With car insurance mandatory for all car owners in Singapore, do you ever find yourself wondering if there are cheaper alternatives around? Here are three hacks you probably didn’t know that could help to lower your car insurance premiums.
#1 Choosing an authorised workshop
While insurers offer the option for car repairs to be done at a workshop of your choice, did you know that choosing this option adds to the cost of your car insurance premiums? This is because insurance companies would usually rather you use their authorised workshops as this allows them to reduce their cost for repairs.
Therefore, if you are not particular about car workshops, consider using the insurer’s authorised workshop instead. Agreeing to do so would typically result in a lower premium for your car insurance.
#2 Increasing your excess
An excess refers to the amount that you will need to pay before your insurer will compensate the cost of your repair or loss. Take for example if you were to make a claim for $1,000 with an excess set at $400. In such a scenario, you will have to pay for the first $400 (the excess) and your insurer will pay the rest of the claim ($600).
Total amount claimed |
$1,000 |
Excess payable by you |
$400 |
Amount payable by insurer |
$600 |
As insurers use excess payments to reduce the number of small claims made, a lower excess would result in a higher premium for you.
If you would like to reduce the premiums of your car insurance, consider adjusting the excess on your policy to suit your budget and needs. However, do ensure that you have enough money set aside to pay for the excess in the event of a claim.
#3 Price matching
While it may be convenient to simply renew your policy with your existing insurer, did you know that you could try price matching for cheaper car insurance premiums? This means to take your current policy to another insurer for comparison. If the other insurer is able to price match, you could then receive a higher coverage for the same premiums or the same coverage but with a lower premium amount.
If you are interested to price match your current policy, click here to let us help you.
Promotion: Get rewarded when you lower your motor insurance premiums with FSMOne
From now till 31 March 2021, send us your motor renewal quote and receive up to $50 cash reward* to your FSMOne Cash Account. *Terms and Conditions apply.
All you have to do is:
- 1. Take a photo of your motor insurance renewal quote.
- 2. Upload the photo here or email the photo in to ins.sg@ifastfinancial.com.
- 3. Receive your $10 cash reward! You will receive another $40 cash reward if you subsequently purchase a motor insurance from FSMOne.
Our representative will be in contact to facilitate your motor insurance renewal.
Eligibility
How it works
Cash reward |
||
1. |
Submit a copy of your motor insurance renewal notice to FSMOne |
$10 |
2. |
If you subsequently purchase motor insurance from FSMOne |
$40 |
*Terms and Conditions
- 1. This promotion is applicable from 12 January 2021 to 31 March 2021 (the “Promotional Period”).
- 2. To be eligible for the $10 cash reward, clients are to submit a copy of their motor renewal notice between 12 January 2021 to 31 March 2021.
- 3. Motor insurance must be purchased and in-force by 30 April 2021 to be eligible for the $40 cash reward.
- 4. Client must be a FSMOne account holder. New account holders will also be eligible for the promotion.
- 5. Cash rewards will be sent to eligible client’s FSMOne Cash account within 8 weeks after the end of the Promotional Period.
- 6. By participating in this promotion, you understand and agree that an iFAST representative will be in contact with you to facilitate with the renewal quotations
- 7. It is the responsibility of the client to ensure that their email is correctly registered. iFAST will not be responsible for any wrongly registered email addresses.
- 8. iFAST reserves the right to amend the Terms and Conditions without prior notification and has the right to the final decision on qualification of eligibility.
Disclaimer
By proceeding, you acknowledge and consent to the collection, use and disclosure of my personal data by iFAST and Insurer(s) for the purpose of processing your insurance application and administration.
This is for general information only and does not have regard to the specific investment objectives, financial situation and the particular needs of any specific person. You may wish to seek advice from a financial adviser representative before making a commitment to purchase the product. In the event that you choose not to seek advice, you should consider whether the product in question is suitable for you. Full details of the standard terms and conditions of this plan can be found in the relevant policy contract.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information is accurate as at 7 January 2021.
Please read our full disclaimers on the website at (https://secure.fundsupermart.com/fsm/fsm/disclaimer)