Motor Insurance

It was recently reported that the premium of motor insurance had jumped almost 40% in most companies. The main reason for tis due to inflated repair bills and the relevant parties had formed a committee to study the claim process to minimise this issue. However, there is no solution yet. What this means is that we do not expect the premiums for motor insurance to be reduced in the near future.  Most drivers stick to their renewal insurers for the better deal in the past and it is a common misconception that the current renewal premium is always the lowest as compared to other insurer. Some drivers think that the premium is not much different regardless you get the cover from which insurer . Here’s a case of how difference the quotes from different insurers can be.

Case 1

Excess  Premiun
 Allianz $500.00  $  1,052.32
 AIG $     0.00 $912.56
 China Taiping $500.00  $  2,415.38
 HSBC $500.00  $  1,554.09
 India $500.00  $  1,887.22
 Liberty $500.00  $  1,972.12
 Mitsui $550.00  $  1,982.97
 MSIG $500.00  $  1,368.97
 NTUC $500.00  $  2,012.76
 Tenet $500.00  $  2,081.62

Case 2

 Excess  Premiun
 Allianz  $     500  $  1,126.61
 AXA  $     500  $  1,803.93
 AIG  $     500  $  2,356.78
 China Taiping  $     500  $  2,215.38
 HSBC  $     500  $  1,554.09
 India  $     500  $     978.25
 Liberty  $     500  $  1,972.12
 Mitsui  $     550  $  1,982.97
 MSIG  $     500  $  1,368.97
 NTUC  $     500  $  1,388.09
 Tenet  $     500  $  2,081.62

You realise the lowest premium is not always from the same insurer. As an IFA, we try to source for a more competitive premiums for the your vehicle. Feel free to email me if you need any assistance with a no obligation quote at kimheng@firstprincipal.com with your

1) Name

2) Date of Birth

3) NRIC number

4) Date passed

5) NCD

6) Car plate number

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