Own a car in S’pore? Get a few hundred dollars back as you let it collect dust at home.

Get paid for underutilisation.

Belmont Lay | | Sponsored | January 25, 2022, 12:00 PM

Here’s the truth: Singaporeans love their cars and won’t be giving them up anytime soon.

In fact, during this ongoing pandemic, cars serve as precious private spaces that keep occupants cocooned inside, mask-free.

And here’s the other truth: With the car population up 4 per cent in the first nine months of 2021, those who do own cars in Singapore are finding that they are driving a lot less.

They don’t have to commute to the office and there are simply fewer public places to hang out once the size of one’s social circle dwindles.

Selling your car is also not a consideration, because all else being equal, you might have to still buy one later on, which would likely incur more costs.

The effect? Cars are idling in car parks and driveways, pretty much underutilised.

The good idea

So, what if car owners can recoup some of the sunk cost, such as by getting some money back for not using their cars?

If almost everything in Singapore is already usage and subscription-based, why not?

Tiq by Etiqa’s new usage-based motor insurance

Here’s the good news.

Tiq by Etiqa has launched a new “Drive Less, Save More” motor insurance.

It is the first insurer to provide usage-based motor insurance rebates without a location tracking device.

Who can qualify?

New and existing customers renewing their policies can receive up to 30 per cent rebates off the basic premium.

How much in cash rebates?

This easily translates to a few hundred dollars in rebates in one year – in cold hard cash.

How it works

If you can walk 10,000 steps a day and redeem rewards by getting physically active, signing up for this new insurance plan is a breeze – with greater payoffs for your bottomline.

For new customers, all they need to do is sign up for a new private car comprehensive insurance plan with the “Drive Less, Save More” feature.

And the experience is fuss-free and completely online.

All that is needed is to activate “Drive Less, Save More” three days before the policy start date via the Tiq by Etiqa App.

Customers then simply have to upload an image of the car odometer reading and car number plate via the Tiq by Etiqa App.

They can choose to upload the car odometer reading as frequently as they wish, but with a minimum of 10 days between each upload.

Example of rebates

Here’s the quick math: If you pay S$1,200 for Tiq by Etiqa’s comprehensive insurance plan, you can get back as much as S$360 in cash in one year.

Is it possible to clock 14km or less a day?

Travelling less doesn’t mean giving up on travelling by car completely.

For people who live in the suburban parts of Singapore, it is highly possible to travel fewer than 14km a day, given the proximity of localised amenities.

All housing estates have a mall or mom and pop shops to provide for daily necessities.

Grocery runs can be limited to once every few days.

The car can still be used for short commutes, such as dropping off children at school and then picking them up again.

Over the course of a week, car owners can still drive up to 98km to qualify for the highest 30 per cent rebate.

This is more than sufficient for making a trip to town and back home or going from the east to west of Singapore, or vice versa, to visit relatives and making it back home again.

A.I. involved

Artificial intelligence technology is employed to assess the images uploaded and calculate the rebate amount.

This vastly limits the need for human intervention as the technology will do the job of accurately assessing the mileage clocked.

This aids in accurate record-keeping, minimises disputes, and maintains a comprehensive log, while giving Etiqa customers peace of mind as they are assured that no telematics system or location tracking is involved, ensuring privacy and security.

The tracking of mileage is left strictly in the hands of customers.

Get cold hard cash

Here’s where the rewards come in.

Cash rebates will be credited to the customer’s TiqConnect eWallet within three working days.

Otherwise, customers can choose to cash out on the rebates from the eWallet instantly and directly to their bank account or via PayNow.

Cash rebates are calculated on a daily basis, as a percentage of a customer’s basic premium or contribution – minus the no claim discount.

For more information, please visit Tiq by Etiqa’s website.

Top photo via Unsplash

Writing this sponsored-article allowed the writer to wonder if he should go out less.