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Five Proven Ways Of Saving On Car Insurance In Singapore
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However, it does not mean that by lowering insurance premiums, one would end up with less than adequate coverage. Below are some of the proven ways that you can use to save money on your car insurance in Singapore.
However, it does not mean that by lowering insurance premiums, one would end up with less than adequate coverage. Below are some of the proven ways that you can use to save money on your car insurance in Singapore.
Go For Third Party Plans
Third-party insurance policies might as well be the best auto insurance policies for people who are not worried about coverage but would wish to keep costs low. The policies offer the least amount of coverage for anyone looking to drive in Singapore.
Third-party only auto insurance is the cheapest in Singapore as they offer coverage for any liability against a third party. Given that they don’t offer coverage to damages caused on the insured, they tend to come with some of the lowest premiums.
If you are a careful driver, then you would not have to worry as the other party insurance will cover all the costs if you are involved in an accident caused by a third party.
Shop Around
Different insurance companies charge differently on car insurance policies. Therefore, it is important to shop around extensively when in need of a cheaper car insurance policy. Getting at least three quotes from a different insurance company can go a long way in helping one get a better deal
No Claim Discount
Auto insurance policies with No-Claim Discounts are some of the best for careful drivers who rarely cause accidents. A No Claim Discount many at times ends up reducing the amount of money that one pays, on consecutive years of safe driving.
Each year of safe driving without causing an accident accords one a 10% discount on premiums paid. Likewise, going five years without causing an accident could entitle one to a 50% reduction on premiums. Therefore driving safely in Singapore is a sure way of keeping auto insurance costs low.
Certificate of Merit
In addition to No Claim Discount, a Certificate of Merit issued by traffic police in Singapore can also reduce one’s auto insurance costs significantly. The certificate is issued to drivers who maintain a clean driving record for three years
The Certificate of Merit entitles one to an extra 5% discount on car insurance premiums on all the top insurance companies in the island nation.
It is also important to seek discounts that insurance companies offer from time to time. For instance, some offer discounts to people who have not had accidents for certain periods. There are also discounts for people who have taken defensive driving courses.
Off-Peak License
Going for off-peak license plates is another sure way of keeping car insurance costs low in Singapore. In this case, you would have to agree not to drive your car during the busiest hours of the day. Such drivers are required not to drive their cars between 7 am and 7 pm in weekdays
It is estimated that drivers with a clean driving history using off-peak license plate tend to enjoy auto insurance premiums that are 16% cheaper. In addition, such drivers end up receiving rebates of up to S$17,000 as well as an S$500 discount ion annual road tax.
Insurance companies also tend to offer big discounts on motorists that drive less as the same reduces the risk of one getting involved in an accident. Low mileage discounts would often benefit those drivers that carpool to work instead of driving themselves.
