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| Singapore Car Insurance |
Singapore auto insurance premiums are getting higher and insurers are showing little sign of lowering their premiums due to soaring claims.
However, there are ways to cut your motor insurance costs, so heed our simple tips, and you can save money.
Check your cover
There are usually three types of protection provided by motor insurance companies; Comprehensive, Third Parties, Fire & Theft, and Third Parties.
Each policy differs in the levels of coverage offered, Third Party is the most basic and Fully Comprehensive is the most comprehensive and the levels of coverage may be reflected in the prices, so try to determine which policy best suits your needs when comparing prices. .
However, you will need to pay attention to your current financial company if they allow you to take other types of coverage other than Comprehensive. Most Finance companies will not allow this because in the event of an accident only Comprehensive coverage will pay its own damage claim whereas the other 2 coverages will not be able to.
Change your voluntary excess
The general rule of thumb with voluntary excess is that the more you're willing to pay up front when you file a claim, the lower the premium, so you may be able to save money by increasing your excess policy.
Again, though, be sure to compare policies with different levels of voluntary overage as our research shows that the savings are nominal once you reach a certain level of voluntary overage.
Minimize optional extras
The insurer will offer a range of optional coverages such as Courtesy car, return to Dealer workshop for accident repair but all these are subject to a fee. So find out which, if any, additional benefits you need on your policy and eliminate those you don't as this will help lower your premium price.
Named Drivers
These benefits are usually more expensive to have, and most insurance companies will still cover an unnamed driver with additional excess conditions. If the unnamed driver rarely drives your car, you should consider not listing his name to save costs.
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