Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Car insurance rates are determined after analyzing multiple factors, including car model, driving history and ZIP code. While some factors, like state legislation, are beyond driver’s control, other rating factors can be modified and bring the costs down. Find out how to get better premiums:

• Use online car insurance quotes. Brokerage websites are recommended to complete car quotes. Make sure you complete the same information on all the questionnaires. After you received at least three car quotes, start analyzing them in order to find the most advantageous deal. Also, check all available discounts offered by each insurer.
•  Purchase higher deductibles. Deductibles are the money paid by the policyholder before the insurance policy kicks in. By raising deductibles, the policyholder will lower his premium rates.
• Keep a clean driving record. A driver with no traffic tickets and no accidents for a number of years, is eligible for a safe driver discount. Most insurance companies will lower premium rates after three years of clean driving, while other insurers will wait even five years to provide this discount. Usually, this discount will lower insurance rates by 10%-20%.
• Carefully select car model. Factors like the likelihood of theft, costs to repair and safety record, determine the price of the insurance rates. Safety and anti-theft devices also play a significant role in determining the premium of a vehicle
• Keep a good credit score. Insurance companies calculate rates based on how good or bad is a person’s credit score. Drivers with bad credit scores will pay higher insurance rates. Improve credit score by using balance transfer credit cards of short term loans with a credit union.

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Comparing online quotes is, undoubtedly, the best way to check the market and look for better deals. The introduction of rates calculators, interactive interfaces and online price estimates has helped many people track offers with better prices and multiple benefits. But first, learn how to compare 2 or more prices and make a wise selection. 

•   Make sure that the quotes are obtained for exactly the same products. The online user must ensure that he quotes the same products. For example, if he chooses full coverage in a questionnaire, he must choose full coverage in all other websites. If he wants a fair comparison, of course. The same thing should be done with other important coverage options, like PIP coverage, deductibles and extra services.
•     Use the same data. Make sure to add the same info about the driver and the vehicle. Even sub-model data is really important. The price difference between sub-models can be pretty high. Having car’s paperwork when getting quotes can be really helpful. . Furthermore, provide the same info about existing safety/anti-theft devices or graduated defensive driving courses.
•     Provide accurate estimates. Estimating the annual mileage is up to the driver. Some questionnaires may ask to provide an annual mileage, while others will let the driver select between several limits. Choose the same range/limit for all insurance websites
•     Get quotes from trustworthy companies and websites. It is recommended to do some research before shopping online. Check which companies are top rates and which brokerage websites are known to be working with top quality insurance providers.

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High-risk drivers should first identify the reason why they pay so much (if it is not obvious enough), then take action. Use the following tips to increase the chances of finding better coverage than the current one: 

• Look for specialized non-standard carriers. Many insurance companies, even the ones in the top, have subsidiaries or work with smaller companies that are specialized in dealing with high-risk drivers. Their insurance rates are usually lower than the ones offered by traditional carriers.
• Compare online quotes. Even if a person is a high-risk driver, many insurance companies are still willing to provide coverage. Comparing online quotes will help drivers track the best insurance rates available for them.
• Look for discounts. Many discounts are available for all drivers, high-risk included. Discounts for getting married, graduating a defence course, moving to a better neighbourhood, and for installing safety devices will lower car insurance rates.
• Drive a car that is cheap to insure. Look for cheap cars that come with installed safety devices. In that way, the owner can save more on premiums.
• Consider dropping coverage., When driving an old car that is worth less than the deductible, consider dropping the collision and comprehensive insurance.
• Improve credit score. All states, except California, Hawaii, and Massachusetts use the credit score to calculate insurance rates. Improving the score will help the driver get better rates. One reason why a person may be considered “high-risk” is a poor credit scores.

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When venturing forth on snowy or icy roads, drivers should follow the next tips: 

• Prepare the vehicle for winter conditions. It is recommended to replace the car fluids, check the brakes, the windshield, the battery, and the tires. Pack first aid kit and winter safety kits.
• Drive slowly. Speeding on a snowy or icy road can be deadly. Driving slower than usual on this type of roads will allow drivers to stop the car if a sudden hazard occurs.
• Keep a proper distance from the front car. A minimum distance of three car lengths should be maintained between you and the vehicle in front of you. This distance should provide sufficient time to hit the brakes if the front car suddenly stops.
• Use a lower gear for traction. By using a lower gear, the vehicle will be less likely to accelerate when it slides on an icy road.
• Never use cruise control in winter conditions. Cruise control is designed to maintain a constant speed while traveling. On slippery roads, the use of cruise control can be hazardous. There’s a high possibility for a car to hit a slippery patch and loose traction and in the same time cruise control will kick in and accelerate in order to maintain speed.
• Keep the distance from the snowplows. Keep a distance of at least five car lengths between the car and a snow plow. Be alert, as snowplows turn and exit frequently. When trying to pass a snowplow, be cautious to not drive through the snow fog that it causes.
• Drive with your lights on. Even if outside is daytime, severe winter conditions can seriously reduce visibility.

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You have finally bought your dream vehicle, and now you need to take certain measures to protect it. The first step is purchasing a car insurance policy. As per Motor Vehicles Act, 1988, it is mandatory for car owners to have a third-party motor insurance policy. A comprehensive car insurance policy offers car owners much-needed financial protection against untoward incidents. It provides coverage against natural and manmade calamities such as riots, strikes, floods, earthquakes, theft, and vandalism. The owner may also gain protection against bodily injuries, death, as well as damage to property.

With a plethora of car insurance policies with as many motor insurance providers in the market, choosing the one that fits your needs at the most competitive price may be a daunting task. Keep the following five tips in mind to buy a car insurance cover for your vehicle at competitive prices.

1) Choose Your Car Insurance Carefully

Before you buy car insurance online, it is imperative to do your due diligence. Do a thorough research of the various car insurance policies by checking the features and benefits against the price charged by the car insurance provider. Once this box is ticked, you can check other aspects such as premium payment methods, claims settlement ratio of the car insurance company, the procedure for making motor insurance claims, and reputation of the car insurance provider.

Online car insurance distribution channels might be cheaper than traditional offline methods due to elimination or reduction of paperwork. This means that motor insurance companies might pass down cost benefits to you, allowing you to enjoy lower car insurance premium rates.

2) Avail Of No Claim Bonus (NCB)

An NCB is awarded to car insurance policyholders who did not make any motor insurance claims in the previous policy year. Simply put, this is a way for car insurance companies to reward car owners for good driving. This reward enables you to become

eligible for discounts at the time of subsequent car insurance renewal. For example, if you did not make any car insurance claim in the first year of the policy, at the time of renewing your motor insurance policy in the following year, you may have to pay a lower premium towards your motor insurance policy as a result of the NCB benefit.

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Most people give a lot of thought to purchasing a vehicle but not so much to buying auto insurance.This lack of interest could be due to the perception that insurance is complex, lack of information, paucity of time, or a negative experience associated with claims.

The auto insurance industry has taken cognizance of these challenges and has revamped its offerings by going digital for a hassle-free experience. Digitisation empowers policyholders to make an informed choice, choose the best-suited policy, and also save money in the process.

Digital is convenient, cheaper: With insurers going digital, auto insurance has become simple and convenient. You can purchase or renew auto insurance from either an insurer’s website or from a web aggregator. The process is similar to shopping for an item on your favourite e-commerce platform. Online policies are priced lower without compromising on the scope of the cover. Some insurers also offer exclusive offers. Companies are able to sell their policies cheaper online as these are direct sales that do not involve a middleman, and they also save on operational costs. Insurers transfer a part of their savings to customers, making the online product cheaper for them.

By Animesh Das 

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