In Singapore, car insurance premiums are priced according to the risk level insurers have to bear. As a consumer, knowing these factors help you navigate around potholes so you can get the most competitive motor insurance in the market -- every time.

In general, the following are major factors that insurers take into consideration:

- Make and Model of Vehicle, Engine Capacity & Age of vehicle
- Nature of Vehicle Usage (private use/corporate use/commercial use/hire, etc.)
- Age, Sex and Occupation of Driver
- Marital Status of Insured
- Driver experience (No. of Years)
- Claims History of Driver
- Type of Cover (Third Party Only, Third Party Fire & Theft or Comprehensive)

Insurers will give each risk factor a weighting based on a range of statistics and past claims experience -- all these boils down to the business risk that car insurance companies have to take in order to maintain their insurance operation.

The good news is even if you do not understand how all these work, you can still benefit from market inconsistencies if you understand this fact:

Different insurers have different preference for particular brands or models, according to the claims experience in their company.

This is more apparent when insuring private vehicles, trucks and commercial vehicles than when it concerns motorcycles.

If you are able to get 6-7 quotes from different insurers, these inconsistencies become crystal clear. Even though their coverage may be the same, their premiums differ -- sometimes by as much as 79%.

Knowing this, you can grab at least six to seven quotes from reputable insurers in Singapore to compare quotes. Then grab the cheapest three to start comparing other features like windscreen coverage, loss of use benefit and workshop provision.

Finally, remember to ask for feedback on their customer service. It is really no use paying for dirt cheap insurance that takes many frustrating months to claim from.