cheap car insurance Archives - Insurance Agency Singapore | Commercial Insurance and Personal Insurance

Tips on How to Get Cheap Car Insurance

23 April 2019 By admin Leave a Comment

Making insurance expenses more tolerable may seem a daunting task. In fact, it is not as hard as many may think. Drivers are recommended to analyze and apply the following tips:

Install safety gear. Insurance companies rely on safe drivers to make them a profit in the long run. Drivers who install safety devices are eligible for a discount. The value of the discount varies by company, but it is a discount which is easy to obtain. Talk with a rep about which devices qualify for this discount.
Graduate a defensive driving course. Persons who graduate approved defensive driving courses will benefit from discounts. Furthermore, they can offset several license suspension points. When getting online quotes, some questionnaires will ask if the driver attended these courses or is he willing to attend.
Customize coverage parameters. Online forms allow drivers to customize multiple coverage settings, including liability coverage limits, deductibles, extra services (like rental coverage or roadside assistance) and payment options. Paying-in-full or selecting high deductibles will save drivers a lot of money. Online tools allow drivers to simulate different coverage options and update price estimates.
Bundling can save policyholders a lot of money. Insuring more than just the car with the same provider is a smart way to save money. Online questionnaires ask if the user lives in his own home or rents it. Then the questionnaire will show that they can save a certain percentage (which varies from 5% up to 20%) on both auto and home insurance.

See Full Story at www.prweb.com

Tips for Getting Cheap Car Insurance

3 April 2018 By admin Leave a Comment

What may seem like a great deal in the garage could be far more expensive than expected once insurance is taken into account. Before buying, make sure you check the insurance group of the car. Groups range from one (the cheapest) to 50 (the most expensive) and they are measured against research by the Motor Insurance Repair Research Centre. Information such as damage, the cost of parts, repair times, and the value and the availability of body shells can influence the cost as well as more obvious criteria such as performance and security.

Therefore, even if the vehicle you are looking at is very popular, insurance can be more expensive than anticipated if there is low availability for particular parts it uses. Cheap cars to buy and insure include the Vauxhall Corsa and the Ford Fiesta, though costs will vary depending on model and trim.

How to Get cheap car insurance

Although buying a car that is cheap to run can make a big difference to insurance costs, there are other ways that drivers can reduce their insurance expenses.

Make sure you compare car insurance, which will give you policy options based on your vehicle and individual circumstances.

While it is difficult to work out the best way to get cheap car insurance, here are some great tips to reduce the cost of your cover:

Build up no claims

Drivers who are on the road for several years without making any insurance claims can benefit from a no claims bonus (NCB). An NCB of five years or more in particular is likely to result in a big discount on your premium.

Pay up front

Car insurance can be significantly cheaper if a yearly payment is made up front. This is a particularly good option for experienced drivers, who may be able to cover the cost in one payment. This will be cheaper than the overall cost of monthly repayments.

By Adam Smith

See Full Story at www.giffgaff.com

It’s over for days of cheap car insurance premiums

27 October 2015 By Digital Curator Leave a Comment

Image via Flickr user Ben

Based on its latest British insurance premium index, the average “shoparound” quote for a motor insurance policy in Q2 2015 was £549.46, which represents a 5.2% rise over Q1.

AA expects premiums to continue to rise for the rest of 2015 due to an increasing number of claims and the increase in the insurance premium tax (IPT) from 6% to 9.5% announced in the July budget statement , which takes affect from November.

Credit rating agency Fitch said the increase was “timid relief” after three years of decline.

It said: “After three years of steep decline, and more recently, stagnation in UK motor premiums, there seems to be some signs of timid relief on the horizon for motor insurers’ technical profitability.”

Fitch said the AA’s findings were in line with its expectations. It changed the outlook for the sector from negative to stable in December.

“Strong growth in motor premiums is finally correcting a period of inadequate pricing, which has compressed margins in the industry for over 10 years.

But it added: “We do not, however, see any signs of a return to a hard market. Fierce competition is likely to persist during the rest of 2015, especially from the more agile and higher margin Gibraltar-based insurance companies, such as Admiral and Hastings.

Fitch said profitability in the UK non-life sector would remain weak overall due to thin underwriting profit margins and the increase in IPT, which would lead to further increase in premiums.

“Underwriting margins are under pressure due to high fraud and claims costs and are still too thin to generate positive technical results.

“The July budget brought further bad news. Given that insurers are already operating on very thin margins, any additional costs are highly likely to be passed on to the customer through further premium increases.”

by Cintia Cheong

See Full Story at theactuary.com

To get cheaper car insurance, here are the top five lies motorists tell

16 October 2015 By Digital Curator Leave a Comment

Image via Flickr user RL GNZLZ

Insurers have reported a sharp rise in the number of motorists lying on their car insurance application in an attempt to get a cheaper premium.

According to the Association of British Insurers (ABI), there were 212,000 attempted dishonest applications for motor insurance in 2014 – a jump of nearly one fifth (18%) compared with 2013.

So what are the most common lies that the ABI has come across? In no particular order, they are:

:: Not disclosing motoring offences

:: Parents insuring their son’s/daughter’s vehicle in their own name

:: Giving a different post code to where they actually live

:: Failing to accurately describe their occupation

:: Saying car garaged overnight when in fact parked on the road

Source: home.bt.com

Your Cheap Car Insurance May Actually Cost You Thousands More

2 March 2015 By Digital Curator Leave a Comment

Image via flickr user Dan4th Nicholas

Everyone knows the old saying about excess – too much of anything is a BAD thing. But not everyone knows that trying to save too much money on your car insurance policy’s “excess” is a risky move that can cost you thousands of dollars if you’re not careful.

What Is This “Excess” You Speak Of?

In case your insurance agent skipped the “excess” portion of your car insurance policy or you chose a higher excess when purchasing your policy online because you thought “more” was better – excess is the amount of money YOU must pay your insurer before it will cover the full amount of your claim.

Why Doesn’t Everyone Have a Low Excess Then?

The problem with having a low excess is that it’s expensive. That’s because most of the financial risk is on your insurer if you ever make a claim. But you shouldn’t worry too much about your insurer shouldering most of the cost in case you get into an accident – they’re getting plenty of money from you in the form of higher monthly premiums.

Cheaper Isn’t Always Better – It Can Cost You In the Long Run

What’s wrong with raising your excess to the highest possible limit to save money? Nothing – if you’re someone who drives an off-peak car, lives fairly close to work, drives irregularly, and has the unique ability to see into the future.

Drivers under 26: Sorry kid, statistically, you’re more likely to be involved in an accident than someone just a few years older than you.
Drivers over 60: Sorry uncle, with all due respect, you’re more likely to have poor eyesight, health problems that affect your limb movement, and slower reaction time – factors that contribute to many accidents involving older drivers.
Rush Hour Commuters: Bumper-to-bumper /stop-and-go city traffic poses a higher risk for accidents, where even a slow speed accident can cause 1K-2K worth of damage!
Drivers Who Commute 50km+ daily: Your likelihood of an accident increases with both driving frequency and distance.
Shift Workers: Fatigue is a big contributing factor to accidents, as people who come off 12-hour shifts tend to be more fatigued than those of us working 8/9 hours daily.

by Jeff Cuellar

See Full Story on blog.moneysmart.sg

Insurance Agency Singapore | Commercial Insurance and Personal Insurance