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INSURANCE | Staff Reporter, Singapore

Motor insurance plan for new and young drivers launched in Singapore

Policyholders attending a safe driver programme can have additional premium loading cut by 10%.

The Automobile Association of Singapore (AA Singapore) has tied up with Liberty Insurance Singapore to unveil a motor insurance policy specifically designed for drivers below the age of 24 or drivers with less than two years of experience.

Called Young or New Drivers Motor Insurance, the insurance policy targets what is commonly classified as a high-risk group that’s more prone to be involved in an accident which often results in higher excess and premium on insurance plans.

The insurance policy works on improving driving behaviours by allowing young or new drivers to attend AAS Academy’s Safe Driver Programme. By doing so, the young or new drivers will have their additional premium loading reduced by 10%, and subject to a policy excess of $400 instead of $3,000.

Drivers can also track their daily drives through a telematics app, DriveWellTM and safe drivers can receive petrol vouchers as incentives.

“Young or new drivers are deemed to be less safe than a seasoned driver as studies have shown that these drivers are more prone to being involved in road accidents,” Mr Bernard Tay, President of AA Singapore said in a statement. “[W]e want to instil the right attitude to this group of drivers and help them to be safe on roads; by raising their risk awareness and understand how they should react under differing road conditions, thereby lowering their chances of a crash.”

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