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29Jul/090

Secrets Exposed on How your Car Insurance Premium is Determined

How does the insurer set my premium?

Most insurers in Singapore adopt a "risk factor rating system" when setting your premium. This means that the premium is based on factors other than the vehicle's value or the price you paid for it.

In general, the following risk factors are considered when setting your premium:

  • Make and model of vehicle
  • Engine capacity
  • Age of vehicle
  • Age, sex and occupation of drivers
  • Driving experience of drivers
  • Claims history of drivers
  • What vehicle will be used for (private use/corporate use/commercial use/hire etc)
  • Type of cover

These risk factors will not necessarily have an equal influence on the size of your premium. Your insurer will give each risk factor a weighting based on a range of statistics and past claims information.

[source: General Insurance Association of Singapore]

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