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SINGAPORE – Media OutReach – 14 May 2021 – Despite
global economic disruptions brought about by the COVID-19 pandemic, car
insurance premiums remain steep in Singapore. In a bid to help car owners make
informed decisions about their vehicle insurance coverage and ensure
accessibility of car insurance, DirectAsia, Singapore’s leading
online insurer, points out that individuals must first be educated on the
determinants of one’s policy. The organisation thus puts its support behind car
owners by revealing several factors that insurers weigh when pricing out a
quote.
1. Vehicle Make and Model
Continental cars, luxury cars and SUVs
are typically tied to higher insurance rates. These can be attributed to the
importing fees and expensive parts. On the contrary, vehicle owners can
anticipate lower insurance rates when owning a car from Japanese or Korean
brands.
2. Age of Car
New vehicles are obligated to higher
insurance rates as the potential costs of repairing or replacing the car parts
are being considered. The rates dip as the car ages and stay at a minimum when
the vehicle reaches ten years or more.
3. Experience & Age of Insured
Given that younger drivers have a higher propensity to take risks while driving
and pose a greater likelihood of being involved in car accidents, insurers tend
to charge higher rates for this age group. This also applies to novice drivers
with less than two years of experience behind the wheels. Following that are
senior drivers above the age of 65, who may have higher risk of accidents on
the roads.
4. Vehicle Modifications
Car modification is one of the lesser-known factors that could raise your
insurance premium. Despite that, DirectAsia emphasises the importance of
declaring any modifications to the insurer or prospective insurer, as
non-disclosure may result in future claims being repudiated.
5. Claim History
Lastly, claim history is also added to
the equation. If a single claim above $10,000 or two or more claims were made
in the past three years, insurers might add on loading fees, which results in a
higher base premium.
Conversely, individuals with good driving records and no past claims within one
year or more are entitled to no claim discount(NCD). This
can go up to 60% at DirectAsia.
Revolutionising
Car Insurance in Singapore and Beyond
Besides understanding the rating factors, DirectAsia highlights that finding
the right insurer to meet an individual’s unique lifestyles, preferences and
needs is equally critical.
Reflecting DirectAsia’s relentless
commitment to delivering unrivalled value are its tailored and transparent
policies, complemented with exclusive promotions and optional benefits like NCD Protector
Plus, Compensation for Loss of Use and more. Both experienced and inexperienced
drivers can expect highly customisable motor insurance policies from the
award-winning insurer.
Interested individuals can
reach out to DirectAsia for a no-commitment quote here.
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