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Humanising Finance
November 2017
How to reduce your car insurance premium
     

How to reduce your car insurance premium

Trying to get a good deal for your car insurance premium can be a tricky game. But with some effort, there are ways you can cut costs so you can put that money to better use. Here are five factors that insurance companies take into consideration when determining your premium.
 
 
1. Drive safe and be rewarded
 
You may be a young driver full of dreams and hopes for the future, but hit the brakes for a second. Age and driving records are key factors in determining your risk profile and insurance premium. Insurance companies tend to charge a hefty premium for those who they deem high-risk drivers, so keep within the speed limits and refrain from disregarding traffic rules.

Drivers above 24 years old who have held their licence for at least two years and have a clean record are generally perceived to pose a lower risk.
 
2. Manage multiple policy holders' risk
The lower your risk, the cheaper your premium will be.

If you decide to list down other drivers on your policy, it is best to choose whom you allow to drive your precious vehicle wisely, as this can affect your premium to a certain extent.

Adding a young and inexperienced driver will cause your premiums to go up, as such factors increase the risk of your car getting into an accident. You may even incur excess charges if a high-risk or unnamed driver has an accident while driving your vehicle.
 
3. Think before you claim
 
It should go without saying that drivers with a troubled record tend to pay hefty premiums.

In particular, those who have had a higher claims history in the last three years are considered higher-risk drivers and will need to fork out more for their premiums. This is based on the assumption that the policyholder is likely to make another claim in the short term.
 
4. Protect your car from theft
When it comes to premium rates, not every vehicle is made the same. While flashy cars with state-of-the-art features can make you the talk of the town, it can also attract unwanted attention from would-be thieves. The risk of theft can result in a higher car insurance rate.

However, if you take the necessary steps to protect your vehicle, you may be able to lower your premium. Ensure your vehicle is equipped with security features like an alarm, locking system, or theft code. While some features are standard, you may wish to install an anti-theft device if your car is an older model.
 
5. Reduce your commute
 
Another major contributor is miles driven per year. Spending less time on the road reduces the possibility of getting into an accident.

If you are a light user, there is no reason you should pay a costly premium. With usage-based insurance, you can be assured you will pay as per your lower mileage only. Insurance plans like Etiqa's ePROTECT sMiles allow low-mileage users to save up to 50 per cent upfront, while enjoying the same comprehensive coverage.
   
 
Learn more about our ePROTECT sMiles and how it allows greater savings for drivers. Now that you know how your premium can be reduced, think about how you use your vehicle, who drives it and how you can protect it with our coverage. Regardless of whether you are a standard driver or low-mileage driver, there is always the right type of car insurance for everyone. Get your quote today.
 
Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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