This article was written exclusively for Expat Network by Kwiksure Singapore

So, in an effort to bring some transparency to the realm of expat motor insurance, we’ve asked Singapore’s leading insurance broker, Kwiksure Singapore, to divulge the below 5 tips for reducing what you pay for motor insurance coverage.

1. Drive carefully

This tip may seem pretty obvious, but the importance of driving carefully cannot be stressed enough. This is because your driving history – e.g. whether you’ve had any accidents in the past, or acquired any demerit points – is a major factor insurers will look at when calculating your car insurance premiums.

Your premiums will likely be lower than those of drivers with a history of accidents and/or a substantial amount of demerit points if you have a pristine driving record. Please bear in mind, however, that other key factors (e.g. the make of your vehicle) will also influence the amount you have to pay for car insurance.

2. Take advantage of your NCD

In most countries, insurers offer No Claims Discounts (NCDs) to drivers who have not had an accident or submitted any claims. The best thing about NCDs is that they increase the longer you go without an incident and, in Singapore, the premium discount can go up to a maximum of 50% – representing 5 years of claims-free driving. In some cases, the discount can even be transferred between insurers.

3. Think about increasing your excess

Adjusting your excess – i.e. the amount you need to pay in the event of a claim – can also alter your car insurance premium. By increasing the excess amount, you will see your premiums decrease (and vice versa). This is definitely a popular method of reducing car insurance premiums, but it’s a good idea not to go overboard, as too great an excess can lead to costly out-of-pocket expenses should you need to file a claim.

4. Compare your options with care

It can be tempting to buy the cheapest car insurance policy on the market. While understandable, we would advise against doing so, as there are a number of inherent risks associated with securing dirt-cheap motor insurance plans (inadequate coverage and poor customer service, for example). It, therefore, pays in the long run to find the best value car insurance, rather than comparing plans based on just price alone.

5. Seek help from a reputed broker

Another essential tip for ensuring that you get the best value for your money is to obtain car insurance through a reputable broker, like Kwiksure Singapore. By taking the time to understand your budget and coverage requirements, brokers will search and compare policies on your behalf, and match you with the best value plan based on their professional expertise.

Established brokers also have close relationships with all major car insurance companies, which is often a big advantage when it comes time to negotiating premiums and conditions. Another benefit to buying insurance through a broker is that they tend to offer additional services at no extra cost vs going direct to an insurer. These services can include assistance with things like claims submission, renewals management, and ongoing support throughout the entire policy lifetime.

If you have any questions, be sure to contact Kwiksure Singapore today. Their expert team are standing by to understand your needs, compare available plans, and find you the best Singapore car insurance, as well as provide you with a free quote.