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.
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!
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
and premium cars (Audi
) 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.
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.
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.