Get Car Insurance – S/Solutions Smart Ways to Save on Car Insurance in Singapore Don’t just extend your insurance contract. Here are some ways to get a better deal.
Owning a car in Singapore is not the cheapest way to get around. This is why owning a car here is considered a luxury and not a necessity like in other countries.
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With car prices constantly on the rise, purchasing auto insurance is not only a great way to protect your most prized possession, but it’s also required by law. Most car owners in Singapore renew their insurance and road tax every year, but many simply renew their contracts without looking for a better deal. Insurance companies can quote a wide range of premiums based on how they assess your risk profile.
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Because cars are expensive here, most drivers opt for more comprehensive coverage to get more coverage against potentially high accident costs.
Usually, you also get a discount every year if you don’t file a claim. This discount usually increases during your first 5 years of accident-free driving. In a typical policy it looks like this:
Your insurer will assign a weight to each risk factor based on a range of statistics and information from past claims.
Similar to health insurance, if your current record is clean, you’ll be able to get lower premiums. Therefore, it is very important to maintain a good driving record, with few traffic violations or accident records.
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Auto insurance premiums are always lower if you have no previous claims. Having no claims history shows that you are a safe driver and will not have an accident.
Remember, complaints about other drivers will not affect your record. This will get you a no-claims discount, which can be a huge sum in the long run.
The No Claims Discount (NCD) is shown as a discount percentage off your current premium and increases with the number of years you maintain a good driving record.
NCDs are transferable between all motor insurance companies in Singapore, so you don’t have to worry about “resetting” your clean driving record if you decide to switch insurance companies.
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In Singapore, safe driving not only saves lives, but also saves money.
If you have not violated any traffic rules for three consecutive years, you will be rewarded, allowing you to apply for a Certificate of Honor from the Singapore Traffic Police.
With this certificate, some insurance companies may offer you an additional 5% discount on your NCD.
Auto insurers are also rewarding more sophisticated drivers by giving them discounts of up to 15% on their premiums. You must be at least 30 years old and have at least two years of driving experience to qualify.
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Considering these three points, safe driving is particularly important for car owners. Not just for your personal well-being, but because driving safely and having a clean driving history means insurance companies will reward you and lower your insurance premiums!
If you don’t already own a car but are considering doing so, you can read here about the pros and cons of owning a car in Singapore to find out if owning a car is right for your situation.
Sign up for one of our free newsletters to receive the latest fashion news, reviews and resources direct from Her World. Is your car insurance expiring soon? It is important to renew or switch to a different plan before the policy period ends. Otherwise, you may find yourself without insurance when you need it most.
Some drivers may only want to let you pass. After all, they can say they’ve never been in an accident, so why would they need extra protection? However, you must have at least TPO (Third Party Only) car insurance to drive in Singapore. As the name implies, if you are involved in an accident, your insurance will cover the cost of repairs for other drivers involved. This also means that you will be responsible for any damage to the car.
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During the renewal process, you may be wondering whether you should opt for a more comprehensive auto insurance policy. This will depend on several factors, such as the vehicle’s current registration. If you have a newer or more expensive car, paying the extra premium for more coverage may be worth the extra investment. That way, if your car is charged in an accident, you can get reimbursed for the value of the vehicle, up to your policy’s limit. However, vehicles older than 10 years are not eligible for comprehensive coverage in Singapore.
To make sure you’re getting the right level of protection for your needs, it’s worth researching the cheapest rates a few months before your auto insurance renewal.
Yes, you can choose to have your policy automatically renewed. However, while this can save you time, it’s important to remember that it’s not always the best option. Auto insurance rates can change significantly from year to year, and by automatically renewing your policy online, you could be missing out on significant savings. So, before you decide to renew your policy with your current provider, stay up to date with the latest auto insurance plans on the market.
This will depend on when your road tax is due. As car insurance is a requirement of Singapore road tax, you will not be able to renew with an expired policy and may be fined for it. Therefore, it is vital to have an active car insurance plan that covers the entire renewal road tax period. In fact, you must show proof of original insurance as part of the supporting documentation for updating your road tax. So if your road tax is about to expire, it’s a good idea to renew your car insurance ahead of time. airasia money launches digital car insurance service on airasia Super App and airasia.com/money starting today, win a car.
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In partnership with PolicyStreet, the digital car insurance service includes road tax coverage and renewals, and allows car owners to compare prices from multiple insurers before choosing the best deal. It also provides additional coverage such as windshield, flood, additional drivers and home delivery with tolls. PolicyStreet was named one of the top 10 insurtech startups in Asia by Insurance Business Magazine Asia 2020.
To celebrate this latest product giveaway, airasia money is holding a contest offering the grand prize of the Perodua Axia 1.0 Lava Red GExtra. From now until 2 November 2021, any car owner who renews their car insurance with airasia money can participate. There is no minimum premium requirement.
In addition, car owners will also get instant cash rebate as a welcome gift from airasia cash. Premiums above RM600 will get RM50 instant discount, while premiums below RM600 will get RM25 instant discount with voucher code: airasia50.
Amanda Woo, CEO of airasia Super App, said: “As we continue to strengthen, innovate and remain relevant in the market through airasia money, customers can expect more fintech offerings from airasia Super App. Our partnership with PolicyStreet enables We are able to provide more choice, value and flexibility in the digital auto insurance market. AirAsia has always been committed to inclusivity. Just like AirAsia made flying accessible to everyone, airasia money will give ordinary people access to some of the best finance in the market Serve.”
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Mohamad Hafidz Mohd Fadzil (Mo), Head of airasia money said, “Our aim is to be a one-stop center for all financial solutions for airasia super app users. To provide affordable insurance to over 36 million AirAsia super app users and car owners Services. AirAsia’s cash expansion plans are well underway as we launch our products in Indonesia in Q4 2021, insurance services and investments in Malaysia in Q4 2021, and digital vehicles in Q1 2022 Insurance premium installment plan.
Partnering with PolicyStreet enables airasia money to offer comprehensive digital car insurance from leading insurance companies in Malaysia such as Tune Protect Group Berhad, AXA Affin General Insurance Berhad, Etiqa General Takaful Berhad, Syarikat Takaful Malaysia Am Berhad and many more. PolicyStreet also complements AirAsia’s super app strategy with its API-driven digital platform, real-time technology and integrations with 10 insurance companies.
Customers can renew their digital car insurance at airasia.com/money or via the airasia Super App. All they have to do is fill in their personal and car details and get the best price from over 10 offers in as little as 60 seconds. After purchasing, they will receive an electronic policy within five minutes by email. For Roadtax update service, airasia money offers 2 to 5 working days nationwide home delivery via MYEG.
PolicyStreet CEO Lee Yen Ming said: “We are delighted to partner with AirAsia and strengthen the AirAsia Super App ecosystem to enable
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