Are you feeling the pinch of rising motor insurance rates? If you’re a vehicle owner in Singapore, you’ve probably noticed your premiums creeping up, adding to the overall cost of owning a car. Higher insurance costs are frustrating, and it’s hard not to wonder why our rates keep increasing. This article breaks down the main reasons behind these rising costs in Singapore. We’ll explore what’s driving premiums higher, how this impacts vehicle owners like you, and what you can do to manage your insurance expenses better. Whether you’re renewing your policy or shopping for a new one, these factors can help you make smarter decisions about your motor insurance. Overview of current motor insurance rate trends Motor insurance premiums are on the rise, with a 15% increase in gross written premiums reported in 2023. This hike is driven by higher repair costs, frequent and severe claims, and broader economic factors such as inflation and supply chain disruptions, reflecting similar trends seen globally....