3 Tips to Follow to Save on Car Insurance

Owning a car in Singapore is already very costly, so why suffer any further expense by paying more than you need to only our car insurance? With car coverage rates constantly rising in Singapore, it seems that premium prices won’t be getting any cheaper for car owners. That’s why when buying or renewing auto insurance, it is important to know what you are actually paying for, what you get in the event of an accident and how your premium rates are being decided by the insurer. Here are three ways to avoid getting financially drained by your insurance policy:

#Tip 1: Drive safely

In Singapore, driving safely will not just save your life, but it will also lower your premiums as well. It is thus important to maintain a good driving history with no traffic violations or accident records. If you have no claims nor accidents on your record, then your insurance company will reward you for being a safe driver who is not accident-prone. Your insurer may provide No-Claims Discounts (NCD) benefits, which will increase with the number of years you maintain a clean driving record.

#Tip 2: Maintain zero points on your license

You will be rewarded for not violating any traffic rules for three consecutive years by the Singapore Traffic Police. You can request for a Certificate of Merit from Traffic Police and show it your insurer to lower your car insurance premiums. This can save you up to an additional 5% on your car insurance in Singapore in addition to any NCD savings you are already getting from your insurer. Note: Car insurers also reward more mature drivers. If you are above the age of 30 years with more than two years of driving experience, you can get up to a 15% discount off premiums.

#Tip 3: Avoid the middleman

You can get your insurance policy directly from the insurance company or through an agent. Always avoid the middleman, and you will be able to save up to 20-30% of commission markup. The best way is to get car insurance quotes online from the different insurers directly so you can compare and save on car insurance. That will also help you understand the ideal coverage for your car, the right price and possible discounts/benefits.

Before choosing car insurance in Singapore, make sure you’re knowledgeable about any discounts and savings that come with it. The aforesaid tips will help you keep more money in your pocket and save costs on your car insurance premium.