While a car owner in Singapore has to pay for the vehicle only once, he will have to pay motor insurance Singapore, road tax, maintenance expenses every year. So if the income of the car owner is fluctuating, he would like to know the factors which will determine the insurance amount which he has to pay, so that he can choose the right car and make other changes if required. While websites like sgcarmart.com can help the car owner find the lowest insurance provider for the car in Singapore, the insurance amount will depend to a large extent on the car and the profile of the car owner especially his driving record.
The car insurance depends to a large extent on the value of the car, a new car will be more expensive to repair, so insurance will be higher. Similarly larger luxury and more powerful cars have expensive parts, and the insurance premium is higher. The larger cars are more powerful and difficult to control, so they can cause more damage. So they are more likely to be involved in an accident,and a higher premium is required. The insurance for older cars, which are more three years old, especially inexpensive cars, is more affordable since cheaper parts are used for repair.
Another important factor is the profile of the vehicle driver. Usually younger drivers below the age of 26 are more likely to drive their vehicle rashly, so they are charged a high premium. Similarly drivers with less than two years driving experience, are more likely to make mistakes, get involved in accidents, so insurance companies charge a higher premium for inexperienced drivers. Women are more careful drivers compared to men, and typical pay lower car insurance. Additionally people with outdoor jobs like salespersons, repair persons, will use their car more often than car owners who have an indoor job, and pay a higher insurance.
There are multiple options available for drivers while purchasing insurance depending on the coverage they require. A comprehensive insurance package will cost more, while only thirty party insurance will cost the least. A driver can reduce the insurance he pays to a great extent by availing of the no claims discount (NCD) offered by all insurance companies. The discount for not making a claim is 10% for every year in Singapore, and the maximum NCD is 50%. In Singapore a certificate of merit is also offered to the driver, if he does not violate any traffic rule, and gets an additional 5% discount.
So if the driver is using his car carefully and is not involved in accidents, he can reduce the amount of insurance he has to pay to a great extent. Each insurance company has different criteria for assessing the risk that a particular driver and vehicle will be involved in an accident, so the insurance premium that has to be paid will differ. Car owners in Singapore can conveniently find the lowest insurance for their vehicle providing vehicle details and personal information using the form provided at sgcarmart. They will receive at least three quotes from reputed insurance companies and free advice from the insurance advisor.