Your insurance premium can be reduced in several ways. Check out these insider tips.
Tips For Reducing Car Insurance Premiums
Calculate the amount you can truly claim. The higher the excess (how much you’ll be paying for any claims), the better. If the claim is for a small amount, it’s not always worth filing. You may not want to claim on your insurance if your claim is for a small amount of damage. What are the reasons? The No Claim Discount will be impacted, increasing your premiums the following year. In some policies, a higher excess will lead to substantial reductions in premiums. Check cheapest car insurance Singapore.
No Claims Discounts Protected
You get a discount on your renewal premium if you don’t claim within a year on your insurance policy. Making this change can have a significant impact on your costs. Insurance companies may protect your discount if you have no claims so that it doesn’t impact your discount. As your premiums will be reduced with this protection, it is absolutely worth considering.
Keep Points Away From Your Account.
You will pay more for your license if you have points. Insurance companies generally check whether you have been convicted during the last five years before removing points from your records. Two speeding tickets, for instance, could raise your premium by about 20%. You could be charged double if you use your phone while driving.
It’s Not Always Cheaper To Use A Third Party.
A third-party policy is usually much more affordable than a fully comprehensive policy because it offers fewer benefits. There are exceptions to this, however. Therefore, you should consider both types of policies.
Add A Second Driver With An Excellent Profile To The Policy
It may even be possible to reduce your insurance premium if you add a second driver, even if they do not use the car often. In the case of an excellent second driver, the overall risk profile is averaged out. However, if you fall into a higher risk category, your premium could skyrocket.
Fraud Is Fronting!
If one of your children is the primary driver of the car, you should never add your name to replace theirs. There is fraud involved in this process, known as ‘fronting.’ You might not have your insurance validated and may face prosecution when you make a claim, so you shouldn’t do it.
It Is Expensive To Modify Your Car
Increasing your car’s modifications will increase your charge. Whether you made the modifications or not, tell your insurer about them so you don’t lose your coverage. There is a change if something isn’t as specified in the vehicle’s manufacturer’s specifications, such as an alloy wheel.
Your Insurer Should Know
Any exceptional circumstances you may have should be reported to your insurance company. If you expect to drive 100,000 miles a year, have modified your car, or have made any claims in the past few years, tell your insurer. Even if the claim is unrelated, if you don’t inform us and attempt to claim, your entire policy may be invalid. Any change in your address should also be reported to your insurer. A claim will be less likely to cause problems with this method.
Changing jobs is one example of circumstances that could affect your risk and your premiums, which insurers consider.
It’s All About Size!
Car insurance rates are affected by engine size and value. Before you buy, you should consider this.
Truth Is The Best Policy.
If you want to lower your insurance premium, don’t be tempted to lie to your insurance company. The act of lying on an insurance form is considered fraud. The result of driving without insurance may be the invalidation of your insurance policy or, in the worst-case scenario, a criminal prosecution. Check best car insurance Singapore.