How To Lower Your Car Insurance Premiums In Singapore

Car insurance premiums can become very costly for cars owner, but it is an expense the cars owner cannot avoid it. Fortunately, there are many solutions to reduce your car insurance premiums.  Here is how:

Generally, car insurance companies are willing to accept Private Motor Insurance proposals that have no car insurance claim histories. For those cars owner who can produce good driving records, they will be entitled to discounts on car insurance premium as an incentive to encourage continuous good driving records. This can help cars owner reduce their car insurance premium by as much as 50% in term of No Claim Discount (NCD).

In addition, if car owners have maintained a continuous demerit – point – free driving record for past three years, he will be entitled to a 5% discount from its Certificate of Merit (COM).

Each car insurance company will impose a certain amount as your car insurance policy’s excess amount.  It is a stipulated first part of any car insurance claim amount that the car insurance company will not pay. Instead, the cars owner will have to bear the amount himself. If the total car insurance claim amount is less than the excess, nothing is payable. Hence, any large amount car insurance claim is reduced by the excess amount, this reducing the liability to the car insurance companies. This means that the higher the excess amount, the lower your car insurance premiums would be.  If your car insurance company allows you to set your own excess amount, then opt for a higher excess to reduce your car insurance premiums.

Study your car insurance policy before buying it and make sure that all the add-ons and benefits in there are of use to you.  Removing add-ons and benefits that you do not need means that you do not pay for it, thereby reducing your car insurance premiums.

While definitions differ from one car insurance company to another, a young driver is usually one who is less than 26 years old, while an inexperienced driver will have less than three years driving experience.  Naming somebody who falls under these categories can cause your car insurance premiums to shoot through the roof!  Check to see how often an offspring, or a brother or a friend drives your car and gauge if the frequency they drive your car would justify the added car insurance premiums.

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