Car Insurance in Singapore -- Understanding How It Works...

... and save on your car insurance premiums this year!

Warning! The followng information is derived from years of actual experience helping real, warm-bodied customers...not some airy-fairy theories. This article reveals how insurance companies price your car insurance in Singapore. From there, we can work out how to maintain a low premium for your vehicle.

The factors listed first are the ones with most impact. At the end of this article, you'll learn a powerful (yet simple) way to reduce your car insurance premiums. Let's begin:

1. Driving Experience. This is calculated from the day you passed your driving test, not your actual driving experience (on the road).

0 to 1 yrs -- Most costly, currently only NTUC can insure
1 to 2 yrs -- Costly
2 to 4 yrs -- Moderate
4 yrs & above -- Least Costly

2. Age of Driver. Apart from driving experience, this is the major cost driver for your car insurance. The age band is only an estimate as it differs for different insurers.

18 to 21 yrs old -- Most Costly
22 to 25 yrs old -- Pretty Costly
26 to 30 yrs old -- Moderate
31 to 65 yrs old -- Least Costly
beyond 65 yrs old -- Moderate

3. No Claims Discount (NCD). This can affect your insurance by as much as 100%, obviously.

You get an additional 10% discount each year if you haven't made any claims during your policy year. So if your accident/damage is very small (<$2,000), just settle it privately. The right way to do it now is to report the accident and declare it as "private settlement".

4. Nature of Vehicle. This includes the type of vehicle (i.e. Salon, Sports, Turbo, High-Performance, MPV, etc.), engine capacity and the year of manufacture.

Naturally we'll have to pay more insurance for cars that are bigger or more fanciful. But if the car gets older, the premiums tend to be reduced a little. (Some insurers refuse to offer comprehensive coverage for cars beyond 7 years old)

5. Vehicle Scheme (Normal/Off-Peak). Most insurers offer 5% discount for off-peak cars.

6. Certificate of Merit Discount. Also known as "white card" discount, this is offered to you if you've kept on the right side of the traffic laws. Insurers will reward you with 5% discount if you're eligible.

7. Gender & Job Nature. Females enjoy a slightly lower premium; Indoor workers are charged less than outdoor workers. However the difference is not as significant and some companies don't even consider this factor (i.e. gender or job nature doesn't influence car insurance premiums)

The impact of the above factors varies with different insurance companies. For example, if you're a 32 yr old (male) driving a Toyota Salon, a certain insurer may class you under the lowest-risk band while another company may class you under its 2nd-lowest-risk band.

These inconsistencies always occur. Nevertheless this present us an opportunity to get rock-bottom prices for your car insurance. Let's look into this, as promised...

A simple yet effective way to save on your Singapore car insurance is to compare quotes between different insurers. The trick is to get at least 7 or 8 quotes, sufficient to surface the insurance company that favors your driver/vehicle profile the most.

Obviously, this will take you at least 2 hours. Most of the time you'll be listening to a pre-recorded call-waiting music on the phone.

However, if you're serious about hunting for the cheapest quote, we can do just that for you. We´┐Żll do a FREE comparison for you with many Singapore car insurance companies... sufficient to bring out the lowest-priced quote. Many times this price beats the renewal premiums that insurers offer you.

So why not do something for yourself today?

Simply fill in the car insurance quotation form at the home page... In 1-2 days, quotes from the 3 most competitive companies (out of the many companies) will be sent to you via email.

If you are interested in saving both time and money, this may be the best FREE service you'll use this year.

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