Test your Motor Insurance Knowledge

I found an interesting online Motor Insurance Quiz for car owners in Singapore. It even promises to offer up to THREE $50 discount vouchers for participants that score more the 70%.

Do participate in the quiz now and if you score above 70%, return register here for your discount vouchers

This discount is offered specially by SXL Enterprise one of the leading car insurance agencies in Singapore.

Huge Savings can be got from Motor Insurance

I was personally shocked when an agent send a list of his accounts to me. He really did obtain huge savings for his clients. He said he has recently been so swamped with calls that he would appreciate if I would screen it first.

Example of savings. A client will a Honda Oddyssey was quoted S$1,321 on renewal. The agent was able obtain the same coverage for just $938.00 for a saving of
S$338.

To see the full list of clients and their savings. Click on the title of this post.

Significant Premium Saving Opportunities in Motor Insurance

Motor car insurance premiums varies more significantly between insurers than also any other lines of consumer business. The average premiums for cars in the 2000cc range for experienced and good drivers is in the range of $1,800 per year. However these can be as high as $5,000 for young drivers with sporty, high powered models.

Reasons for premium differentials:

Car types, personal characteristic of drivers, car usage patterns, history of claims are the key factors that drive premium variations.

Relationships also matters. Even though every motor insurer have their underwriting guidelines, these are usually applied with a great amount of flexibility. Hence some leeway in rates, terms and conditions may be given to key managers and CEOs of large companies that may be important to an insurer.

Major brokerage firms with huge business volumes with insurers are also in a position to demand better terms. However they seldom do, as they would normally have a profit-sharing incentive agreement to with insurer and would not want to jeopardize their profit position by submitting poor quality risks.

Marketing and underwriting decisions by far creates the largest variations in premiums between companies. How this happens often goes something like this.

The marketing people may, for example spot an opportunity maybe a new car retailer or a new car make, or a particular segment e.g. lady drivers and persuade the underwriter to offer a favorable rate to capture the market segment. However after a period this new segment displays a high loss ratio. With the large numbers cars insured, the insurers overall loss ratio significantly increases. The insurer has little recourse but to significantly increase the premiums of the coverage on renewal hoping that customers will leave them or if they stay, pay a highly surcharged premium.

Meanwhile other insurers may be having a fairly good loss ratio for their overall business and may not mind accepting coverage in the accepted segment with a much lower surcharge than the existing insurer.

If you are looking or motor insurance or have a policy renewing it is definitely shopping around for a good rate. If you find this troublesome or time consuming you can send your Search to "Best Insurance Premiums in Singapore"

Email me at alexharyl@gmail.com stating your telephone contact and the type sf insurance you need and we will call you to discuss your specific needs.