Insurance Agency Singapore | Commercial Insurance and Personal Insurance

To help you figure out your best options and ways to reduce the cost, we’ve assembled these top tips for car insurance if you’re a new driver or under 25:

1. What type of insurance should I get?

Mandatory – to start with, you’re required by law to get Compulsory Third Party (CTP) Insurance. This insurance helps you, and anyone you injure on the road, to get better sooner, through quick access to treatment and care and if needed, payments for income loss.

You cannot register your vehicle without it. Check your state’s or territories’ regulations for more information.

Voluntary – Comprehensive car insurance is usually the most expensive but it’s also the most popular because it covers you for damage to your car and to the other driver’s car or property. It often has additional benefits like use of a hire car while repairs are being made to your vehicle if you were the not at fault driver. Always remember to read the detail of the policy, so you know what you are covered for.

2. Is there a cheaper option?

There are other forms of voluntary car insurance that are cheaper as long as you are willing to shoulder more of the cost if something goes wrong. Third Party Property Damage will cover you for damages to the other driver’s car or property – but not yours. Third Party Fire and Theft also covers damages you cause to another driver’s car or property, plus you’re covered if your car is damaged by fire (but not in an accident) or stolen.

3. Should I stay on my parents’ car insurance plan?

If your parents own the car you’re driving, this could be an option, but make sure you talk to their insurer so you know exactly what you’re covered for. There may be an additional cost for adding you to the policy. NRMA Insurance covers anyone who drives your car, but it can also be worth calling them and adding a named driver.

4. How do I reduce my premium?

The rewards that come from having a safe and demerit free driving record, like lower premiums (the price of insurance) and no claim bonuses, take time to accumulate, but they are your best ways to reduce your car insurance costs.

In the meantime, there are other things you can do to reduce your premium. For instance, choosing an inexpensive car, installing a car alarm, immobilizer or tracking device, avoiding performance enhancing modifications, or taking a safe driver course. Follow this link for more info on the NRMA’s premiums, excesses, and discounts.

See Full Story at www.mynrma.com.au

Buying a car insurance is like checking out from a large superstore; sometimes you don’t get the desired discounts until you ask for it. Discounts or savings on car insurance can be two fold i.e. the one who you specifically ask for and the ones you get as part of the deal. But there are some other ways also to reduce your cost of car insurance and here are some really handy tips:

Haggle, haggle and haggle more

Forget about automated quotes on websites as your best chance to get the discounted price is always to hook on with the real insurance agent or broker.

You can get better rates if you can get online with a real human and also haggle about the prices. Your primitive instinct to negotiate to the last dollar can really help you to save a lot of dollars on car insurance.

Avoid having gaps in your insurance

Before you compare and save on insurance, make sure you do not have gaps in the time between your insurances.

Many times, when people sell their car, they do not renew the insurance until such time they buy the new car. This however, can cause increase in insurance premiums and you pay more.

So if you are selling your car and plan to buy new one after sometimes, it is always better not to skip your insurance and continue with it. You will definitely save more if you buy new car within a certain timeframe.

The price of your car

The replacement cost of your car can be of great importance in case your car is stolen or damaged. The price of your car, however, determines the replacement cost. Apart from this, the cost of repairs can also figure into the calculations of your premiums.

By Adnan Manzoor

See Full Story at born2invest.com

If you’ve got a car, chances are your car insurance eats up a chunk of your budget. Especially for families with multiple drivers, people with poor credit and drivers with imperfect track records. But Consumer Reports says if you do a little homework, there are ways to lower car insurance costs.

Start by picking a top-rated insurer. Don’t be short-sighted. It’s not just about getting the lowest premium. You want to make sure you get a company that’s going to pay your claim, in a reasonable amount of time and gives you good service.

Then, be sure to set the right deductible. A higher deductible reduces your monthly premium, but you’ll pay more out of pocket if you have a claim. It’s generally a good bet, just make sure you have enough to pay that deductible if your luck runs out.

If you’re a driver with low-risk behaviors, you can lower rates by asking about discounts for things like drivers who don’t use their car for long commutes, students with good grades, teen drivers who take driver-training or mature drivers who take a defensive driving course. Having a good credit score can also save you a few bucks.

BY JENNA SACHS

See full story at fox6now.com