Car Insurance

Think All Car Insurance Policies Are the Same? Here’s Why Income Has Chosen to Make Theirs Different

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Peter Lin

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This post was written in collaboration with Income. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.

Buying car insurance in Singapore often feels like an afterthought. When you buy a car in Singapore, you’re more concerned about the high COE prices and making sure you choose a model that gets you rebates for lower emissions. You don’t really think about which car insurance policy to get. Aren’t they all the same anyway? Just get the cheapest one!

Even though car insurance in Singapore is compulsory, not all car insurance policies are the same. After all, everyone has different driving habits! Some of us commute long distances daily for work, others treat their cars like glass antiques, worried that the slightest accident will ruin their value. Each driver should be able to choose a car insurance policy that best suits their driving style.

That’s why Income has introduced two new car insurance schemes, in addition to their existing Drivo Classic/Premium/Prestige plans. Drive Master is a car insurance scheme that rewards you for good driving behaviour, while FlexiMileage helps you save more if you don’t drive as often.

 

1. Drive Master – discounts for safe driving on top of your existing NCD

Most car insurance policies in Singapore offer a No Claim Discount. This is a way to reward drivers who have not made any car insurance claims to enjoy discounts of up to 50% on their car insurance premiums. Considering the cost of car insurance premiums these days, you could be saving hundreds of dollars with an NCD.

But with Drive Master, you can save even more for safe driving! Drive Master is a mobile app that automatically records your driving trips and then scores your driving. The score is based on several factors including: driving speed, how you manoeuvre, your mileage, and drive time. The higher your score, the more you can save.

On top of your NCD, Drive Master offers up to 25% additional discount on your car insurance premiums. Together with the 5% loyalty discount for customers who insure with Income for more than 3 years, this adds up to potential savings of up to 64%.

Here’s how it works, assuming a gross car insurance premium of $1,000 for simplicity’s sake:

  Amount Total
Gross premium $1,000 $1,000
NCD (Up to 50%) $500 (50% of $1,000) – $500 = $500
Drive Master discount (Up to 25%) $125 (25% of $500) – $125 = $375
Loyalty discount (5%) $18.75 (5% of $375) – $18.75 = $356.25

 

Thanks to Drive Master, you could shave off over $640 from your $1,000 car insurance premium. That’s a lot of money.

Obviously, Drive Master is best for drivers who are willing to drive consistently according to the safety standards set by the Drive Master mobile app. But I think there’s no better incentive to becoming a better driver than by saving on your car insurance premiums.

Best of all, even if you’re with another car insurance provider currently, you can try Drive Master first to see how much you could save once you switch to Income. Download the mobile app 2 months before your next policy renewal and you could enjoy the Drive Master discount as soon as you switch to Income.

 

2. FlexiMileage – car insurance discounts for driving less

Because Singapore is so small, we may not need to drive long distances often in a year. Isn’t it unfair that we should still pay the same car insurance premiums as a heavy road user? With Income’s FlexiMileage car insurance scheme, you get discounts on your car insurance premiums for driving less.

Here’s how it works:

Mileage FlexiMileage Discount
Less than 5,000 km a year 35%
5,000 – 9,000 km a year 20%

 

Less than 5,000 km a year means less than 96 km a week – not that hard to achieve if you don’t use your car often. Together with the 50% NCD and 5% loyalty discount for customers who insure with Income for more than 3 years, this adds up to potential savings of up to 69%! Nice.

Here’s how much you can save a year, once again assuming a gross car insurance premium of $1,000 for simplicity’s sake:

  Amount Total
Gross premium $1,000 $1,000
NCD (Up to 50%) $500 (50% of $1,000) – $500 = $500
FlexiMileage discount (Up to 35%) $175 (35% of $500) – $175 = $325
Loyalty discount (5%) $16.25 (5% of $325) – $16.25 = $308.75

 

Imagine saving almost $700 on your car insurance premiums!

The best part is, if you’ve already clocked less than 9,000 km in the year before your car insurance renewal, you can sign up for FlexiMileage and enjoy the discount on your renewal! You will then get a Telematics device installed in your car by Income, which will help you track your mileage online for the following year.

Of course, if neither of these car insurance schemes are applicable to your driving behaviour, there’s always Drivo – Income’s standard car insurance policy that covers you for vehicle repairs, loss and damage, and even towing services and unlimited windscreen cover.

If you’re looking to have your vehicle repairs done at a workshop of your choice, upgrade to the Drivo Premium Plan. And if you’re the lucky owner of a Porsche, consider the Drivo Prestige plan, tailored solely for you.

Ultimately, as a car driver in Singapore, you should be not be penalised if you are a good and safe driver, or if you don’t drive as often as others. Now that you know Income, with Drive Master and FlexiMileage, can help you save up to 64% and 69% on your car insurance premium, what are you waiting for?

To find out more about Income’s car insurance policies, click here.

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.