How to save money on car insurance in Singapore Let’s face it: Singapore is not a cheap place to live. In fact, in regularly updated cost of living indexes, it currently ranks as the 8th most expensive country in the world when accounting for the costs of rent, groceries, eating out, local purchases, and more. Singapore even has the highest cost of living of any country in Asia – just ahead of Japan, which ranks 9th overall. Because of this, it’s understandable that people living in Singapore are looking for ways to stretch their dollars, save money, and root out good deals. They may even abstain from purchasing certain items or cut corners in order to make ends meet. There are some things, however, that it is simply unwise, or even illegal, to not own. We are, of course, referring to car insurance, which every driver in Singapore is required to have in order to drive legally. Not only is it illegal to drive uninsured in Singapore, but buying a bare bones car insurance policy can lead to undesirable outcomes when it comes time to actually use it. Getting the most bang for your buck is the name of the game, so Kwiksure Singapore is happy to provide you with the information below on how best to save money on your car insurance premiums! No Claims Discount (NCD) If you already have insurance in Singapore, and are a good driver, then you may already be reaping the benefits of a No Claims Discount (NCD). An NCD is a discount commonly applied to car insurance policies where the driver has not made a claim against their policy over a particular period of time. This is not to say that a policyholder has not gotten into any accidents along the way; just that they have not made a claim on their policy as the result of one. This discount is usually applied at renewal time, and tends to build up to save money more and more the longer a policyholder goes without making a claim. The maximum NCD available in Singapore is 50%. The following is a breakdown of how a Singapore car insurance company might structure their NCD: 10% NCD for 1 year of claim-free driving 20% NCD for 2 years of claim-free driving 30% NCD for 3 years of claim-free driving 40% NCD for 4 years of claim-free driving 50% NCD for 5 years of claim-free driving Clearly there is plenty of potential to save money for good drivers. What’s more, people in Singapore can be offered an ‘NCD protector’, which is generally available only to those with 50% NCDs, and allows a policyholder to retain their NCD even if they make a claim. Otherwise, in the event a claim is made on a policy with NCD and the policyholder is deemed to be over 20% liable by the insurer, they are likely to see their NCD drop by 30 points upon their next renewal. It’s also good to note that an NCD follows a policyholder, and not their vehicle. This means that the insured can switch vehicles as they see fit, and it will not have an impact on their NCD. As well, insurance providers will often accept NCDs that clients bring with them from another insurance provider, so switching insurers is not usually an issue for retention of an NCD. Vehicle type Insurers take a lot of different factors into account when deciding an individual’s car insurance premiums. The vehicles policyholders will be driving the most are definitely one such factor. If you’ve ever tried to sell a vehicle before, you likely already know what the three biggest pieces of information are with regards to vehicles, but as a refresher, they are: Year of manufacture – While newer cars are worth quite a bit more, they also are much less prone to accidents as the result of mechanical failures, or general wear and tear. For this reason, having a newer car will often result in lower premiums. Vehicle make – What’s the name of the company that makes the car? This is the name of the vehicle’s ‘make’. Vehicle model – Within the manufacturer’s product line, what is the name of the vehicle? This is the vehicle’s model. When it comes to the type of vehicle you drive, the overall value can also affect premiums under certain circumstances. While we mentioned above that having a newer car can lower your premiums, this is largely as it applies to the mandatory third party liability insurance coverage that every Singapore driver must have. A car’s value, on the other hand, is taken into account whenever an insurer is underwriting a comprehensive car insurance policy. As the policy in question may actually have to pay to cover any damages to the vehicle, or for an entirely new vehicle entirely, the value of the vehicle then becomes an important detail to insurers. So keep in mind that the more valuable your car is, the higher your insurance premiums will be if you decide to purchase comprehensive car insurance. Age Look. We know that nobody likes to be treated differently for any aspect of their lives that is totally out of their control. However, there has been enough data gathered by insurance companies for them to know that people of certain ages are simply safer drivers. For this reason, drivers at either end of the age spectrum are likely to pay more for their car insurance. This is a tough tip for many to stomach, because, well, it’s not like they can go back or forth in time. However, it’s still valuable to know that drivers between the ages of 30 and 60 will see lower premiums simply by virtue of being in an age range that has been shown to have a lower risk of being in an accident. Age isn’t the only type of experience level that matters, though. Insurers will also raise premiums for new drivers, so getting licensed to drive as early in life as one can may end up saving them on car insurance premiums later on down the line. Occupation Along with age, another data point that insurers use to make decisions about premiums during the underwriting process is occupation. This only applies to a few specific sectors, but if you happen to be a celebrity in the entertainment industry, or a person in the automotive repair or sales industries, you may find that your insurance premiums are higher than they would be otherwise. Work with an expert to save money Finally, a great way to approach saving money on car insurance is to work with a knowledgeable insurance expert that has existing relationships with motor insurance companies, and can, consequently, provide you with inside information that can lead you to the best decisions. Kwiksure Singapore is just that! Simply by speaking with us, before you may even purchase car insurance through us, you are already ahead of the game, as we can provide you with advice, a comparison of plans from top Singapore car insurance providers, and a price quotation – all free of charge! Then, if you decide to obtain your car insurance through Kwiksure Singapore, we will continue to provide value-added services to you that come with absolutely zero fees. What’s more, because you won’t pay a single cent more for your car insurance than what the insurers would offer directly, and Kwiksure Singapore provides our services without any additional fees, you are getting an extra level of service and support without spending anything extra. Why not take advantage of expert advice and extra support if things go sideways with your motor insurance? Contact us today to start getting yourself on track to save money on your car insurance premiums!
Health Insurance Basics If you are not a millionaire and you cannot pay for your health care out of your pocket, affordable health insurance is your necessity. The best time to buy it is before you suffer from an illness, have an accident or discover that you are pregnant. In addition to stress and trauma that result from these conditions, you also have to spend a lot of money on your recovery. Basic Health Insurance What Is Health Insurance? It is a form of insurance coverage that covers a holder’s medical and other expenses related to health care. It is a contract between an individual and an insurance provider. The individual or the insured is the owner of the policy, while the provider is a hospital, clinic, insurance company, or a health care practitioner. How Does Health Insurance Provide Coverage? There are two ways how the insurance provides coverage to the holder of the policy. In the current health care industry both these ways are quite common: The first way is when the holder of the policy pays for his or her medical expenses himself or herself. Then he or she files a claim to the insurer for appropriate reimbursement. The second way of covering medical expenses is when the insurer makes a direct payment to the health care provider. Don’t put your and your family members’ emotional, physical and financial well-being at risk. Buy individual insurance or family insurance right now and you will have utmost security at all times.
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