Do not just focus on price and understand what you are buying. Car insurance companies can remove their benefits to reduce the premium but it comes at your expense. You need to focus on the benefits to suit your needs.
Compare car insurance quotes before you commit to renew. Not all car insurance companies offer the same benefits and do not get yourself into trouble when you are not adequately cover just to save on premium.
Safety first. Do not speed or drive when you are under the influence of alcohol, give way and develop a good driving habit to help you reduce any risk of having a car accident.
Young and Inexperience driver - you can choose not to add them in especially when they just pass their license. They will still be cover but when accident happen their own damage excess will be much higher since they fall into this category (as high as $2,500 on top of the current excess).
0% Installment plan: Most of the car insurance companies will be offering such service and this will be great if you do not want to fork out a lump sum to make the payment and use it for other purpose, giving you the flexibility and also the coverage you need.
Third Party Fire & Theft and Third Party Only coverage - cars that are more than 10 years will have lesser value and you can choose to cover the above 2 coverage if you want to save money. However, do note that you need to do you own repair for any damages and if there is theft or fire due to total loss.
Car Insurance companies will provide the basic cover of Personal Accident and Medical Benefits. They even extend to cover the passengers beside you and the premium can be pretty low if you decide to increase the coverage (subject to insurers approval). You can get additional personal accident Insurance for passengers and driver and this is a great to insure people who travel in the vehicle with you.
Benefits that are redundant in your opinion. Car Insurance give you the options to take away benefits that you can choose not to have to reduce your car insurance renewal premium. However, every thing comes with a price and it is better not to remove for certain coverage that are important. Eg NCD Protector, to protect your NCD to remain intact so that you will continue to have the same discount for next year renewal.
Do ensure what you initially perceive it to be will be what you will be getting. When you get the car insurance online, you need to ensure what you declare are correct and do not deceive or under declare the information otherwise, the consequences will be bear by you.
What are the last few things to look out for:
- Removal Of COE Parf Value : There will be some savings if you choose to remove this benefit. However, not a lot of car insurance companies offer this and do note that if there is a total loss and you need to go to LTA to retrieve back the parf value on your own instead of car insurance company doing the refund on your behalf.
- Voluntary excess : You can chose to reduce your car insurance premium if you choose to increase the excess. However, when accident happen you will need to fork out a higher excess and this will hurt your pocket if you ask for a high excess to save the premium. So do think twice if you decide to use this method to save your car insurance premium.
- No Claims Discount (NCD) : This is the discount given to you at 10% every year and up to maximum 50%. Do note that car insurance companies will have a record of your NCD and you will have to top up the difference if you declared wrongly. Do ensure you declare the correctly to avoid being ask to top up at your disadvantage when the renewal premium is higher than your existing renewal.
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