How Do Car Insurance Company Rate You

Before car insurance company provide you a quotation, they would want to know who you are and your past driving records to determine what premium to quote for your car insurance renewal. Insurance companies do share information with each other, therefore, do not assume that you can take up with other insurer with a clean record. 

Below are the common criteria used by the insurance companies to help them to determine what car insurance premium to charge and do they want to insure you. (See: How Do Car Insurance Companies Calculate Premium)

Occupation
The nature of your job scope is critical to determine the car insurance premium. Insurance company will usually charge a higher premium if your job need you to be on the road most of the time. The more time you spend on the road, the higher the chance you will get yourself into an accident. (See: Occupation that will reduce your car insurance premium)

Claims history
You need to declare this honestly to the insurance company that you intend to take up with. Insurance companies share a common system to determine your past record of claims. If you have sign up with them but did not declare that you have claim before, they will either cancel your policy or refund you the premium. The worst scenario is when you had an accident, they will reject your claim due to non-disclosure of your past claim records. 

Traffic Violations
Drink Driving, speeding and any traffic violations you have made, have to be declare for the insurance company to decide if they want to insure you.  For example, if your license was being revoke and you just get back your license, you need to declare to them what happen, otherwise, they can refute your car insurance claims due to non-disclosure.

Who is your insurance company?
You need to declare who is your current insurance company and when is your policy period and if you have previously did any endorsement or cancellation, will it affect your No Claim Discount. 
Did your current insurance company reject your renewal and if so, why? 
What is your own damage excess, windscreen excess, any loss of use or courtesy car provide for you

What is your mileage 
Insurance company are willing to give you a lower premium if you have a low mileage. In Singapore, not all insurance company will do so, therefore, do check with insurer who offer such benefit to you. However, you will also run a risk of not being able to claim when you exceed the mileage that you have declare. Don’t be penny wise pound foolish.

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