This is Advertorial
This is the first time I am doing an advertorial because I believe it is a reasonably good deal. For those who drive, vouchinsurance get you cash back on your premium if you dun claim. One could get up to 15% cashback on your insurance premium paid at the end of the policy year. I, for one, has not made a claim for the past 10 years, except for a windscreen change due to a flying pebble, and I hit my maximum 50% NCD for the last 6 years. I would think the savings would be rather meaningful had I come to know of this deal earlier. Also, Car insurance is compulsory, if it is a fixed cost as long as you drive, why not go for some savings?
So, how do we actually get 15%? (Details https://www.vouchinsurance.sg/how-it-works)
In a nutshell, the 3 insurance companies on Vouchinsurance platform will set aside 15% of your premium once you signed up and will place you in a pool of fellow drivers under this scheme. If no one makes a claim, you get 15%, if someone makes a claim, you get lesser. You can form your own community of drivers pool.
I checked with Yu Jun, Co-Founder and CEO of Vouch InsureTech, about the probability of 15% rebate, and this is his reply:
"There is a pretty good chance of getting the cashback because we do seem to be attracting the safe drivers even in our early days since our Feb launch. For our ~50 customers, the median NCD is 50%, and so far no accidents reported."
My existing car insurance premium is $979 from SOMPO, which is also one of the three insurers with Vouch Insurance. I tried to get an online quotation and was granted one from NTUC rather in a hassle-free manner, and the quotation I got from NTUC is $992, so the quotation was rather competitive. The 15% cashback would amount to close to $150, which, if used to offset my next premium, would mean I heard the lowest possible quotation. By the way, you get back cash aka cheque, not an offset of the next insurance premium. Yes, I don't like lock-up, I am not stupid, so I genuinely feel the deal is a sincere one, albeit depending on luck (Those in your driver pool no having accident claims).
If you refer to my promotion code you will get $25 discount, to be redeemed as cash after 60 days of policy is in forced. You can also refer your friends after you set up your own account. The referral process is really simple, there is a “share on facebook” and then paste your referral link.
Below is my link:
I don’t know what you think, I think the deal is not too shabby. In case you are wondering, Vouchinsurance is also MAS approved.