Cheap motor insurance
Having motor insurance in Singapore is mandatory if you want to drive it on the roads. Driving without a motor insurance plan will cause your driver’s licence to be taken away, a hefty fine and you may be jailed. However, finding cheap motor insurance is what you can do to help ease the liability. We will be explaining more about how insurers come up with quotes.
Car make and model
Premiums are given based on the car’s make and model. A luxury sports car will cost more to insure. This is because they are driven typically at higher speeds, making drivers more prone to accidents. Furthermore, the car parts are pricier as compared to Japanese or Korean cars.
Driving accident claim history
The better the record, the lower your premium. If you’ve had any accident claims in the past 3 years for which you are at fault, you might pay more. If you have made three or more claims, most of the insurers will not insure you. Insurers rather not insure a 'high-risk driver' after all. However, if you are a new driver without any record, your insurance premium will also most likely be high.
Driving experience
The years of driving experience will be taken into consideration. Drivers who have 4 years and below experience will pay more. Thus, the more driving experience you have, the lower your premiums become.
Gender
Statistically, women tend to get into fewer accidents, have fewer driver-under-the-influence accidents (DUIs) and most importantly have fewer serious accidents than men. So all other things being equal, women often pay less for auto insurance than males.
Age
Younger and elderly drivers often find themselves paying more for their premiums. The reason behind it is that they are deemed as more reckless and more likely to get into accidents. On the other hand, elderly drivers are considered to have reduced reflexes and poorer eyesight and may be more prone to accidents too.
Occupation
Insurers will use your occupation to gauge how often you'll use your car. An indoor job in an office can get you cheaper premiums. Outdoor or sales-driven jobs suggest heavy car usage, therefore more costly to insure.
Marital Status
Married individuals tend to be more responsible and therefore the chances of them getting a cheaper premium is high.
No-claim discount (NCD)
For every year that you’ve driven and didn’t have to make an accident claim, you get a 10% discount. You can accumulate your No Claim Discount (NCD) up to 50% off, i.e. after 5 claim-free years. Find out more about NCD for your car insurance.
Cheap motor insurance
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