How To Secure The Cheapest Car Insurance

Below are some of the ways to secure a cheap car insurance:

Protect Your No-Claim Discount

Most insurance companies in Singapore provide protection for your No-Claim Discount accumulated over years. They generally view these group of drivers being the ‘ good and safe drivers’. Thus the higher your No-Claim Discount, the lower your car insurance premium.


Safe Driver Discount (SDD)

Certificate of Merit (COM) will be issued to drivers who maintain a clean driving record for 3 continuous years. The COM entitled you to a 5% discount on your motor insurance premium from most participation insurance companies in Singapore. All car owners of privately-owned vehicles including buses and motorcycles are eligible for the COM. Some insurers are willing to give more discount on top of the standard 5%.


Loyalty Discount

Check out whether your insurer does offer you a loyalty discount for your car insurance renewal. This premium discount varies from insurer to insurer. It can be a percentage discount or a flat amount of rebate.


Remove Young Named Drivers

Adding young and inexperienced drivers to your policy will cost your car insurance premium to increase significantly especially so if you are driving a high capacity or high end vehicle. Although, when the accident occur, you may need to pay a higher excess for the young and inexperienced driver in your car insurance policy.


Make & Model of the Car

You may have to pay more insurance premium if you are driving a high-power vehicle or a high value car. Your car insurance premium will also generally be higher if your repair cost for your car model is high. You may wish to do your sum before deciding on the make and model of car to purchase.


Usage of the car

Reduced mileage generally attracted lower car insurance premium. You can enjoy a lower car insurance premium if your car usage is for leisure purpose only. If you use your car for sales job purpose on for hire and reward, you tend to pay a higher car insurance premium. Some insurers also offer a premium discount (eg. 5% to 25%) for insurers an off-peak car in the view of it’s reduced usage.


Secure Your Vehicle

Cars with good safety devices such as alarm, immobiliser, video recorder or tracking device, can attract a discount off your car insurance premium.


Increase Your Voluntary Excess

By increasing your voluntary excess will bring down your car insurance premium. However, you have to be comfortable and agree to pay more towards the cost of any accident repair. Why not if you are a consistently good and safe driver. If you are not at fault, the excess can be recovered.


Be A Better Driver & Participate in Telematics Policy

Some insurance companies in Singapore encourage car owners to participate in their telematics policy initiatives. In some countries, they call it the blackbox insurance. This telematics policy rewards good and safe driver. The better you drive, the cheaper your car insurance premium.

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