Young Driver Car Insurance
Young driver car insurance in Singapore is for young drivers who just obtained their driving license and purchasing their first vehicle. The cost of the young person car insurance may shock you; it is upscaled. With this in mind, a young driver should consider how the car insurance companies calculate the young driver car insurance premiums.
Why Is The Young Driver Car Insurance Expensive?
A young driver car insurance is expensive because the past statistics which reflect the higher claims experience from a younger person as oppose to older drivers. This basically means car insurance companies has to pay more damages caused by younger drivers.
Purchasing Your First Vehicle? Learn How The Vehicle You Purchase Can Affect Your Young Driver Car Insurance.
As we mentioned, the premiums for young driver car insurance is dear. In addition, most young drivers tend to purchase a higher performance car because of the “feel” of it. Little did they know this further boost the premiums. Here are 5 tips you should watch for when purchasing your first vehicle to keep your young driver car insurance low.
- Value Of Vehicle – Is it a high-value vehicle? Higher value vehicles increase the insurance cost.
- Vehicle Specifications – As young drivers, we may bend on getting the best vehicle specifications; however, the higher specification results in an expensive young person car insurance.
- Vehicle Modifications – While it may seem cool to get many vehicle modifications to improve the appearance and performance of your vehicle; it also hikes the young driver car insurance prices.
- Vehicle Engine – A young driver may think getting a vehicle is all about the horsepower; a vehicle with higher horsepower will attract a rise in the insurance costs.
- Parallel Import – Purchasing an import vehicle is definitely cheaper however it increases the young person car insurance prices.
Reduce Young Driver Car Insurance Premiums
Apart from selecting a conventional vehicle, a young person can further reduce your premiums with many other methods. Here are 3 ways you can reduce the young driver car insurance cost.
- Pay Upfront – It is always cheaper to settle the full payment upfront.
- Pay A Voluntary Excess – Increase the amount which you are liable for if you are at fault in an accident. Do set the excess to a comfortable amount which you can manage; you don’t want to go bust because of a single accident.
- Build Up Your Record – As a young driver, you can build up your reputation as a safe driver; claiming no claim discount rewards and certification of merit can reduce the young driver car insurance premiums.
Purchase The Young Driver Car Insurance
SingaporeCarInsurance.org can help you find the young driver car insurance which matches your requirements and profile. We were once young drivers too and want you to have the best when it comes to selecting your first young person car insurance.