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We’re pretty big on the word “budget” here. Stretching the dollar is the national sport. From a young age, we are educated in the very Singaporean values of saving like crazy, spending only when something is of great value, and protesting if nothing goes our way. In Singapore “budget” is not just a word; it’s a lifestyle. With the rising standard of living in Singapore, there is a real need to save up or cut down on costs – even on big things like owning a car.
With our much-lauded public transportation system, owning a car in Singapore is somewhat a luxury. Still, when you think about having to cram into a train to work (and back), or the glacial pace of neighbourhood feeder service buses, how annoying it is to constantly top up that EZ-link, the appeal of owning your own car to rely on seems like the better idea. The only icky thing? The payments that come with it.
Let’s face it, nobody said owning a car in Singapore is going to be cheap. In fact, anything that is going to make your life easier is probably going to cost you something. The only way you can really win in this game is by saving money and cutting costs on some of those car expenses, here are some tips.
1. Go smaller
It’s not rocket science; cars with a lower engine capacity come with lower COE prices. In the long run, your expenses for petrol and road taxes would also be less than if you own a Category A (1,600cc or lower) car than a fancy one with all the extra trimmings. Apparently, COE prices are expected to drop, but let’s not celebrate too early.
2. Get your car its own credit card
Petrol ain’t cheap, we get that. It’s always good to shop for a credit card that will benefit you, proud car owner. While the perks for wining and dining are not that great, the petrol discounts they offer you could bring you significant savings over the year and additional discount vouchers from petrol stations.
3. Park off, man
Certain parts of Singapore become a special type of hell at peak hours. The roads, central areas like the CBD and Orchard Road, the CTE – yep, been there, done that. At times like that, we find ourselves wondering, “I thought they said the economy isn’t doing well. I thought people would take public transport.” Well, harden up because the only way to beat this is to get smart. Make it a habit to check on traffic conditions and where to park before you get on the road using apps. Deciding on a route and carpark before reaching the venue would also help you save time and reduce frustration, as you already have a clear idea of the end game. If you want peace, you have to prepare for war.
4. Take control of your car insurance
Assuming every car owner here is on a decent car insurance plan, here’s a tip: when you take control over your insurance, you take control over your budget.
Budget Direct Insurance makes it ridiculously easy to choose the insurance that works for you. It all comes down to the basic known facts, after all: you know what you drive, you know who drives it, you know how often it is used and you know where.
With Budget Direct Insurance everything is transparent and online. That means you can see all the options available and only buy what you really need. Doesn’t that sound way better (and smarter) than having everything forced upon you in some unnecessary bundle?
5. Talk directly to your insurer
Most insurers will pay agents, middlemen or brokers a fee or commission of 15-20% on your policy. Or worse, if you buy from them direct, you may end up paying the same as you would via a broker.
If you buy from an insurer who doesn’t work with any middlemen instead – like Budget Direct Insurance, these savings are passed on to you, dear driver. Sweet!
Plus, when you need to make a claim on your policy, seek advice from your insurer, directly. Don’t call an agent who then calls the insurer, thus insuring (get it) that you receive second hand info. Preferably their claims team is local and will have first hand knowledge of Singapore’s roads, weather patterns and how this can affect drivers and traffic conditions.
6. Go paperless
Budget Direct Insurance provides 10 optional covers, including choosing the paperless policy option which is both good for the environment and will save a little on your premium. Even better, your documents will be sent to you in less than 10 minutes. No more trees are sacrificed and you don’t have to wait. Take a moment and savour that warm fuzzy feeling that comes when you do something good for the environment!
Visit Budget Direct Insurance to learn more about no-nonsense, money saving cover for your car and get a quote in less than 30 seconds. Or to talk to a member of the Budget Direct Insurance team, right here in Singapore, by calling 6221 2111, Monday to Friday, from 8am to 8pm.
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