Free S$5,000 Car Insurance Up for Grabs in Singapore

Auto insurance policy with glasses and penSingtel and AXA Insurance formed a joint venture that will offer S$5,000 worth of free one-year car insurance to the safest driver of a car installed with a telematics device.

The telecommunications company and the insurance firm plan to unveil equipment that aims to promote better safety habits among motorists in Singapore. Singtel’s participation indicates its push beyond its usual offerings of satellite, mobile and data solutions for its clients.

Drivers who wish to take part in the programme will need to register for the activation of the device in their cars, meet a minimum distance coverage during a specified period, and reach a score based on a smart-phone application.

The Technology

Telematics involves the use of wireless telecommunications for data transmission. The joint venture will allow AXA to monitor driving styles of motorists, particularly on their observation of safety while on the road.

This collected information from the device will be beneficial to insured cars, as motorists could enjoy lower premiums on their packages if AXA considers them to be safe drivers. The device will collect data through a cloud-based application connected to Singtel’s mobile networks.

Singtel and AXA’s partnership follows similar tie-ups by the National Trades Union Congress and the Auto-mobile Association of Singapore Academy with the private sector.

Project Mechanics

A caveat for the project, however, will require drivers to sign up for a 24-month contract Singtel postpaid mobile plan and a new MobileShare subscription. Still, the reward for participating in the contest outweighs the supposed costs on your part.

That’s because those who garner ‘low-risk’ scores will be eligible for a 15% discount on AXA’s car insurance premiums, aside from the free one-year insurance if you achieve the best output.

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Road safety remains an important aspect of driving cars. If you get to be rewarded by exercising caution, why not sign up for a project?