Being a mandatory requirement in the traffic laws, car owners in Singapore usually consider it a necessary expense; thus, they pay anything to acquire it. Thus, this makes them pay a lot of premiums to cater for the car insurance cost. The reason being they can do very little to convince the insurance companies to lower the annual premiums. The insurance companies like sr22 insurance south carolina offer the car premium based on age, experience, past and history, and vehicle condition, leading to higher insurance costs. Despite the higher cost of car insurance, certain car insurance providers such as https://www.directasia.com/car-insurance/ provide car insurance at a relatively lower cost. This article outlines more tips that are effective in lowering your car insurance cost.
1. Check for the best insurance rates
Most of those who buy cars will have to purchase their insurance coverage policy through a dealer in Singapore. Purchasing through a dealer is usually a necessity of the law during the first years of car ownership. However, purchasing the insurance policy via a dealer becomes relatively expensive; thus, there is a need to lower the cost by switching to a cheaper option. Check for the insurance providers such as https://www.directasia.com/car-insurance/ that will provide you with cheaper insurance rates. It’ll also be good to get the insurance quotes and prices from various insurance companies before making a better-informed decision.
2. Consider a private settlement for a minor accident
It’ll be wise to consider a mutual private settlement for a small collision requiring a few coins to repair. Experts usually advise that it’s better to consider a private settlement rather than approaching the insurance company for compensation. It’s important in reducing the insurance cost as it’ll save you from hurting your No-Claim Discount. When you approach the insurance company for compensation following an accident, it’ll lower your No-Claim Discount, thus increasing your car insurance cost. Thus, it’ll be important to protect your No-Claim Discount by minimizing approaching the insurance company for compensations on small matters; this will lower the insurance cost.
3. Opt for a dual year insurance policy
Most car insurance companies provide insurance coverage policies on a one-year basis, after which the car owners renew the insurance. However, insurance companies have come up with a two-year policy. The two-year insurance policy will help lower the insurance cost because, after the first year, the car owner won’t have to worry about the insurance premium hike. Additionally, paying the premium rates at once for two years provides a cheaper alternative than renewing the insurance policy every year. You can check at https://www.directasia.com/car-insurance/ to understand the terms of a dual-year insurance policy, which generally helps lower the insurance cost.
4. Driving safely
Driving safely and observing traffic rules is the best way also to lower your insurance cost. Various insurance companies have come up with technology to help track the safe driving of a particular driver. Most insurance providers will offer you up to a 20% discount on the insurance premium rates. Additionally, safe driving, free from any accident, will help grow your No-Claim Discount, leading the insurance company to give you a lower premium for your car insurance.
Lastly, in Singapore, the police will issue you with a certificate of merit if you drive for more than three years without violating any traffic rules. This certificate of merit will entitle you to a discount of up to 5 % on your car insurance premium.
5. Choosing an insurance-friendly car
If you want to lower the insurance premiums for your car effectively, it’ll be good to choose the car you want to drive carefully. When purchasing a car, talk with the dealer to provide you with a car with a lower insurance premium cost, as some of the vehicles are very expensive to cover. The following factors will determine the premium of the car:
- Security level
- The original selling price
- Spare parts prices
- Repair work prices
- Performance
To lower the cost of insuring the car, it’s important to choose a convenient car with the premium terms you can afford. Furthermore, it’ll be good to consider other factors such as age and driving experiences the insurance provider may include when calculating the premium.
Final thoughts
Several factors such as age, history, and experience make most cars have a higher premium, thus increasing the insurance cost. However, the tips above will help you to lower your car insurance cost. More so, at https://www.directasia.com/car-insurance/, you’ll get the best insurance policy at an affordable price.
