Young Singapore Drivers Given The Opportunity To Get Reduced Car Insurance

Young Singapore Drivers Given The Opportunity To Get Reduced Car Insurance

The average Singapore driver in their 20s will pay $2,111 per year for their automobile insurance. In comparison, drivers in older age groups can benefit from an insurance policy of just $862 per year. Of course, every driver knows the importance of insurance to stay safe on the road, but high policy charges are forcing some young drivers to risk driving without insurance. However, all that is about change, as one Singapore insurer has promised to slash annual car insurance prices for young motorists, so long as they adhere to two strict conditions.

The new scheme that will save you money

The AAS Insurance Agency, who operate under the Automobile Association of Singapore, has said that it will cut the annual price of insurance for individuals under the age of 24 or with less than two years experience on the roads by 10%. By working alongside Liberty Insurance Singapore, further financial gain will be given in the form of a cut-price policy excess. To qualify for cheaper car insurance, young motorists must go on a four-hour drivers’ awareness course. In addition, they must also agree to their driving behavior being tracked. A crucial part of the scheme will involve drivers using a tracking app for six months, which will detail areas for improvement.

Potential savings

Young drivers who utilize this new insurance scheme can see big savings on their annual premium. Individuals paying the average of $2,111 will see their premiums fall to just $1,900, while a 20-year-old male driver with the nation’s sixth most popular car, a Toyota Altis, will save $345 on their insurance policy and $2,000 on their excess. Understandably, this is still a substantial amount of cash for a young driver to pay out, so finding ways to make their money go further is wise. By storing their cash in a high-interest account, such as a fixed deposit account, a new motorist can boost their savings and earn interest which can then be used to pay their annual premiums.

Driver opinion

While young Singapore drivers say that the prospect of saving hundreds, and potentially even thousands, is an exciting prospect, they’re not so sure about the tracking aspect of the scheme. 21-year-old Thea Tan states that “It seems quite tedious to remember that the app must be constantly on while driving in order for it to track your road habits.” As a result, she says she will shop around for insurance. However, the CEO of Liberty Insurance Singapore, Chang Sucheng, is confident that young drivers in Singapore won’t find a better deal. “Liberty Insurance is pleased to collaborate with AA Singapore to offer motor insurance that serves young and new drivers. This insurance offers good coverage to drivers and allows them to pay for only what they need.”

Young drivers in Singapore could be financially better off if they sign up to this newest discount car insurance scheme. But, it’s still advisable to shop around for the best car insurance deal, as there could be a better product on the market that’s more financially suitable for young and novice drivers.

 

 

 

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2 Responses to “Young Singapore Drivers Given The Opportunity To Get Reduced Car Insurance”

  • HarderTruths:

    Yes you idiots – go and get a car loan. Then go and get a HDB loan.
    Both will be zero value upon expiry.
    School only made you guys dumber.

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  • 5 yr old even knows:

    HarderTruths:
    Yes you idiots – go and get a car loan. Then go and get a HDB loan.
    Both will be zero value upon expiry.
    School only made you guys dumber.

    agree with u . Both car and HDB are leases. yr money disappear into a black hole

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