Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Car insurance rates are determined based on client’s risk profile. That tells the company how likely they are to handle a claim coming from that particular client.

There are several ways to get a low-cost car insurance premium:

• Drive a safe car. Companies have their own definition of what it means a safe car. But generally this mean a vehicle fitted with functional, hi-tech sensors and warning. Airbags, seatbelts and other similar protection devices are also on the list. Safety rating is very important for insurance companies and they analyze it before issuing a policy. Safe cars pay less on auto insurance.
• Remove old traffic violation points. Cleaning up the MVR will help getting better rates. It is wise to contact a lawyer who will guide the client during the whole process.
• Graduate defensive driving. This type of courses educates the driver about the traffic hazards and how to handle them. Besides improving skills, graduating an approved course will make the driver eligible for a discount.
• Bundle plans. This is a quick way to save a money. Bundling policies under the same company is usually cheaper than insuring each item individually.

“Car insurance does not have to be a financial burden. There are several smart ways to get cheaper insurance” said Russell Rabichev, Marketing Director of Internet Marketing Company.

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With the growing number of vehicles on the roads, the traffic conditions are deteriorating and accidents are becoming more common. There’s no doubt that these accidents can cause damage to your vehicle and the costs to repair the damage or replace parts can create a big hole in your pocket. This is why it’s important to have an effective form of vehicle insurance that covers both cars and bikes so you can get what is required by law, as stated under the Motor Vehicle Act of 1988. Thankfully, finding great car insurance plans online is easy to do.

How to report an accident

The increase in accidents means the number of claims that are filed is also on the rise. The claim process can be just as straightforward and as simple as buying a new insurance plan — you just need to follow these steps:

• Inform insurance company about the damage as soon as possible
• Take your car or bike to the nearest garage or get it towed
• Provide all relevant documents to the garage for when they speak to your insurer

What you’ll need

You’ll want to be sure you have all of the appropriate information available when you are speaking to the insurance company to make things easier for both parties. Some of the things you should have on hand when contacting your insurer include:

• Policy, engine, and chassis numbers
• Km reading of the car or bike
• Accident details like location and date/time of the accident

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Before jumping into the tips for saving cash on car insurance, you should know what basic types of car insurance are out there. These different kinds of auto insurance each require their own unique methods to cash in on a lower rate.

Here are the basics:

by Daniel Wesley

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Car insurance. It’s one of those things you know you need but probably dislike buying. After all, you pay for it, all the while hoping you never need to use it. Understandably, there are probably many other ways you’d prefer to spend your money.

Fortunately, there are also plenty of ways to save on car insurance. From using a comparison shopping site and maintaining a clean driving record, to raising your deductible and reevaluating your coverage needs, there are multiple strategies for lowering your premium.

If you’re looking for car insurance quotes, you probably want to get the best rate possible for the coverage you need. Here are 10 of our best tips for getting affordable quotes on your next policy.

1. Shop Around

   As with any purchase, it’s a good idea to shop around for the best coverage and price. You probably comparison shop when it comes to buying clothes, furniture or other items — why not do the same for your car insurance?

   This is how a comparison site like My Insurance Broker can help (plus, it helps that we’re also an insurance broker — meaning that we can find and set you up with the best car insurance for you). Many drivers wonder how they can calculate insurance costs. We make it easy to compare insurers by offering you a way to get quick quotes on coverage from the top 15 car insurance companies in Canada. Use our online insurance quote tool to get results in just two minutes.

   While you may be familiar with insurance agents or brokers, these options generally limit your choices. Insurance agents offer coverage from one insurer, and a broker may only work with a handful of insurance companies. By contrast, My Insurance Broker gives you access to car insurance quotes from 15 companies — just enter your vehicle info, licence details and information about the driver you wish to insure.

   In Ontario alone, there are over 30 companies selling car insurance. By getting a broad range of quotes, you can rest easy knowing you have the information you need to make an informed choice.

   Get quotes from the top 15 car insurance companies in Canada in just two minutes with our car insurance calculator tool.

2. Don’t Overlook Smaller or Regional Insurance Companies

   If you watch enough television, you will inevitably see commercials from the big names in the insurance industry. These companies spend millions on ads, but do they really offer the best coverage? In some cases, they might. However, insuring your vehicle with a local or regional insurance company may save you money. Some drivers also feel like they receive more personalized service from a smaller carrier.

   In short, don’t assume that bigger always means better coverage — or a better price. Depending on where you live, a regional insurance company may offer the most affordable coverage at a price the bigger guys can’t beat.

3. Ask for Discounts

   Always check for ways to save on your car insurance policy — you never know unless you ask! There are a variety of ways to lower your premiums. For example, many insurance companies offer price breaks if you bundle your car insurance with other policies, such as business coverage or homeowner’s insurance.

   Additionally, some insurers discount policies when customers insure more than one vehicle, or when members of the same family take out policies with the same company. If you belong to a particular professional group, alumni organization or business association, you may also qualify for group discounts.

   You may also be eligible for discounts if you drive a vehicle that incorporates anti-theft technology or special safety features. You can also ask for a discount if you agree to pay your policy in full rather than spread it out over payments.

   Ontario drivers can also ask about special discounts for winter tires, which make your car safer to drive in snowy and icy weather.

   Most insurance companies offer a long list of discounts, so make sure to inquire if you think you might qualify for money off your policy.

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Buying car insurance can feel like a chore for anyone, but it can seem like an especially intimidating task when it comes to acquiring insurance for a teenager.

According to Forbes, adding a 16-year-old son to a family car insurance plan will raise the monthly bill by an average of 92% while adding a 16-year-old daughter will raise the cost by a lessened, yet still staggering, average of 62%. And while these numbers are a bit alarming, there are tips and tricks for parents to take use when buying insurance for their newly-licensed teen.

The key to saving money? It turns out—it’s all about safety and your car insurance company being able to trust your family to drive safely.

#1. Take advantage of good grades

A high grade point average, strong attendance record, and all-around good track record at school can help score a lower insurance rate for a teen driver in high school or college. On average, these discounts range from five to 10 percent, depending on the insurance provider. For instance, Liberty Mutual offers this perk to drivers aged 25 and under that maintain a B average (equating to a 3.0 grade point average) or better.

#2. Pick the right vehicle

Picking the right vehicle for a teen can also attribute to a lower insurance rate. Although many believe it to be true, the color of a car doesn’t impact the insurance cost, but other factors such as the make, model, and year of the car does carry some weight in this matter. This is because new cars are more expensive to insure, and the same goes for cars with a high level of horsepower.

Instead of picking something brand new and flashy for a teen driver, opt for perhaps a lightly used car that has all the right safety features. This includes anti-lock brakes, updated airbags, and stability control. Cars that are no more than three or four years old and that receive a clean bill of health will be the cheapest to insure for a new driver.

#3. Consider a raised deductible

A raised insurance deductible can assist in scoring a lesser monthly bill for car insurance when a teen is added onto a family plan. A deductible dictates the amount that is paid out-of-pocket in the event of a claim. After that deductible is paid, the chosen insurance company will pay for the balance of any damages incurred.

While it may seem counterintuitive to actually sign up for a higher deductible, making this choice does decrease monthly premiums significantly. In fact, MetLife cites this as a way to reduce insurance costs across the board. This is a bit of a risk, but cranking up a deductible as much as possible will allow for some serious savings. Keep in mind, that deductible only needs to be paid should a claim for an accident or damage be submitted.

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