5 Insider Tips To Save Big On Your Motor Insurance
1. Shop Around For Better Deals
When purchasing a car, do you feel pressurised to take up insurance through your car dealer? Our advice to you is to always try to source for alternative quotations online, or get an insurance broker to do the comparison for you – a broker’s duty is to understand your needs and to recommend the most suitable plans for you.
Some car dealers might impose a penalty fee ($500) for not purchasing your insurance through them. But you might be surprised to learn that the cost savings from purchasing your insurance elsewhere could potentially exceed $500.
When your car insurance is due for a renewal, you’ll also benefit from shopping around for various quotes to compare. If you find a cheaper deal elsewhere, try asking for a price match from your existing insurer.
2. Repair Your Car At Outside (Non-Authorised-Dealer) Workshops
Due to the competitive market, there are now many reputable workshops in Singapore where you can repair cars at affordable rates.
In 2017, the Competition Commission of Singapore (CCS) worked with major car dealers to remove warranty restrictions from car warranties. What this means is that consumers are now able to repair their cars at outside workshops without fear of their manufacturer’s warranty being void.
The key benefit of repairing your car at outside workshops: cheaper repair costs (as compared to authorised-dealer workshops) would lead to lower insurance claims amount for repairs, ultimately resulting in a smaller increase in your renewal premium for the following year.
An additional tip from us: When purchasing your car insurance (online or through a broker), opting for an Insurer-Authorised Workshop plan allows you to keep your insurance cost even lower!
3. Check Your Eligibility For The Safe Driver Discount
To reward safe drivers, the Traffic Police in Singapore issues a Certificate Of Merit (COM) to drivers in Singapore who have managed to maintain a 3 year streak without demerit points.
With the COM, you will be eligible for safe driver discounts of up to 10% from most insurance companies. So be sure to drive safely and check your eligibility on the Traffic Police E-services website.
4. Bulk Discount For More Vehicles
For those fortunate enough to have more than one vehicle within your household in Singapore, it would be worth checking with your insurer or broker if bulk discounts are available if you insure all your vehicles with them.
5. Remove Any Coverage You Don’t Need
Although a fully comprehensive policy sounds good, the truth is that you might not need all the bells and whistles in an insurance policy. Some of these come at an extra cost that you could actually save on.
We’d advise you to read through your policy coverage thoroughly and remove any add-ons that you do not require. NCD Protector? Courtesy Car? Excess Waiver?
If you’re unsure about the types of coverage you need, get a broker to help you access your needs.
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