Most affordable car insurance in 2020 is Budget Direct Insurance, says independent study
SINGAPORE, May 11, 2020 /PRNewswire/ -- An independent study conducted by a consumer research firm showed that Budget Direct Insurance offers one of the most competitive deals on car insurance in Singapore. In 2020, ValueChampion named the Budget Direct Comprehensive plan as their top pick for Cheapest Car Insurance for the third consecutive year.
Motorists with Budget Direct Insurance can pay up to 50% less on car insurance than the average premium offered by other insurers, according to independent study.
The report found that motorists with Budget Direct Insurance can pay up to 50% less than the average premium offered by other insurers.
A 45-year-old married male sedan driver, for instance, with 5 years of experience and a 50% No Claim Discount (NCD), pays an average premium of $429 with Budget Direct Insurance. In comparison, the average premium offered by other insurance companies in Singapore for a similar insured driver and vehicle is $714.
The study looked at the best comprehensive car insurance plans on the market based on budget, car type and desired coverage. It then analysed car insurance benefits for the most popular sedans and SUVs and compared prices from 12 car insurers across Singapore.
The ValueChampion report says that Budget Direct Insurance sets itself apart by offering almost unbeatable premiums for experienced drivers.
In addition to low prices, Budget Direct Insurance consistently maintains high customer service ratings of 4.6 out of a possible 5 stars on independent feedback platform, Feefo. As a result, the digital insurer has won multiple awards over the years based on over 2,900 verified reviews. Recently, it received the Feefo Platinum Trusted Service 2020 award for achieving the Feefo Gold standard for 3 consecutive years.
Simon Birch, CEO of Budget Direct Insurance, said the award proves customers can pay less and expect great service. "It helps us to reinforce the message that motorists can pay less for their car insurance without scrimping on service or cutting corners on cover."
Birch added: "At Budget Direct Insurance, we offer quality comprehensive car cover at cheaper prices. In fact, we're so confident that we offer great prices that if your renewal premium with your current insurer is cheaper than our premiums for the same level of cover, we'll give you $100 even if you don't buy."
The digital insurer says it keeps premiums low by cutting out the middleman and agent commissions. It steers clear of insuring risky drivers so customers do not subsidise bad drivers. And it establishes who will drive the car and how the car will be used to ensure motorists pay the right amount of insurance. The use of modern technologies and efforts to combat inflated and fraudulent claims help keep insurance premiums down as well.
See ValueChampion for the full report.
About Budget Direct Insurance
Budget Direct Insurance is the trading name of Auto & General Insurance (Singapore) Pte. Limited, which is licensed by the Monetary Authority of Singapore, and bound by the regulations and requirements for insurers.
Built as a digital start-up in Singapore, Budget Direct Insurance is part of a privately owned global group of companies, whose principal businesses are engaged in insurance underwriting, direct insurance distribution, brokering and related services, online comparison and property development.
The Group, which provides insurance solutions for millions of policyholders worldwide, includes one of the largest direct personal lines insurers in South Africa and one of the largest personal lines insurance intermediaries in the United Kingdom.