Owning a car in Singapore requires you to have car insurance in order to drive on the roads. But sifting through the endless array of insurance plans and insurers for lower rates can be pretty overwhelming. Turn that frown upside down as we bring you the solution to your frustration – tips for you to get cheaper insurance in Singapore!
(Related Story: Average Price of Car Insurance 2020)
1. Shop Around For The Right One
Although a tedious process, shopping for the ‘right’ insurance could do wonders. Ensure that you’ve done your research and don’t just assume any one company is the cheapest or the best. Commercials can efficiently convince consumers of that. Looking high and low for the available insurance packages exposes you to the different types of plans and insurers in the market.
2. Pay For Only What You Require
Having a comprehensive insurance policy that covers many aspects of car mishaps can be enticing. However, do not let these attractive plans get in your way. You should only consider what you require and avoid unnecessary add-ons.
Furthermore, it is essential for you to consider your cover type for the car you own. If your car is old and no longer has as much worth, having a full-fledged insurance plan can dig painfully at your pockets. The amount of payout could also be limited by the value of your car.
3. Ask About Discounts
Insurers provide various offers that you can enjoy when you engage their services such as bulk insurance plans and the agreed payment method. There is no need to feel shy so be sure to ask away for the best deals suitable for you!
4. Take Note Of Administrative Charges
When it comes to making payment, it is always advisable for you to pay attention to the nitty gritty. Administrative charges are not uncommon, although they may not be too big a sum, and saving on these amounts over the long run can help you save up quite a bit.
5. Avoid Modifications
Getting your car ‘zeng-ed’ can be really satisfying and pleasing to look at. However, other than ensuring modifications are approved by the Land Transport Authority (LTA), car upgrades could come with a price tag on your insurance policy. Some companies may not insure the parts which have been modified while others could charge you for a premium.
If you were thinking of simply not declaring the changes done to your car to avoid such a situation, doing so can nullify your insurance claim.
Check with your insurance company if what you are planning to upgrade can be covered in your plan.
Aside from the tips for you to purchase a cheaper car insurance in Singapore, other factors that can affect the cost of the insurance, such as gender, age, marital status, driving experience and the age of your car. There is no one-size-fits-all policy and going for the cheapest option may not mean it’s the best. Never rush into getting your car insurance and ensure that you know your policy coverage well.