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Finance

Ways to Save Money on Your Auto Insurance

by Radhe Gupta June 17, 2022
by Radhe Gupta June 17, 2022 0 comment 55 views

You’ve probably heard the commercials: “fifteen minutes could save you 15% or more on car insurance.” But of course, that’s not the whole story. To get the best savings on auto insurance, you’ll want to do more than find a company that offers a low rate. Here are some tips to get you started.

 Types of Car Insurance Available in Singapore

 First, let’s look at the different types of car insurance available in Singapore. By understanding the coverage options, you’ll be able to find the policy that best suits your needs.

 There are three main types of car insurance in Singapore:

 Third Party Car Insurance: This is the most basic form of car insurance and is the cheapest. Third party insurance only covers damage caused to other people or property – it doesn’t cover any damage to your car.

 Third Party, Fire, and Theft Car Insurance: As the name suggests, this type of insurance adds fire and theft cover to third party insurance. It’s a little bit more expensive than third party insurance, but it offers more protection.

 Comprehensive Car Insurance: Comprehensive car insurance is the complete package. It covers damage to your car, damage caused by your vehicle to other people or property, and theft or fire damage. It’s the most expensive option, but it offers the most protection.

 Factors That Affect Car Insurance Rates in Singapore

 Certain factors affect how much you pay for car insurance. Here are some of the most important ones: 

·      Type of Car- Your car’s make, model, and year will all affect your insurance rates. In general, newer and more expensive cars cost more to insure than older, cheaper cars.

·      Driving Record- If you have a good driving record, you’ll probably pay less for car insurance than someone with a bad driving record.

·      Age- Your age is also a factor in your car insurance rates. Typically, younger drivers tend to pay more for car insurance than older drivers.

·      Insurance History- If you’ve had accidents or traffic violations in the past, you’ll probably pay more for car insurance than someone with a clean driving record.

·      The Car Insurance Company- Some car insurance companies charge more than others do. That’s why it’s vital to make a car insurance comparison in Singapore before deciding which company to insure with.

 Smart Tips for Saving Money on Car Insurance

 Here are valuable tips to help you save money on your car insurance:

 Get Quotes from Multiple Companies:

 The best way to find cheap car insurance is to get quotes from multiple companies. Therefore, make a car insurance comparison  and get quotes from at least three different companies. That way, you can be sure you’re getting the best possible deal.

 Compare Coverage:

 Besides comparing car insurance rates, you should also compare coverage. That’s because different companies offer different levels of coverage.

 Consider Raising Your Excess:

 The excess is the amount you have to pay if you make a claim. You can get a lower premium by agreeing to pay a higher excess. Just ensure you can afford to pay the excess if you have to make a claim.

 Take Advantage Of Discounts:

 Many insurers offer discounts for things like having a good driving record, being a member of certain clubs or associations, and more. Ask your insurer what discounts are available and take advantage of them.

 Think of the Extras:

 When carrying out a car insurance comparison, consider each company’s extras. For example, some companies offer roadside assistance or rental car reimbursement. These are a few things that can make a car insurance policy more valuable.

 Pay Annually:

 If you can afford to, it’s usually cheaper to pay your premium in one lump sum rather than in monthly instalments.

 Bottom Line

 Car insurance is a necessary expense if you own a car in Singapore. However, there are ways to save money on your premium. By shopping around, comparing coverage, and taking advantage of discounts, you can find a policy that best fits your budget.

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Radhe Gupta

Radhe Gupta is an Indian business blogger. He believes that Content and Social Media Marketing are the strongest forms of marketing nowadays. Radhe also tries different gadgets every now and then to give their reviews online. You can connect with him...

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