What Affects Car Insurance Quote

What Affects Car Insurance Quote

The biggest variables that impact car insurance quote are age and gender. When determining premiums, car insurance companies will consider these factors to interpret your driving experience, and assess your risk level of getting into an accident. If these two characteristics suggest that you are a low risk, then the company doesn’t risk incurring high costs by insuring you, so the quote you receive will be cheaper.

How Age Affects Your Car Insurance Quote

Statistics show that insurers in Singapore favour drivers in their 30s and 40s, which is where the lowest premiums are seen. There is a small increase in cost when people enter their 50s and 60s, but by far the costliest time to purchase insurance is in your 20s. The average quote for people in their 20s is significantly higher than the other age groups, so the correlation is clear. People in their 20s should also be aware that inexperienced driver excess may be bolted on to their policy in Singapore.

How Gender Affects Car Insurance Quote

Typically men have higher premium costs than women across all age groups, because it is considered that men are more accident-prone than women, and therefore a higher risk. As you look through the statistics for different age groups, there is a consistent trend for women having slightly cheaper premiums than men – Aviva claims that data they collected in 2015 suggests men are 1.4 times more likely to have a car accident than women.

Another factor to consider is the no claims discount drivers can accrue by driving claim-free for successive years. The more years a driver goes without making a claim, the higher their no claims discount will be, and some people can save up to 50% on their premium thanks to their careful, safe driving.

If you want to make the most savings possible, you should explore different insurers to see what they offer. HL Assurance, for example, offer 25% discounts for workshops with some of their plans, which could help save you money when your car needs to be worked on. Different deals come attached to different plans, so have a thorough browse and find a deal that gives you the right balance between value and protection – don’t cut corners on your insurance, or you could find yourself in breach of policy or not covered when something happens.