Vehicle ownership in Singapore comes with additional costs, such as the Certificate of Entitlement (COE) and motor insurance. With COE prices on the rise recently, buyers are feeling the pinch due to the higher costs of purchasing a vehicle.
One way to offset this cost is to get the best car insurance deal possible. Most individuals know that motor insurance is a necessary expense, but few realise how much money they could potentially save by following these three simple steps.
Step #1 Don’t renew the car insurance without thorough market research
Many drivers tend to continue their car insurance with the same company without considering whether there might be a better option. However, rates can change over time, and drivers may find a better deal when switching to a different insurance provider. Although it is not necessary to switch between insurance companies frequently, it’s recommended to compare the different options available in the market annually so drivers can be sure they are getting the best coverage for their needs.
Step #2 Get a minimum of three quotes when buying car insurance
If drivers wish to switch car insurance providers, it pays to do thorough research for the best premium and coverage. This allows drivers to see how the different companies stack up in terms of price and coverage. Consider using a free motor insurance comparison platform such as MoneySmart to obtain at least three quotes and find the lowest yearly premiums for comprehensive coverage. It is important to find a balance between cost and coverage. According to a recently conducted survey by MoneySmart in 2022, 79% of consumers are most willing to purchase a value-for-money insurance product instead of simply getting the cheapest option which may not provide adequate protection or the most expensive option, which may offer more coverage than drivers need.
Step #3 Customise the policy according to one’s needs
Car insurance premiums in Singapore are quoted on a case-by-case basis, influenced by factors such as the driver’s profile and track record as well as the type of vehicle driven. Consequently, there is no one-size-fits-all policy for drivers. Some may pay a higher excess or forgo overseas coverage for cheaper premiums. It ultimately depends on the number of risk drivers are willing to assume and how many add-ons they wish to have.
For more detailed information about what to look for when buying a car insurance, download MoneySmart’s Car Insurance Whitepaper here.
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