Owning a car in Singapore mandates 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!
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1. Shop Around For The Right One
Although a tedious process, going with our instinct of shopping around for the ‘right’ insurance could do wonders. Ensure that you have covered sufficient scope in your research and do not just assume any one company is the cheapest or the best, especially since commercials can efficiently convince consumers. Looking high and low for the available insurance packages not only exposes you to the different types of plans and insurers in the market, as you might just find the one for you.
2. Pay For Only What You Require
Having a comprehensive insurance policy that covers many aspects of car mishaps can be enticing as it garners you the sense of security. 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.
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If you were thinking of simply not declaring the changes done to your car to avoid such a situation, unfortunately, doing so can nullify your insurance claim.
We understand the beauty of car modifications and hence the way around such unfavourable circumstances is to check with your insurance company if what you are planning to upgrade can be covered in your plan.
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Aside from the tips for you to purchase a cheaper car insurance in Singapore, there are other factors that can affect the cost of the insurance, such as gender, age, marital status, driving experience and the age of your car. The best insurance is one that caters sufficiently to your needs as there is no one-size-fits-all policy applicable and going for the cheapest option may not mean it is the best. Never rush into getting your car insurance and ensure that you know your policy coverage well, meaning having to read the fine prints.
With the many considerations and technical jargons involved in insurance policies that could give you a headache, fret not as Teck Wei Credit is here to help. Having partnered with many major banks, financial institutions and insurance companies, rest assured that your journey of finding the ‘right’ insurance plan will be a smooth one.
(Related Story: Teck Wei Credit: We Keep You On The Road)
Enjoy greater savings with Teck Wei Credit! COE Loan for FF 3.28%, from now till 31 August 2020.
To find out more about Teck Wei Credit, visit their Facebook at @teckweicredit or book an appointment on their website.
Teck Wei Credit
Address: 210 Turf Club Rd, Lot A8, Car Mall @ The Grandstand, Singapore 287995
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Contact Number: +65 6465 0020
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