Car insurance renewal is just around the corner? Don’t simply auto-renew! With a little savvy planning, you can potentially save a significant amount. Here are some top tips to secure the cheapest car insurance deal in Singapore. This applies to both personal and commercial car insurance such as private hire vehicles (PHV).
Start Early: The One – Two Month Advantage
Initiate your renewal process about one to two months before your policy expires. This gives you ample time to explore options without feeling rushed. If you’re feeling proactive, sending your renewal invitation letter to one to three other insurers can be a game-changer.
Unlock Superior Savings: Let Your Agent Negotiate Counter Offers
Once you receive your renewal invitation letter from your current insurer, don’t accept it immediately. Instead, connect with an insurance agent who will use this letter to solicit counter offers from various insurers on your behalf. An agent can negotiate for a more competitive premium than you might secure on your own. Let your agent do the legwork and advocate for the best possible deal for your car insurance. This simple step can often lead to considerable savings.
Don’t Be Fooled by Comparison Sites
Websites like MoneySmart can be helpful for comparing insurance quotes and often claim to offer the best deals with attractive freebies. However, don’t rely solely on these platforms. It’s worth checking directly with insurers as you might occasionally find even cheaper quotes by bypassing the comparison sites.
Comprehensive Coverage & Workshop Options
While price is important, never compromise on essential coverage. Always opt for comprehensive car insurance to protect yourself against a wide range of incidents. Additionally, ensure your policy includes “any workshop” cover, giving you the flexibility to choose your preferred repair workshop.
Don’t Forget Your Good Driver Discount!
Have you been a safe driver? Check your eligibility for a Good Driver Discount (Certificate of Merit) on the Traffic Police website: Certificate of Merit. This discount can further reduce your premium by 5%.
By following these tips, you’ll be well-equipped to navigate your car insurance renewal and potentially pocket some savings.
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