of course, that means that the more benefits you avail, the higher the premium. You would want to consider which extra added benefits suit your needs and which ones are unnecessary. Cut out the ones which do not suit you, and reduce the cost of your premium instantly!

Named drivers

In the condition of additional excess, your insurer will cover the unnamed driver. But before registering for this condition, you might want to consider how much the unnamed driver uses your car. If their use is about the same as yours, you would want to consider it. However, if they drive your car rarely, you might want to consider discarding this benefit to help save yourself some extra money.

Keep your car safe

Keeping your car under proper lock and key will reduce the chances of you having to make a claim on your insurance for theft. Make sure you have safety devices installed, just in case.

Make and model of car

Sports cars, Porsche and premium cars (Audi and BMW) are generally more expensive than classic cars; which means they require a higher premium.

Car modifications may also influence the insurance premiums significantly therefore if you have an intention to alter or make improvements to certain parts of your car, it is advisable to consult your insurer before hand. Insurers are generally pretty stringent with car modifications as 'car modifications' are interpreted as anything else outside the manufacturer's 'defined specifications'. If you choose not to inform the insurer prior to any alterations made and this is found out during a car collision, the insurance policy is most likely to be void immediately.

On a side note, car modifications have to be in line with the Land Transport Authority's ("LTA") rules, but this doesn't mean that insurers cannot terminate the policy if you did not declare the modifications on underwriting.

Mileage

The more you miles you do, the higher your motor insurance quote will be. Lesser miles mean a cheaper quote. The logic is pretty simple: the more you drive, the more likely you are to get into an accident, and the more likely you are to claim insurance. If you cut down your mileage, you will receive a lower quote.

Using a specialist insurance broker

Insurance brokers go the extra mile to find the best insurance to suit your needs, so consider hiring one like us!

Option to choose own repair workshop

More often than not, the option to select own workshop is granted to car owners as one of the extended benefits on top of the basic insurance policy. However, this option may mean higher premiums therefore if you have a tight pocket, do without this option as what many insurance experts will recommend. In any worse case scenario that you should require to visit your own preferred workshop, check with the insurer in advance.

No claims history

The more frequent you get into accidents, the more money the insurer would have to pay for your repairs. In contrast, zero claim history would mean best to the insurer and yourself as this is one critical factor which will affect the price of the premium to a great extent.

If no claims are made against the insurer, a No Claims Discount (NCD) which basically is a discount off your insurance premium will be awarded to you. There is a limit on how much NCD you can achieve and this is usually 50%. So the higher your NCD is, the lower your premiums will be.

The NCD will be reduced by 10% accordingly if there are any accident claims reported with the fault on you.

Driver's profile

Last but not least, apart from taking into all considerations of the policy features and car profile, the last condition that insurers have to look into is the driver's profile such as his/her gender, age, driving experience and occupation etc.

Demographics have substantiated that females are less reckless in driving. Also, drivers in older age groups are favoured by insurers as they are deemed to be more cautious as compared to the juvenile drivers. As it can be concluded easily, the ideal driver profile would be a lady in mid age (40 to 50 years old).

Needless to say, the longer your driving experience, the lesser your premiums will be. Insurers will also consider the driving experience based on the driver's occupation as this will somewhat determine how skilled the driver is.


As of June 2008, a Motor Claims Framework (MCF) has been introduced by the General Insurance Association of Singapore (GIA) that states that all motorists must register for their claim within 24 hours of their accident or vehicle’s damage. They can inform the insurance agency during the next working day as well, at the latest, after which the claim will become prejudiced and it is up to the insurance company whether they want to reject the claim or support it. As part of the procedure, never send your car for repair before it has been reported to the insurance company, as they will want to examine it before repairing it on their own.

Of course if this sounds too complicating to you, you can always call us for help or advice pertaining to claim matters.
icon-question-circle WHY SHOULD I NOT RENEW MY CAR INSURANCE WITH MY CURRENT INSURER?

icon-comments-o Nowadays, Car Insurance policies have gone up substantially. Your current insurer may not give you an affordable quote due to the number of claims been made and economic situation. Therefore, we believe we can do better than them by giving you a competitive plan.

icon-question-circle WHICH IS THE BEST TIME TO LOOK FOR A GOOD CAR INSURANCE RENEWAL PLAN?

icon-comments-o It is advisable to look for a reliable insurer 1 month prior to your current plan expiration. This also gives you ample time to pay for your car road tax and inspection certificate.

icon-question-circle HOW MANY TYPES OF MOTOR INSURANCE ARE AVAILABLE FOR MY CAR?

icon-comments-o Basically there are three types of insurances for your car but you can add optional benefits by customizing your plan. These include:

Comprehensive

The comprehensive plan covers damages and losses to your vehicles in case of: accidents, vandalism, complete theft and weather damages. The comprehensive plan also covers claims related to car accessories and third party property damage including their cars and personal injury.

Third Party, fire and theft cover

This plan covers damages to your vehicles in case it is damaged by other people’s vehicles or property. Also, your vehicle will be completely covered in the event of fire.

Third Party Cover

This Car Insurance type covers all claims related to third parties including: injuries, damages to their vehicles and properties. However, such risks may be insured by a comprehensive plan.

icon-question-circle WHY DO INSURERS IMPOSE AN EXCESS?

icon-comments-o Insurers impose an excess to create some form of co-insurance. Excess also makes the insured more careful when driving to avoid contributing in case an accident occurs. A higher excess therefore means low risks to both the insurer and insured.

icon-question-circle HOW DOES EXCESS AFFECT MY PREMIUMS?

icon-comments-o Lower excess translates to hire premiums and vice versa. However, if you enjoy a No claim Discount (NCD) of 40% to 50%, many insurers will waive off your excess. Always look for an insurer with low excess but affordable premiums.

icon-question-circle HOW DO INSURANCE PLANS WITHOUT A COE AFFECT MY PREMIUMS?

icon-comments-o If the sum insured does not include a COE, insurers usually have a tendency to offer a discount of 5% to a premium which is computed from the then current market value of a vehicle. Basically, sum insured does not largely affect your premiums since most claims are for repair as opposed to complete loss.

icon-question-circle WHY SHOULD I CONTINUE PAYING FOR A HIGHER PREMIUM WHEN MY CAR VALUE IS REALLY DEPRECIATING?

icon-comments-o Your Car Insurance policy premiums are based on different risk factors that include: car model, capacity, drivers age/experience among others. Therefore, your car’s market value will not directly impact the claims that you and your third parties can make. Also, the repair cost of vehicle keeps increasing with time. Therefore, for sustainable and better Car Insurance coverage, premiums may be increased with time.

icon-question-circle WHY IS MY RENEWAL PREMIUM HIGHER EVEN THOUGH I HAVE NOT LODGED A CLAIM?

icon-comments-o Basically, insurers pool risks together to find a competitive premium for the insured. If the claims experience becomes worse over time, premiums are increased and the pain is felt by all motorists. However, the worst hit will be those drivers with bad driving history.

icon-question-circle IS THERE ANY DIFFERENCE BETWEEN ‘AUTHORISED’ AND ‘ANY WORKSHOP’ SCHEME?

icon-comments-o Yes, in Singapore, insurers allow for two types of repair schemes – ‘authorized’ and ‘any workshop’ scheme. The former has lower premiums because the insurer can control the costs of repair and is the most common in Singapore Car Insurance plans However, there could still be a need to opt for ‘any workshop’ scheme if your high class car is only repairable at designated workshops.

icon-question-circle MY CAR IS UNDER FINANCE, WHICH IS THE BEST INSURANCE PLAN TO TAKE?

icon-comments-o We will do our best to give you a competitive quote for your car even if it is under finance. However, check with your finance company if they require a special cover or specific Car Insurance benefits before contacting us.

icon-question-circle WHAT ARE THE DIFFERENT USES OF CARS DEFINED BY YOUR POLICIES?

Private use: This is applies if you are using your car in the ordinary course of your private daily life or leisure.

Private use and commuting to work: In this case, you are using your car to commute to and from your workplace.

Private and business use: This happens if you are using the car privately and for office work

Off Peak car: This is a car driven with a red registration plate in Singapore. We don’t impose any restriction on its usage.

icon-question-circle IS EVERYONE WHO USES MY CAR COVERED?

icon-comments-o Basically the coverage of your car users depends on the plan that you have selected and this can vary largely from insurer to insurer. Generally insurers will offer plans to cover up to a certain number of named/authorised drivers and of which may include a limit of young and experienced drivers. In this context, young and experienced drivers may refer to drivers aged 30 years and below with a minimum of 2 years driving experience. Similarly, the definition of ‘young and experienced drivers’ really depends on the policies from each insurer. Thus, it is vital that you take into consideration such intricacies as this may affect your premiums.

icon-question-circle UNDER WHAT CIRCUMSTANCES CAN AN INSURER DECLARE MY VEHICLE AS A TOTAL LOSS?

icon-comments-o Sometimes, the cost of repairing you damaged car may exceed the economic repair value (difference between vehicle residual and market value). In this scenario, the best way is to settle your claim as a complete total loss.

icon-question-circle HOW IS THE MARKET VALUE OF MY VEHICLE CALCULATED?

icon-comments-o The value of your vehicle is based on the market value of similar brands of the same age and model at the time of accident.

icon-question-circle IS THERE A NEED TO REPORT AN ACCIDENT IF I SETTLE A DISPUTE WITH ANOTHER PARTY AMICABLY?

icon-comments-o Yes. Although there is no need to file a claim when you settle a dispute with another party harmoniously, it is advisable to report the matter to us. However, this will not affect your No Claim Discount (NCD).

icon-question-circle DO ALL INSURERS USE THE SAME METHOD TO CALCULATE REFUNDS?

icon-comments-o No. Different insurers usually have varying methods when computing your refunds. However, in most cases, all insurers will issue a refund when you cancel your plan in the manner stipulated on the policy agreement.

icon-question-circle IS IT POSSIBLE TO CHANGE MY POLICY PLAN DURING THE POLICY PERIOD?

icon-comments-o No. For now it is not possible to change your Car Insurance plan in the midst of the policy period. However, you can do so after the policy period has expired.

icon-question-circle I HAVE NOT MADE ANY CLAIMS THUS MY NCD HAS GONE UP BY 10%. SO WHY HAS MY PREMIUM INCREASED?

icon-comments-o Since there are many factors that affect the prices of premiums such as: increased claims for your car make or model, inflation, rise in repair costs, high legal fees and hiked medical charges, your premium cost may keep rising irrespective of your NCD.

icon-question-circle I HAVEN’T MADE ANY CLAIMS WHATSOEVER SO WHY IS MY RENEWAL PREMIUM HIGHER?

icon-comments-o Increased claims experience affects all motorists irrespective of their claim history. In the end, this result in high premiums but your premiums will not change by a big margin if you have a clean driving history.

icon-question-circle WHAT IF MY CAR GETS STOLEN?

icon-comments-o In the case that your car is stolen, contact the police immediately and report theft of your vehicle, and also be sure to inform your insurer immediately.

icon-question-circle AM I COVERED WHEN I DRIVE OUTSIDE OF SINGAPORE?

icon-comments-o Yes, within certain geographical boundaries. For more information please refer to our policy document or get in touch with our consultants.

icon-quote-left Feel free to contact us for additional FAQs or other car insurance related matters. icon-quote-right
We work closely with multiple car insurance agencies and representatives who provide us with various quotes, and get our staff to compare these quotations on your behalf. Our highly qualified and experienced professionals review these quotes and present to you the best deals that suit your needs as well as your lifestyle!



Over the years we’ve had the pleasure of working with officers from a wide array of insurers in Singapore below:

 icon-star AVIVA Ltd
 icon-star AXA Insurance Singapore Pte Ltd
 icon-star AIG Asia Pacific Insurance Pte Ltd
 icon-star China Taiping Insurance (Singapore) Pte Ltd
 icon-star EQ Insurance Company Ltd
 icon-star Liberty Insurance Pte Ltd
 icon-star MSIG Insurance (Singapore) Pte Ltd
 icon-star NTUC Income
 icon-star Overseas Assurance Corporation (OAC)
 icon-star QBE Insurance (International) Limited
 icon-star RSA – Royal & Sun Alliance Insurance Plc
 icon-star Tokio Marine Insurance Singapore Ltd.

We can be proud to say that our list of clients is not exhaustive as we aim to maintain professional boundaries and provide the best services we can!


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