A lot of people think that the insurance systems in Asia are bound to be very different to the ones in Great Britain. Whilst there are some differences, the most important rules stay the same. You must have third party car insurance, you must stop at the scene of an accident, and you will have to pay a higher premium if you’re under twenty five years of age.
The only real difference is the fact that owning and driving a car tends to be fairly expensive in Asia. The costs do vary from region to region and country to country – heavily congested cities like Hong Kong are very pricey for motorists. Yet, in places like Thailand where there is a little bit more space, the costs aren’t quite as crippling. Here are some tips and tricks that you can use to keep your car insurance low, whilst spending time in mainland Asia.
Whilst you must be covered for third party accident, injury and fatality in Asia, you do not have to be covered for damage to your own car. This is a completely optional choice. However, third party car insurance is a legal requirement and you must have it, if you are to avoid a serious penalty. Most insurers are happy to throw in damage cover as part of a third party policy. This means that you can be covered for almost all eventualities, without purchasing a comprehensive policy. If you really do want to save money, avoid buying anything other than basic cover. That is, unless you drive a very expensive vehicle or you live in a particularly dangerous part of the country.
When You’re Older
If you’re determined to get a cheap deal on your insurance, you might have to wait until you’re over twenty five years old. Just like in Britain, young drivers are considered to be a bigger risk than older ones. It doesn’t matter whether you think this is hideously unfair, because it’s standard practice all across Asia, says LocalIiz.com. You could think about utilising the superb public transport system until you get a little older and your insurance premiums drop. Being forced to wait for something this important is bound to be frustrating, but it will be worth your patience. Once you’re over twenty five years, your premiums will drop very sharply. A reliable insurer like Direct Asia Singapore will be able to advise you on the best time to apply for a policy.
Just like in Britain motorists in Singapore, and the rest of Asia, who have less than two years driving experience do have to pay higher premiums. There isn’t much that you can do about this if you’re a new driver – this is, apart from dedicate yourself to two accident free years. If these years do pass by without a hitch, you’ll be rewarded with a lower premium, says industry expert Martin Lewis. Again, this is something that frustrates young drivers all over the world. Fortunately, it’s a system that has been proven to reduce collisions and road accidents. If you’re a serious, conscientious driver, you’ll be willing to play by the rules and pay your dues.
Drive A Small Car
According to the experts at ThisIsMoney.co.uk, vehicles over the age of ten years attract significantly higher premiums – the same can be said for convertibles and sports cars. If you want to find a cheap insurance policy, you must have the right vehicle for it. Generally speaking, the smaller the engine, the more affordable the policy. So, the drivers in the very best position are those with relatively new cars with small engines. Do be aware of the fact that brand new cars attract high premiums, too. Try to get the right balance, when it comes to choosing your next model. If you only need a small car, it’s obvious that you should only buy a small car. It’s the only way to be guaranteed cheap car insurance premiums.
Author Bio: James Patrick is an online blog writer from Manchester. For the very best information and advice on how to get cheap car insurance premiums, he recommends Directasia Singapore. He is currently researching about Financial topics like car insurance.