Online motor insurer DirectAsia launched a package on Friday with an increased no-claims discount (NCD), adding 10% to the industry standard rate of 50%.
According to the company, the package, known as NCD60, is to reward its long-time policyholders that have maintained their NCD status for at least five consecutive years, allowing drivers to save up to 60% on their motor insurance premiums.
Bob Thaker, CEO of DirectAsia Singapore, said in a statement that the company wants to provide consumers with “added incentive to remain safe and comprehensively covered when driving,” in the face of rising car ownership costs in Singapore.
DirectAsia is first launching this benefit in Singapore, and it is available to Singapore residents, permanent residents and work pass holders. Both existing customers and those that switch to DirectAsia can be eligible.
Usually, motor insurers give a 10% discount for every year they are accident-free, for a maximum of 50%, also known as NCD50. If the driver maintains the NCD50 status for five years in a row, they can qualify for NCD60.
According to the insurer, up to half of all drivers in Singapore can qualify for the 50% no-claim discount.
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