In Singapore, having car insurance is mandatory as long as you own a car. But depending on many different factors, your car insurance can cost a lot.
Car insurances in Singapore do not come cheap, especially if you’re a new driver and in your twenties. Most insurers will look at your profile, driving experience, and many other things before giving you a final insurance quote.
But just because it’s hard to get affordable car insurance, doesn’t mean you should give up finding the right insurance coverage for you. Before you decide to go to an insurance provider, here are 4 things you should think about so you can find yourself the right insurance policy for you.
1. Is My Age Going To Affect My Insurance Premium?
Age is a major factor when it comes to insurance in Singapore. Depending on how old you are, your insurance premium could greatly vary between insurance providers.
Most of the time, drivers between the ages of 20 and 30 are considered “risky drivers” since they have little driving experience and can be less responsible on the road. Because of this status, most insurance providers charge higher insurance premiums for this age bracket, while those between the ages of 30 and 65 are generally considered less risky and perceived as more responsible on the road.
So insurance providers often offer lower insurance premiums for this bracket. Also, young and/or inexperienced drivers are charged a higher excess.
2. What’s My Civil Status?
Your civil status will also affect your insurance premium since many insurance providers see married drivers as less risky than single ones.
Married couples are seen as less risky because they have a family to provide for and would avoid any risky situation and accidents. This is one of the factors that will affect your car insurance premium not only in Singapore but for many insurance providers all over the globe.
On average, insurance providers charge 11 percent less on premiums for married couples compared to singles.
3. How many years of driving experience do I have?
In Singapore, your driving experience is a major factor to the price of your premium. All insurance providers will do background checks on your driving experience before giving you a final quote. Having a “safe” driving background would mean less insurance premium for you.
If you’ve been driving for a while, insurance providers will definitely look at your insurance claims and No-Claim Discount (NCD) to see if you’re a safe enough driver to insure for a low cost. This means having a spotless driving record and that you haven’t been in an accident in the past 3 years.
Of course, insurance providers will be cautious in insuring new drivers who have little to no driving experience, and would often price new and inexperienced drivers higher.
4. Should I name other drivers in the policy?
If you’re not the only one driving the car, it would be wise to think about whether you’ll name them in the policy or not.
Having a named driver in your policy may cost you additional in your insurance premium, but if the named driver is a frequent driver of your car, it would benefit you both to be a part of the insurance policy.
Named drivers are given the same coverage as the principal insured in the policy, so in the event that the named driver gets into an accident, they’ll be treated the same way as the insured.
Find The Right Insurance Now
Getting the right car insurance for you is not easy in Singapore. With all the factors that insurance providers take into consideration before giving a final quotation, it takes a lot of shopping around just to find the perfect insurance that’s moderately priced and has the best coverage for you and your family.
The trick behind finding the right insurance is knowing what you want from your insurance policy and finding the right insurance provider who can provide for all your insurance needs.
Want to get insured now? Click here to get a quick car insurance quote and see what HL Assurance has to offer you!