How to Get the Best Car Insurance Discounts

Every car insurance company in the market is trying to get your attention by offering various discounts. Car insurance is an absolute necessity and fortunately, there are numerous ways to get discounts on your premiums. These kinds of discounts may vary from company to company. Hence, it can get very confusing to choose the best discounts that can be applied to your car insurance premium.

Types of Car Insurance Discounts

Driver Discounts

  • Good driver discount – This discount is for those drivers who have no history of accidents or tickets in the past 3 to 5 years.

  • Good student discount – As the name suggests, this discount is for students with an average of 3 or higher grade points. You could save on selected coverages under this offer. Recently graduated students are also eligible for this discount.

  • Professional group discount – If you are part of any specialised organisation, you could save money on your car insurance premium.

  • Driving training discount – If you have successfully completed your defensive driving course, you could save extra on your car insurance premium. This course is for senior citizens. If a new driver in your family has completed the driver’s education course, then you get discounts on your coverage.

  • Seat belts discount – You may be entitled to get a car insurance discount on your medical payments if you and your passenger were wearing seat belts during an accident.

Vehicle Discounts

  • Airbags – If your car has airbags, you could be eligible for a discount. You may save on your medical payments if the driver-side of your car has an airbag. You could even get a discount for full-front seat airbags.

  • Anti-lock brake system – Install an anti-lock brake system in your car and you could save on the collision part of your insurance premium.

  • Anti-theft system – If your car has an in-built anti-theft system, you could get a discount on the comprehensive part of the premium.

Policy Discounts

  • Multi-policy discount – You may be eligible to get a high discount on your car insurance policy if you insure your car and also own a home insurance policy through the same insurance agency.

  • Multi-vehicle discount – If you insure multiple vehicles through a single insurance agency, you could get an attractive discount on selected coverages.

  • Customer loyalty discount – Your insurer can give you a discount on your premiums if you renew your policy consistently.

No-Claim Discount

A No-Claim Discount (NCD) is awarded to those drivers who have a record of safe driving for a period of time. The discount that you can earn is as high as 50% on your insurance premium. Every year, when you drive without making claims, you get a discount of 10% when you renew your policy. The discount is capped at 50% based on the time period of not filing a claim. Hence, if you drive safely for 5 continuous years, you get a discount of 50% on your premium.

Certain car insurance agencies offer an NCD Protector feature which stops your NCD reduction if you make the first claim within a year. This feature costs an extra 10% on your premium. However, an insurance company like FWD protects your NCD for life even if you have multiple accidents in a year.

Merit Certificate

Singapore Traffic Police may award you with a Certificate of Merit (COM) if you are a particularly safe driver. As a result, you are entitled to get a 5% discount on your insurance premium from selected insurers on top of your NCD. To obtain this discount, you have to maintain a good driving history for 3 consecutive years.

Off-Peak License Plate

In case you agree to not use your car to drive during the peak hours of the day to get to work, you can save up to 16% on your premiums. You need to register your car as off-peak and you will be eligible for a rebate of up to S$17,000 and a discount of S$500 on road tax every year. Once you are registered, your car must have a red license plate and you should avoid driving between 7:00 a.m. and 7:00 p.m. on weekdays.

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