Who doesn’t want to save on car insurance?
How much you’ll have to pay for the premiums on your car insurance usually depends on many factors. These include your age, years of driving experience, marital status, occupation, gender, as well as the model of your car, among other criteria that insurers use to assess your risk levels.
The amount of coverage you opt for also matters. Obviously, if you opt for higher coverage with more benefits (such as the ability to go to any servicing workshop instead of only approved ones), your premiums will probably be priced higher as well.
Another hidden trap to watch out for is that cheap premiums sometimes come together with high excess i.e. the amount you have to pay upfront before your insurer pays for the rest of the damages (think of it in a similar manner as the deductibles in your hospitalisation plan). At other times, cheaper premiums may also translate into one-too-many exclusions, which would defeat the point of you purchasing car insurance if you can barely claim for any damages.
Remember to read the policy wording carefully to make sure you actually get the coverage you need and want!
In Singapore, there are many ways to reduce the cost of your car insurance premiums. Here are a few of them:
1. No-Claim Discount (NCD)
If you’re generally a safe driver who has not gotten into any car accident before or you’ve not claimed from your insurance policy previously, you are entitled to a 10% No-Claim Discount (NCD) for every year that you’ve driven. Your NCD can be accumulated to a maximum of 50% off (after 5 consecutive years), which translates into substantial savings on your car insurance! Yes, this is why some of your (usually older) friends are paying much less on their car insurance than you!
2. Certificate of Merit Discount (COM)
If you’ve not gotten any demerit points in the last 3 years, some insurers offer a further 5% off your car insurance after NCD.
3. No-Claim Rebate
If you have spent years driving without getting into an accident, aside of making full use of your NCD for up to 50% discount, you should also look at No-Claim Rebate (NCR) which gives you additional cashback if you do not make any claims on your policy in that year!
At this moment, Vouch is the first and only platform in Singapore to offer NCR on your car insurance.
If you’re a safe driver looking to save on your car insurance with cashback if you do not claim for any accidents, Vouch wants you! We are the first to offer No-Claim Rebate on your car insurance, together with other comprehensive benefits specially for safe drivers only, so head on over to get a quote here now!