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29Jul/090

Why is it a good idea to tell my insurer who will be using the vehicle?

Why is it a good idea to tell my insurer who will be using the vehicle?

Declaring the names of the people who will be regularly driving your vehicle allows your insurer to assess the risk profile accurately and set the appropriate premium and excess.

You are required to fully disclose information that may have a bearing on your policy cover. If your vehicle is damaged while being driven by a person not named in your policy, the insurer may apply a higher excess due to the unknown risk covered.

If the vehicle is damaged while being driven by a young or inexperienced driver not named in the policy, you may be charged a higher additional excess because the driver represents a higher degree of risk. The definition of young and inexperienced driver varies from insurer to insurer. Please check the definition in your policy.

For some vehicles, such as high-performance cars, your insurer may specify that coverage will only apply to drivers named in the policy, i.e. authorised drivers.

[source: General Insurance Association of Singapore]

29Jul/091

How can safe driving save me even more money?

How can safe driving save me even more money?

If you have not violated any traffic rules for three consecutive years, you are entitled to a Certificate of Merit from the Singapore Traffic Police.

Should your NCD be 30% and above for a private car policy or 20% for a privately owned commercial vehicle policy, some insurers may reward you with a further 5% discount upon presentation of your Certificate of Merit.

For details, please visit the website http://www.ecitizen.gov.sg

[source: General Insurance Association of Singapore]

29Jul/090

Why Honesty is the Best Policy for Car Insurance

What does my insurer need to know about me?

The insurer needs to know some information about you. This is to help it assess the business accepted from you and your needs as a policyholder. The proper premium can then be set.

It is important to answer these questions truthfully. Failure to do so may affect the level of payout you receive in the event that you make a claim. The following are some questions you may be asked:

  • Have you made any recent claims?
  • Have you ever received a ticket or been charged for a driving offence?
  • Has your vehicle been modified?
  • Who will be driving the vehicle?
  • What will the vehicle be used for?
  • Have you had any recent motor accidents?
  • How long have you been driving?
  • Do you have any medical conditions or disabilities that may affect your driving?

If you do not understand what is being asked, please clarify with your insurer, agent or broker.

[source: General Insurance Association of Singapore]

29Jul/090

Why do I need motor insurance?

Why do I need motor insurance?

In Singapore it is against the law to drive a motor vehicle on the road without a valid insurance policy. The minimum requirement is that the policy provides cover for personal injury to other parties.

Motor insurance makes good sense. Besides covering you for personal injury to third parties, it could also cover you for costs if you damage someone else's property or for any other loss or damage you might suffer in a motor accident.

Remember: always carry your Certificate of Insurance in your vehicle. The police may ask to see it in a routine check and it contains useful information that you will need should you be involved in an accident.

[source: General Insurance Association of Singapore]

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28Jul/090

12 Factors affecting your Car insurance

saving money on premiums

  1. Age Group - the car owner (driver) age. Please note that this is just an illustration and an estimate.
    Insurance companies may revise their age group premiums from time-to-time, without disclosing.

    18 to 21 - young drivers, very expensive
    21 to 25 - expensive
    26 to 30 - moderate
    31 to 65 - low

  2. Driving Experience - this is defined from the time you have your driving license till your
    car insurance renewal application.

    0 to 1 - extremely expensive, usually bundled when you buy a new car
    1 to 2 - expensive
    2 to 3 - normal
    > 4 - varies. At this stage, most of us would have NCB (No Claim Bonus) discount lowering the premium further. If you have accidents, your premiums most probably are going to be jacked up by the car
    insurers.

  3. Job Occupation Type (Indoor/Outdoor) This is pretty straightforward. It refers to the nature of work, like desk bound or indoor sales. If you are not sure, please check with the agent.Indoor - Lower risk of accidents = cheaper
    Outdoor - Higher risk of accident = more expensive
  4. NCB - No Claim Bonus discount. You get additional 10% NCB for each year without accidents. The maximum NCB that you can accumulate is 50%. E.g. If you buy a car in Apr 2008, and renew your
    car insurance in Apr 2009, you'll be eligible for 10% NCB discount upon renewal. If you are unlucky and get into an accident, NCB is 0%. You cannot get negative NCB.

    If you NCB accumulates to 40% and you were involved in an accident, the NCB reduces to 10%. If you don't want to start from 10% or even zero%, then you should get the NCB Protector, see below.

  5. NCB Protector - This is only available to people with 40% or 50% NCB. In the event of first accident within the policy year, your NCB will remain as 50%.The second accident will reduce your NCB to 20% (50% - 30%).

    The third accident and your NCB becomes 0%

    It is important to note that NCB protector is only effective if you renew your car insurance with the same insurance company. If your
    car insurance is with company A and your NCB is 50%, even after the first accident, your NCB remains at 50% when you do your next renewal.

    However, if you decide not to renew with Company A, and look for company B. You'll only get 20% NCB.

  6. Safe Driver Discount
    The Certificate of Merit (COM) entitles a driver to a 5% discount on vehicle insurance premium from participating
    insurance companies, over and above his No-Claim Bonus (NCB).

    A driver is eligible for a COM if, at the point of purchasing a
    car insurance coverage, he/she has maintained for the past 3 years, a continuous demerit-point-free driving record. This means that, if a driver has committed a traffic offence any day in the 3 years immediately before an insurance purchase that resulted in him/her being 'awarded' demerit points, he/she would no longer be eligible for a COM on the day that he/she purchases the insurance. The direct link is too long for me to post here. To find out your COM status, please use the direct link under Useful Links section.

  7. Engine Capacity (cc) - This refers to your car engine in cc. Generally the lower the cc the lower the premium. Refer to your car log file if you are not sure.
  8. Year of Manufacture - This generally means the year which your car is made/register. Generally, the older the car, the lower the premium
  9. Body Type - the type of car e.g. saloon, MPV, SUV
  10. Engine Type - normal or turbo engine, the latter costs much more.
  11. Gender/Martial Status - this really depends on the insurance company. Not all use this to calculate the premium.
  12. Off Peak Cars (OPC) - . dependent on insurance company

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