Car insurance discount riders: check before renewal

The diagram below is a self-made illustration, not a real screen.

Car insurance offers several discount riders that lower your premium if you meet their conditions. Conditions and rates differ by insurer, so this guide only covers the types of riders and how to compare them. It does not point to any insurer.

Who this suits

• People about to renew their car insurance
• People who drive little, or who meet a condition such as a dashcam or a young child

1. Main discount riders (as described on Insurance Damoa)

• Mileage: you get part of your premium back if you stay within the annual distance you promised.
• Dashcam: it must be permanently fixed in the car, and its price is added to the vehicle value.
• Child: for drivers with a child under a set age.
• Safe driving habits: based on a safe-driving score from T map, connected cars, iNavi, etc.
• Connected car / accident alert device
• Public transit: based on the last 3 months of subway and bus spending. Only for single-driver or couple-only policies.
• Step count: only for single-driver or couple-only policies.
• Lane departure and forward collision warning devices
• Others: past mileage, email, low-income riders, and a rider for 2 or more cars with a 5,000 km or less promise.

2. How to compare

1. First pick the riders you might qualify for from the list above.
2. Compare car insurance premiums on Insurance Damoa, an online insurance comparison service run by the insurance associations, after identity verification. The Financial Services Commission says Insurance Damoa has reflected 9 riders since 29 August 2017.
3. Check each insurer’s rider conditions and rates with the rider search on the General Insurance Association’s disclosure site.
4. The association’s listed premiums are only reference examples and may differ from your real premium. Consider claims service quality too.

Common mistakes

• Adding a transit or step-count rider to a policy with a wide driver range
• Treating example premiums as your real premium

Checklist

• ☐ Rough annual distance worked out
• ☐ Dashcam permanently fixed?
• ☐ Driver range (single or couple only)
• ☐ Insurance Damoa comparison (after verification)
• ☐ Rider conditions checked on the association’s disclosures

You may also have insurance money waiting; see our unclaimed insurance money guide.

We also have a $4.99 PDF guide that collects more everyday money-saving tips. Take a look if it’s useful →