Car insurance rates are determined by some factors that include your driving record, the make and model of your car, your credit score and obviously the ongoing market rates that are based on the area you live in, inflation, etc. Depending on all these factors, you may end up paying a lot more than what you could have for your insurance. Here is a few things you can do to get cheap car insurance in Singapore and save a few dollars on your annual insurance premium bill:
Start your hunt for an insurance company at least two months before your current insurance expires. This way you would get sufficient time to do a market research and study the ongoing rates in the market. More often than not, insurance buyers are in a hurry and hence end up paying a higher premium because agents are not willing to offer discounts.
Consult multiple companies
It is a myth that all companies in Singapore have similar premium rates because, in reality, there can be a lot of difference between the charges. When you consult multiple insurance companies, you open up your options. You can then easily make a choice depending on which company is offering the best car insurance rates.
Contact your current insurance company
Many people are fully satisfied with their current company and do not want to part ways, but does this mean that you should be paying additional rate for that? No. When you have taken quotes from multiple companies, contact your existing company and ask for a discount. Tell them that you are offered lower rates from other companies and would you be willing to shift. The chances are high that the company would give you a discount because, in the end, no one likes their business going to the rival.
Think about combining your insurance:
You should talk to your Singapore Insurance company about combining your home insurances and high-risk car insurance. This would mean that you would get discounts on both the policies and save additional money. This sometimes also helps you get away with a poor driving record since companies may be willing to excuse it as you are bringing them more business.
Once you have done all this it good to find a reliable company. Look for car insurance in Singapore that have been in business for a long time. You should ensure that you hire a company that can be able to compensate you without any delay. Consider a company that have a good customer review as it can help you to gauge the services of the insurance company Singapore.