Ever wonder why you need to fill up those lengthy forms when requesting for a car insurance premium quote? Well the information request is meant for all vehicle insurers to assess the business risks before accepting you as a policyholder. With the complete information, your insurance agent would be able to request an accurate car insurance premium from the insurer. This is important as factors like martial status, job nature, accident claims will either increase or decrease the premium.
When requesting for a car insurance quote in Singapore, you would need to provide the following information.
- NRIC – This is used by our agents to help check if you are entitled to the Singapore Traffic Police additional 5% discount for vehicle insurance.
- Job Nature & Occupation – This plays an important role when it comes to setting the premium pricing. Singapore insurers would us this to factor in vehicle usage frequency. The higher the usage, the higher the risk, therefore the a higher premium.
- Date of Birth and Marital Status – Statistics show that older drivers and married persons tend to get involve in accidents lesser. As maturity comes with age, so does experience. Therefore the insurance company tend to have different pricing tiers for age brackets.
Age Group 18 to 21 – Most Expensive
Age Group 21 to 25 – Expensive
Age Group 26 to 30 – Average
Age Group 31 to 65 – Lowest Rates
- NCD Discount – This is a yearly discount where you get upon your 1st insurance renewal. The higher the non claims discount, the cheaper you insurance would be. The max would be up to 50%.
- Car Type – Is your car an off peak or normal plated car. Some companies give additional discounts if you are an off peak car like NTUC.
This is just a short list of items that your insurance agent or car insurance broker would ask. In our next article, we will list out several other items that would be needed on top of the above. These are in addition of the normal full name, contact details, vehicle number, etc.
In the meantime, if you are looking to get a cheaper Singapore car insurance renewal premium, do feel free to submit a quote today.