10 Best Car Insurance Plans for Comparison in Singapore (2023)

As a car owner, you are legally required to have your vehicle insured. This may prompt you to go on a search for the best plan for you, but without professional knowledge and in-depth analysis, the sheer volume of car insurance information available online (and maybe offline too!) can be confusing and overwhelming.

We’re here to help. This article provides valuable insight into car insurance plans, like coverage types, accident protections, and other indemnities, so that you can make the best decisions based on your individual preferences and circumstances in searching for the best insurance plan for your car. Read on! If you’re looking to buy a car you can consider applying for a car loan.

Comparing the 10 Best Car Insurance Plans In Singapore

The table below highlights the popular motor insurance policies in Singapore:

Plans

Best forProsCons

Estimated annual premiums

AIG/Complete Plan

Policyholders favoring protection against collision-related accidents.
  • Towing fees up to S$500.
  • Windscreen or window cover with auto reinstatementent.
  • Authorized driver coverage is limited to household members only
  • Approved workshops only.
  • Lower excess for sharing in-car camera footage.

S$1,030

Allianz/Comprehensive Plan

policyholders preferring comprehensive and professional services
  • Lifetime warranty on repair services
  • Legal representation and Defence expenses up to S$3,000 per accident.
  • Unlimited windscreen cover
  • Agreed value payout at total loss
  • Workshops of free choice
  • Repair warranty available at authorized workshops only)
  • NCD protector available for applicants with NCD 30% or above.

S$900

Budget Direct Insurance/ Comprehensive Car Insurance

Budget policyholders looking for the cheapest car insurance
  • Free use of workshops.
  • Additional S$50 of allowance to get a car owner or driver back hme after an accident.
  • Windscreen cover is a part of the policy.
  • Unnamed driver coverage.
  • Area coverage includes Singapore only.
  • No replacement for car beyond repair.
  • Incomplete covers

S$500

Etiqa/Comprehensive Plan

Young or inexperienced drivers
  • Flexible premiums for excess amounts up to S$2,500
  • Free choices of workshops.
  • A tow fee is low for S$200 each only.
  • Daily transport allowance up to 5 days only.
  • Allowance available for car repair exceeding 3 days.

S$1,160

FWD/Prestige Plan

Long-term policyholders
  • Replacement of lost or damaged car keys for up to S$1,000.
  • Compensation for personal belongings up to S$2,000.
  • Automatically eligible for lifetime NCD guarantee at NCD 50%.
  • Car replacement service is limited to cars under 12 months old.
  • Excess of S$2,500 for drivers under 27 years of age.

S$920

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HL Assurance/Car Protect360

Policyholders opting for fringe benefits and flexible premium schedules
  • Complementary car servicing, e.g., air conditioning treatment, paint protection, and 25% off pricing on other car services.
  • Flexible premium and excess options according to choices of workshops
  • High medical coverage of up to S$20,000.
  • Self-repair allowance of up to S$300.
  • Allowance available for car repair exceeding 3 days.
  • Only one car insurance plan is available.

S$1,340

MSIG/MotorMax Plus

Policyholders choosing specialized protections
  • Loan repayment for an insured car in case of death in an accident.
  • Excess is waived if a windscreen is under repair.
  • Geographic coverage extends to the west of Malaysia and a part of Thailand.
  • The New for Old Replacement benefit applies to car of 12 months or under.

S$830

NTUC Income/Drivo Premium

Policyholders opting for free NCD Protector and generous roadside assistance
  • Unlimited death and injury to the third party.
  • Unlimited windscreen cover subject to S$100 excess.
  • Reimbursement of up to S$200 for non-accident roadside assistance.
  • Additional medical coverage of S$10,000 for a pregnant policyholder.
  • Free NCD Protector for policyholders with the last 2 consecutive NCD 50%.
  • Daily transport allowance applies to the first 2 claims and 7 days only.

S$1,000

SingLife with Aviva/Prestige Plan

Policyholders preferring low excess payments
  • The Brand New Car Replacement applies to cars of 24 months or under.
  • Free choice of workshops.
  • Zero excess for young or inexperienced drivers.
  • Zero excess for windscreen damage.
  • Pickup service from the accident site.
  • Up to S$500 for replacing a car key or its security system.
  • NCD Protector applies to the first claim only.
  • Courtesy car service applies to 10 days only.

S$1,060

SingTel/Premium Plan

Policyholders favouring magnanimous medical coverage
  • Free choice of workshops
  • Medical accidental coverage of up to S$120,000 & S$50,000 for the policyholder and passengers.
  • Policy underwritten by Great Eastern General Insurance Co.
  • Unnamed driver coverage.
  • Lack of comprehensive coverage.

S$830

*Premiums are for reference only. You should refer to insurance companies for premium details.

1. AIG/Complete Plan for collision-related accident protection

10 Best Car Insurance Plans for Comparison in Singapore (1)

Premiums: S$1,030 (estimated)

AIG Asia Pacific Insurance Pte Ltd, a renowned general insurance company in town since 1953, has become known for providing auto collision-related coverage at a low premium compared to the same coverage provided by other companies.

The complete plan offers more benefits, for example, the loss of vehicle caused by theft, damage by neutral disasters like floods, besides the coverage of collision-related plan, windows or windscreen coverage with automatic benefit reinstatement(an excess of SGD100 before GST.)

Coverage

  • The complete plan offers liability to third-party and car damage due to fire and theft in an accident.
  • The plan also covers damage and loss of vehicles caused by strikes, riots, and civic commotion.
  • Furthermore, AIG offers add-on insurance as attachments to the complete plan. The add-on insurance riders include coverage of glass roof/moon roof/sunroof/panoramic glass roof.
  • Additional optional coverage provides for the loss of cash compensation of SGD50 for up to 7 days. The other is the NCD Protector add-on for drivers with 50% NCD, including non-reduction of NCD for the first claim in the first policy year.
  • Another benefit is the coverage of extended authorized drivers outside a policy owner’s household. The additional coverage covers solar film due to the damage to the windscreen, windows, and canvas top with an automatic restatement of the benefit(an excess of SGD350 before GST.)

Pros

  • A high towing fee of up to S$500.
  • The windscreen and window cover is an auto-reinstatement feature of the complete plan.
  • Lower premium for drivers of age 30, 35, and 40, or limited coverage for the next policy year.
  • Natural disaster coverage, e.g., floods.

Cons

  • Authorized driver coverage is limited to household members only
  • Approved workshops only.
  • Lower excess for sharing in-car camera footage.
  • Loss of income compensation applies to 7 days only.

2. Allianz/Comprehensive Plan for comprehensive and professional services

10 Best Car Insurance Plans for Comparison in Singapore (2)

Premiums: S$900 (estimated)

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A financial household name, Allianz has been serving Singapore’s retail, SMEs, and mid-corp markets since 1998. Allianz offers the best and most comprehensive car insurance for car owners at a reasonably low price.

Coverage

  • Apart from the third-party coverage and car damage due to fire and theft, policy owners of a comprehensive plan get more protection from loss and damage caused by accidents. But they should have the repair work performed at authorized or preferred workshops.
  • Clients can get a taxi reimbursement of SGD100 and a towing fee of SGD500 per accident or breakdown. The authorized repair limit for the comprehensive policy is SGD350 per accident.
  • When an insured car is under repair, a policy owner can get a courtesy car for up to 10 days per case. Or he may choose to get an allowance of SGD50 instead. And If the insured car is of age less than 2 years and beyond repair, you can get a replacement car by triggering a“New for Old” policy clause.
  • Comprehensive insurance plan customers can get 24/7 Roadside Assistance service and unlimited windscreen coverage. Allianz is one of a few car insurance companies offering the “Agreed Value Payout at Total Loss” cover for free. A client should agree to a payout value at the start of a policy year.
  • What distinguishes the other 2 policies is that a comprehensive plan holder can choose his favorite workshop to repair an auto. And it offers compensations of SGD50,000 and SGD25,000 due to death and permanent disability to the policy owner and each passenger. The additional medical expense of SGD1,000 is available to each passenger as necessary.
  • Finally, you can choose the excess amount in case of a claim. The excess amount to be paid will undoubtedly affect the future premium.

Pros

  • Lifetime warranty on repair services
  • Legal representation and Defence expenses up to S$3,000 per accident.
  • Unlimited windscreen cover
  • Agreed value payout at total loss
  • Workshops of free choice

Cons

  • Repair warranty available at authorized workshops only)
  • NCD protector available for applicants with NCD 30% or above.

3. Budget Direct Insurance/Comprehensive Car Insurance for cheap car insurance cover

Premiums: S$500

Trading as Budget Direct Insurance, Auto & General Insurance (Singapore) Pte is an international insurance company headquartered in the British Isles. Besides car insurance, the insurer offers motorcycle and travel insurance to Singaporeans.

Coverage

  • Unlimited liability is available to third-party death and injury.
  • Up to S$5,000,000 benefits are offered to third-party’s property.
  • Up to S$3,000 legal costs against criminal charges are available.
  • Policyowners can access car repair, replacement, and market value payments at no fault.
  • Protection is accessible at your fault.
  • Compensation is available due to fire theft and natural disasters.
  • The insurer provides coverage against vandals, windscreen, and window damages.

Pros

  • Free use of workshops.
  • Additional S$50 allowance to get a car owner or driver back home after an accident.
  • Windscreen cover is a part of the policy.
  • Unnamed driver coverage.

Cons

  • Area coverage includes Singapore only.
  • No replacement for a car beyond repair.
  • Incomplete covers

4. Etiqa/Comprehensive Plan for young or inexperienced drivers

10 Best Car Insurance Plans for Comparison in Singapore (3)

Premiums: S$1,160 (estimated)

Etiqa, an online insurance company, is a member of Maybank Group and has a strong rating of “A” by the Fitch rating agency. Etiqa provides exceptional car insurance services to young and inexperienced car drivers, among other insurers.

Coverage

  • A plan holder is eligible for personal accident coverage of up to SGD50,000 due to a car accident and, including named drivers and passengers, is also eligible for medical expenses of up to SGD1,000 per person caused by a car accident besides third-party liability and car damage due to fire, theft insurance.
  • Etiqa also offers an unlimited windscreen cover with an excess of SGD100 and a daily transport allowance of SGD50 for 5 days, a maximum if the repair is at an authorized workshop and exceeds 3 consequent days.
  • The company offers flexible insurance excess premium policy. A policy applicant can choose several excess options to adjust policy premiums. The higher an insurance excess a policyholder chooses to pay, the lower the policy premium will be. A maximum cap of SGD2,500 excess is available. Etiqa will specify an excess of SGD500 for an unnamed driver if a claim arises. And other excesses for elderly, young, and inexperienced drivers are SGD2,000.
  • You may not notice Etiqa has a child car seat cover reimbursing up to SGD300 for a car seat damaged in an accident. And it is free!
  • An added-on coverage is Gap Cover. It insures against the difference of up to SGD80,000 between an outstanding car loan and its market value in a car’s total loss. Other insurance add-ons by Etqa include 1. Enhanced Protection and Removal After Damage or Loss insurance rider. 2. Loss of Use Benefit, 3. Medical and Dental Expenses, 3. 24/7 Roadside Assistance.
  • Etiqa offers optional coverages like No-Claim Discount(NCD) Protector, adjustable excess, Sun/Moon cover, solar film cover, and workshop of your choice.

Pros

  • Flexible premiums for excess amounts up to S$2,500
  • Free choices of workshops

Cons

  • A towing fee of S$200 is low.
  • Daily transport allowance up to 5 days only.
  • Allowance available for car repair exceeding 3 days.

5. FWD/Prestige Plan for long-term policyholders

10 Best Car Insurance Plans for Comparison in Singapore (4)

Premiums: S$920 (estimated)

FWD began operations in Singapore in 2016 and is a composite insurer offering various insurance products to Singaporeans. FWD has been emphasizing easy-to-understand and customer-oriented products in serving clients.

Coverage

  • Comprehensive plan owners can enjoy 12 monthly premium installments interest-free if paying by OCBC Mastercredit or VISA credit card.
  • Policyowners have a lifetime guarantee of 50% NCD for their car insurance renewal with FWD.
  • Auto owners receive a daily transport allowance of SGD80 for 10 days, a maximum under repair.
  • Prestige and Executive plan owners of comprehensive insurance policies can receive the courtesy car service for up to 3 months if their insured cars are stolen, written off, or in a workshop.
  • Like other insurance plans, you can choose to purchase add-ons to enhance your insurance benefits.
  • Family personal accident insurance and hospital income benefit are added-on insurance. You and your family can get SGD100 per day for up to 90 days for staying hospitalized even if the accident is not car-related.
  • A benefit of SGD50,000 for the death or permanent disability is available to an insured and family members.
  • You can choose a higher excess option to reduce the insurance premium. FWD can allow you to waive young driver excess to get full coverage. And you have the option to choose a preferred workshop.

Pros

  • Replacement of lost or damaged car keys for up to S$1,000.
  • Compensation for personal belongings up to S$2,000.
  • Automatically eligible for lifetime NCD guarantee at NCD 50%.

Cons

  • Car replacement service is limited to cars under 12 months old.
  • Excess of S$2,500 for drivers under 27 years of age.

6. HL Assurance/Car Protect360 for fringe benefits and flexible premium schedules

Premiums: S$1,340

HL Assurance is a member of the Hong Leung Group of Malaysia. Besides emphasizing a broad choice of workshops, HL Assurance offers policyholders fringe benefits, e.g., air-con paint protection and other free car treatments. The plan adjusts the premium based on your choice of workshops. Policyholders choosing the authorized workshop option pay fewer premiums than others choosing the option of free workshops.

Coverage

  • HLAS lets you choose your preferred workshop by providing a flexible premium and excess schedule. If you use HLAS-authorized workshops, a reduction of excess and premium is available.
  • The Car Protect360 insurance covers loss or damage up to a market value on the day of the event due to fire, theft, natural disasters, fallen objects, riots, and strikes.
  • A benefit of up to SGD1,000 is available for manufacturers’ standard equipment and car accessories like audio or videos.
  • Unlimited windscreen cover is available with no insurance excess at HL’s approved workshops( otherwise, a policy owner should pay an excess of SGD100.)
  • HL Assurance offers coverage of up to SGD5,000,000 for damage and an unlimited cover of death or Injury to third parties.
  • Besides, you and an authorized driver, including passengers, get a medical expense reimbursement of up to SGD1,000 per person.
  • Regarding personal accident benefits, a policy owner can get SGD20,000 and an authorized driver and passengers for SGD10,000.
  • Other benefits include a daily transport allowance of SG50 and up to a total of SGD1,000 if your car is under repair for more than 3 days.
  • The towing benefit is up to SGD500. HL Assurance allows you to perform minor repairs for a limit of up to SGD300 net of excess deductions.
  • A 24-hour automobile and medical assistance service are ready at a policy owner’s request.
  • HL Assurance also provides policyholders NCD protector and 24/7 Roadside Assistance services.

Pros

  • Complementary car servicing, e.g., air conditioning treatment, paint protection, and 25% off pricing on other car services.
  • Flexible premium and excess options according to choices of workshops
  • High medical coverage of up to S$20,000.
  • Self-repair allowance of up to S$300.

Cons

  • Allowance available for car repair exceeding 3 days.
  • Only one car insurance plan is available.

7. MSIG/MotoMax Plus for specialized protections

10 Best Car Insurance Plans for Comparison in Singapore (5)

Premiums: S$830

MSIG Singapore Pte Limited, an MSI subsidiary and a member of MS&AD Insurance Group, has over 100 years of operations in Singapore. The company holds an A+/Stable rating from Standard & Poor’s. MSIG’s auto insurance is the choice of budget policyholders.

Coverage

  • MotorMax Plus increases the personal accident benefits to policyholders, an authorized driver, and passengers up to SGD100,000 and SGD50,000 each.
  • A member of MotorMax Plus can choose his favorite workshop to repair a car. He can get a transport allowance of SGD50 for up to 10 days if the period exceeds 3 days and the benefit dates back to the first.
  • MotorMax Plus policyholders are eligible for “ New for Replacement” if an insured vehicle is at a total loss or a constructive total loss occurring during the 12 months of its first registration. MSIG replaces an identical model with a value up to SGD100,000 above the market value at the time of loss or may pay the difference. The coverage does not include floods, robbery, or theft losses.
  • Apart from the above, a policyholder is eligible for an accidental death benefit of SGD100,000 related to an insured vehicle.

Pros

  • Loan repayment for an insured car in case of death in an accident.
  • Excess is waived if a windscreen is under repair.
  • Geographic coverage extends to the west of Malaysia and a part of Thailand.

Cons

  • The New for Old Replacement benefit applies to cars of 12 months or under.

8. NTUC Income/Drivo Premium for free NCD protector and generous roadside assistance

Premiums: S$1000

Drivo Premium plan holders can choose workshops of their favor and have solid roadside assistance backup from the insurer.

Coverage

  • Both plans offer protection against the loss and damage of insured vehicles up to the market value at the time of loss or damage.)
  • NTUC also protects policy owners from fire or theft of vehicles up to the market value at the time of loss or damage.)
  • The protection to the third party caused by an insured vehicle can be up to SGD5,000,000.
  • The insurance coverage for the third party against death or injury is unlimited.
  • Medical expenses insurance is a maximum of SGD1,000 per person.
  • Personal accident benefits caused by a car accident are a maximum of SGD50,000.
  • Both plans offer a towing fee of up to SGD500.
  • Unlimited windscreen cover protection is available but subject to SGD100 excess.
  • A typical excess of SGD600 is accessible to both plans.
  • Regarding unnamed driver’s coverage, NTUC requires an insurance excess of SGD2,500 if an unnamed driver is under 27 years of age and has 1 year of driving experience. An excess of SGD500 is necessary only if the driver exceeds the abovementioned criteria.
  • Clients can choose to add the NCD protector insurance to their basic plans if the NCD is over 30%. NTUC may add the benefit for free on renewal if a client’s NCD is 50% or above. Clients have obligations to inform the insurer of any accident happening to plan holders; otherwise, the insurer may reduce NCD by 10%.
  • Clients can choose to add the daily transport allowance to their plans and purchase excess waiver rider for policies with excess not exceeding SGD600.
  • Clients may enhance their benefits by buying Roadside assistance and wellness cover. The assistance rider increases the reimbursement of up to SGD200 per policy year or non-accidental roadside assistance services expenses. The coverage also includes medical expenses of up to SGD1,000 per policy year for cosmetic, reconstructive surgery, and pregnancy-related checkups due to client accidents.
  • An additional personal accident coverage of up to SGD10,000 for pregnant clients.

Pros

  • Unlimited death and injury to the third party.
  • Unlimited windscreen cover subject to S$100 excess.
  • Reimbursement of up to S$200 for non-accident roadside assistance.
  • Additional medical coverage of S$10,000 for a pregnant policyholder.
  • Free NCD Protector for policyholders with the last 2 consecutive NCD 50%.

Cons

  • Daily transport allowance applies to the first 2 claims and 7 days only.

9. SingLife with Aviva/Prestige Plan for low excess payments

Premiums: S$1,060

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SingLife is a local composite insurer with a robust international backup. With a commitment to clients, The car insurance option offered is most suitable for young and inexperienced drivers.

Coverage

  • Unlike the standard plan, clients of the Prestige plan do not pay double excess for auto repair at non-approved workshops.
  • The replacement condition extends from 12 to 24 months, and policyholders have a more extended coverage time frame.
  • Clients of any age and no experience do not have to pay any excess for auto repair and windscreen damage.
  • The prestige plan increases medical expenses up to SGD5,000 per person. The personal belonging coverage is SGD3,000 maximum.
  • A daily transport allowance of SGD80 is available for up to 10 days.
  • Besides, SingLife guarantees not to cut NCD and requires upfront excess payments if a policy owner is not responsible for the damage.
  • Furthermore, the NCD penalty(if applicable) imposed is 10% maximum compared to 30% by other insurers.
  • If you buy SingLife’s auto policy for 2 years’ premiums with UOB or DBS.POSB credit card, you can lock in the probable premium increase for the second year.

SingLife provides insurance add-ons to enhance coverage. Like others, clients can purchase an NCD protector and courtesy car service for 10 days maximum. A “Replacement locks and keys” rider pays for the replacement costs of your car security system. Finally, the additional personal injury cover offers up to SGD100,000 to policy owners and passengers during an auto accident.

Pros

  • The Brand New Car Replacement applies to cars of 24 months or under.
  • Free choice of workshops.
  • Zero excess for young or inexperienced drivers.
  • Zero excess for windscreen damage.
  • Pickup service from the accident site.
  • Up to S$500 for replacing a car key or its security system.

Cons

  • NCD Protector applies to the first claim only.
  • Courtesy car service applies to 10 days only.

10. SingTel/Premium Plan for magnanimous medical coverage

Premiums: S$830

SingTel, the Singapore telecommunications operator, offers car insurance policies underwritten by Great Eastern General Insurance. The policy offers higher medical coverage due to car accidents at an affordable premium.

Coverage

  • A Premium plan owner can name his preferred workshop to repair or waive SGD500 for repairing the vehicle at the Greater Eastern’s authorized workshop.
  • The policy offers compensation of SGD5,000,000 to a third party’s property and towing charges of up to SGD300 due to accidents.
  • Personal accident benefits up to SGD120,000 and SGD50,000 are available to drivers and passengers.
  • Unnamed drivers and passengers can enjoy the same coverage as policy owners.

Pros

  • Free choice of workshops
  • Medical accidental coverage of up to S$120,000 & S$50,000 for the policyholder and passengers.
  • Policy is underwritten by Great Eastern General Insurance Co.
  • Unnamed driver coverage.

Cons

  • Lack of comprehensive coverage.

What Should I Consider in Choosing a Suitable Insurance Plan for My Car?

Unless you only need the basic coverage required by law, car insurance policies provide multiple protections for car owners, passengers, and properties, including your car, due to car accidents.

An unfortunate event relating to a car accident may cause a blow to you, your family, and your fortune. Your insurance plan should protect you and others from fallen perils in case you need it.

When choosing an auto insurance policy, remember to consider the following, which are critical and essential in your buying decision.

1. Coverage Types

You should determine the personal criteria for an insurance policy to select a coverage type. Besides legally required coverage, e.g., the liability for third parties, you may see insurance products covering losses due to personal bodies, indemnity, and properties when a car accident occurs.

Of these, 3 types of coverage are most popular in the Singapore market. The basic Third-party Only and a policy with the minimum add-on insurance, for example, the Third-party, Fire, and Theft. They are typical and standardised vehicle insurance policies covering third parties’ injury and property loss and additional coverage for loss and damage of insured vehicles due to fire and theft.

The Comprehensive policy, the 3rd type, including the former two types, covers more broad events caused by car accidents and offers across-the-board protection to car owners, drivers, and passengers. This policy kind is our comparison focus in the following.

2. Budget for Insurance Premiums

An insurance premium is a part of the running costs for your car. If you choose a minimum and statutorily required Third-party Only policy, the premium is the lowest, around S$1,500. You may pay two or three hundred dollars more to buy a basic policy with fire and theft insurance add-ons. Therefore, the 2 types of insurance coverage are appropriate options for budget car owners.

Opting for more protection for you and your family, you should choose comprehensive services providing broad coverage in case of an unfortunate event. The coverage may shield you whole or parts from catastrophic losses of income and properties.

You should choose the best insurance policy for your benefits. Premiums differ and range from S$1,500 to S$2,500, depending on insurance plans, coverages, insurance add-ons, and insurance companies. You will know the pros and cons regarding the comprehensive plan features offered by various companies if you read on.

3. Covered Workshops

Your choice of an auto workshop may increase the premium of your policy. You need a workshop when your car needs repair in an accident. If you request a choice of your preference over a workshop for service, insurance companies may add more insurance premiums to your policy due to potential costs incurred.

On the contrary, insurance companies may lure applicants into using authorized workshops by lowering premiums or may offer hybrid options and rewards to motivate car policyholders to moderate premium amounts.

Generally, free choice of workshops has the highest premiums, authorized workshops for repair have the lowest premium, and a hybrid of options is in the middle price range.

4. No Claim Discount(NCD)

A No Claim Discount is a premium reduction in a percentage applying to policy renewal. An insurance company grants an NCD to a client upon the renewal date if the claims filed for the last policy year are less than specified. A policyholder may pay 30% to 50% fewer premiums for an auto policy for the following year.

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An insurance company also offers an insurance add-on called a No Claim Discount Protector. The NCD protector protects the possible reduction or cancellation of the add-on in case of a claim.

5. Insurance Excess

An insurance excess due to a claim is a compensation amount a plan holder should be responsible for; an insurance company pays the rest. A claimant requests a verified compensation of S$10,000 due to car damage in an accident. Your vehicle insurance policy specifies an excess of S$2,000. In this case, you should pay the first S$2,000 to the claimant, and an insurance company then pays the remaining S$8,000.

An insurance company may allow applicants to choose among excess options to adjust premiums. A policy with high insurance excess has lower premiums while the others with low excess require higher premiums.

In other words, a higher excess payment may outweigh the benefits of reducing premiums for a policy with a low excess when an accident occurs. You should review the ability to pay an excess with the premium budget in buying a car insurance policy.

6. Daily Transport Allowance

A daily transport allowance is a fixed amount of around S$80 per day to compensate for a transport expense. An insurance company distributes the allowance to a policyholder while an insured car is under repair due to an accident. You may consider including the insurance add-on to indemnify your travel expenses incurred during this period.

7. Roadside Assistance

It is an emergency service when your car breaks down on the road. Insurance companies provide Adhoc assistance and towing services besides the around-the-clock aid when you need it most.

New or inexperienced drivers may benefit most from the advice provided by the assistance at the time when getting confused and overwhelmed at an accident scene. You should consider the inclusion of the add-on by paying a little more premiums.

8. Young/Inexperienced Drivers

Young or inexperienced drivers aged below 27 are prone to higher premiums charged by insurance companies. Statistics show this driver class has a higher accident rate than others. The inclusion of young or inexperienced drivers may increase a policy premium.

But the premiums for a vehicle policy may lower if few claims arise or a No Claim Discount has increased for the previous policy year.

Besides, this group pays a higher excess than others for a claim. If you or your family member belongs to the group, you may have to pay higher premiums.

Tips on Choosing the Best Car Insurance Policy

You may know it is a legal duty to buy an insurance policy for your car. But the various policy types in the market may puzzle you. The following tips will help you make a wise and easy decision when buying car insurance.

1. Compare car insurance policies

The car insurance in Singapore is diverse. Insurance companies offer products with various benefits to clients. Besides the car insurance premiums, you should decide whether a comprehensive car insurance plan or basic coverage meets your needs. The coverage prices vary a lot. You can refer to the above information for more references if you choose a comprehensive policy.

2. Appropriate coverage for your needs

You should ponder appropriate coverage for your car. If your car is brand new, you have better reasons to have full coverage covering the huge loss occurring in earlier days. But if you own a car of more than 10 years and for commute purposes only, you may not need much coverage unless it is an antique car. Therefore choosing an appropriate coverage is essential before deciding on the best policy.

3. Premium discounts

Insurance companies use gifts and free services to appeal to car owners. Clients should ask for policy premium discounts an insurance company can offer without promotion. You may get a surprise if you try.

Final Thoughts

Besides a car insurance premium factor, you should consider the coverage types, choice of workshops, excesses, and emergency services you may badly need at that time when deliberating the best policy. You should compare and buy optimal insurance covers you need for every penny you pay.

Key Takeaways

  • Car insurance plans are competitive and diverse in Singapore.
  • You should create your criteria before comparing the insurance products.
  • The critical factors for consideration include coverage types, choice of workshops, excesses, support services, e.g., courtesy car services, allowances, emergency roadside services, and premiums.

With these said, if you need immediate cash for an emergency or personal purpose, be sure to check out Instant Loan. We provide you with the best personal loan offers from three of Singapore’s best money lenders free of charge. Fill out our quick form today to get started.

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FAQs

What is the best car insurance comparison site? ›

Insurify is the top-rated car insurance quote comparison site in the U.S. It has a 4.8 out of 5 customer satisfaction rating on Shopper Approved and over 3,600 customer reviews. With Insurify, drivers in all 50 states save an average of $585 per year.

Which plan is best for car insurance? ›

  • Shriram Motor Insurance. - Loss or damage to your vehicle from manmade & natural calamities. ...
  • SBI Motor Insurance. - Offers comprehensive as well as third party insurance. ...
  • Reliance Car Insurance. -Offers both comprehensive and third-party insurance coverage. ...
  • Oriental Motor Insurance. ...
  • Bajaj Allianz Car Insurance.

Which is the best insurer in Singapore? ›

These are the top 5 leading insurance companies in Singapore: AIA, NTUC Income, Aviva, Great Eastern Life, and AXA.
  • Image: AIA.
  • Image: NTUC Income.
  • Image: Aviva.
  • Image: Great Eastern.
  • Image: AXA.

Which insurance is best for a car in 2021? ›

5 Best Car Insurance Companies In India In 2021
  • Iffco Tokio General Insurance.
  • Royal Sundaram General Insurance.
  • The Oriental Insurance Company.
  • HDFC Ergo General Insurance.
  • Universal Sompo General Insurance.
May 31, 2021

What is full coverage insurance? ›

Full coverage refers to a collection of coverages that include liability insurance as well as additional forms of coverage, such as collision insurance, comprehensive insurance, MedPay, and personal injury protection.

What are the 3 types of car insurance? ›

3 Types of Auto Coverage Explained
  • Liability coverage. Protects you if you cause damage to others and/or their stuff. ...
  • Collision coverage. Covers your car if you hit another car, person or non-moving object (like those darn ornamental rocks cousin Todd has at the end of his driveway). # ...
  • Comprehensive coverage.

Which insurance policy is best? ›

Top 10 Life Insurance Policies in India
Plan NamePlan TypePolicy Term (Min/Max)
SBI Life eShieldTerm5 years to 30 years
HDFC Life Click 2 Protect PlusTerm10 years to 40 years
Aviva i-LifeTerm10 years to 35 years
Future Generali Care PlusRural5 Years to 30 Years
6 more rows

How do I choose a good insurance company? ›

Choose Insurance Company Wisely
  1. What are the different factors that need to be considered before buying an insurance plan? ...
  2. Reputed Insurance Company. ...
  3. Check for the coverage. ...
  4. Premium. ...
  5. Claim settlement process. ...
  6. All Round Customer Support. ...
  7. Hospital Network List. ...
  8. Read Reviews.

Which insurance company is biggest in Singapore? ›

Great Eastern Life continued to hold the top spot with a 25.5% market share in 2020, followed by Prudential Assurance with 16.9%. Great Eastern was the only insurer among the top five to register growth in market share – from 21.2% in 2019 to 25.5% in 2020.

Is AIA better than AXA? ›

AXA scored higher in 7 areas: Overall Rating, Work-life balance, Senior Management, Culture & Values, CEO Approval, % Recommend to a friend and Positive Business Outlook. AIA scored higher in 2 areas: Career Opportunities and Compensation & Benefits.

Which insurance company has the biggest market share in Singapore? ›

Great Eastern retained its top spot in terms of assets at $69b in 2020, a 13.1% jump from $61b in 2019. AIA Singapore followed close behind at $58b, rising at nearly the same rate at 13.7% from $51b in last year's rankings.

Which policy is best for new car? ›

Best Car Insurance Policy in India 2022
Car InsurersNetwork GaragesIncurred Claim Ratio % 2020-21
Reliance Car Insurance477976.89%
Royal Sundaram Car Insurance386887.89%
SBI Car Insurance261386.10%
Shriram Car Insurance207179.43%
16 more rows

Which insurance company has best claim settlement ratio? ›

Top General Insurance Companies with Best Claim Settlement Rate
  • Reliance General Insurance Co. ...
  • SBI General Insurance Company Ltd. ...
  • Shriram General Insurance Co. ...
  • Tata AIG General Insurance Company Ltd. ...
  • United India Insurance Company Ltd. ...
  • Universal Sompo General Insurance Company Ltd.

Which insurance is best for car third-party or comprehensive? ›

Value of the car: If value of your car is low, it is better to take third-party motor insurance since repairs to damages caused can be managed cost-efficiently and easily. It is cheaper to pay for repairs when compared to paying the high premiums associated with comprehensive cover.

Are insurance comparison sites worth it? ›

Simply put, yes. Price comparison sites have a huge number of insurers on their databases, so they're able to find you great deals with minimal effort from you. It's always worth using one for quotes when your insurance renewal date comes up because auto-renewing is the most expensive option of all.

Why are comparison sites cheaper? ›

Comparison websites don't sell products themselves, they show you details and prices from insurers and make their money in several ways: they get paid from advertising which appears on their site.

How do insurance comparison sites work? ›

Price comparison websites work by giving you a list of quotes for the product you want to buy – in this case car insurance. You search for what you want and the deals that match your search terms show up on the screen, with the 'best deals' near the top.

Is it worth having full coverage on a car? ›

If you have a new model car, you probably want to keep full coverage even if you bought it without a loan. Having appropriate insurance protects your investment in your vehicle and prevents a large out-of-pocket expense if an accident happens. Some older cars still have a fair amount of value.

When should I drop full coverage on my car? ›

You should drop full coverage insurance on your car when the cost of the insurance equals or exceeds the potential payout, should a covered event occur. You may also want to drop full coverage if you are willing to pay for repairs out of pocket, or if you would prefer to replace your vehicle if it's damaged.

Is it worth getting full coverage on an old car? ›

Between 10 and 15 years after a vehicle's model year, full coverage is a poor investment. While the cost of full coverage by itself likely won't be more than what a car is worth, the cost of insurance is more likely to be higher than the value of the car after an accident.

What are the 7 main types of insurance? ›

7 Types of Insurance are; Life Insurance or Personal Insurance, Property Insurance, Marine Insurance, Fire Insurance, Liability Insurance, Guarantee Insurance. Insurance is categorized based on risk, type, and hazards.

What is the cheapest type of car insurance? ›

Third party insurance is the minimum level of insurance the law allows. You'd expect third party only insurance to be the cheapest, as it offers you the least protection, so you might be surprised to learn that this isn't necessarily the case.

What are the 5 types of car insurance? ›

The most common types of car insurance coverage include liability, collision, personal injury protection, uninsured and underinsured motorist, comprehensive, and medical payments.

Who is the top five insurance company? ›

The five largest homeowners insurance companies in the U.S. are State Farm, Allstate, USAA, Liberty Mutual, and Farmers.

Which policy gives maximum returns? ›

LIC Plans with Highest Return. LIC offers a wide range of life insurance policies designed to provide higher returns. The following plans by LIC provide you with the maximum benefits - Jeevan Amar, New Children's Money Back Plan, New Endowment Plan, New Money Back Plan- 20 years, and New Jeevan Anand Plan.

Who is the father of insurance? ›

Solomon Huebner's designation as the “father of insurance education” is undisputed. He taught the first course ever given in insurance, established the insurance department — and became the architect of the modern financial services industry.

What are 4 things you should look at when choosing an insurance plan? ›

5 Things to Consider When Choosing Your Health Coverage
  • Type of Plan and Provider Network. Do the health care. ...
  • Premiums. How much will you pay per month for coverage? ...
  • Deductibles. What is the amount you must pay out of pocket before your coverage kicks in? ...
  • Co-pay or Coinsurance. ...
  • Coverage of Medicines.

Does it matter which insurance company you use? ›

As a general rule, you should buy from a company licensed in your state, because then can you rely on your state insurance department to help if there's a problem. To find out which companies are licensed in your state, contact the state insurance department.

Can foreigners buy Aviva Myshield? ›

The AVIVA Myshield is only available if you are a dependent of a Singaporean/PR. The AXA shield on the other hand does not allow a foreigner application currently. Plans only allow the highest tier plan (private hospital) for purchase.

Is AXA and Aviva the same? ›

Formed in 2011 following the amalgamation of Friends Provident, the majority of AXA's UK Life business, and Bupa Health Assurance. The business was acquired by Aviva in April 2015.

What is the best insurance company in the world? ›

Top 10 Global Insurance Companies By Revenues, 2021 (1)
RankCompanyCountry
1Berkshire HathawayUnited States
2Ping An InsuranceChina
3China Life InsuranceChina
4AllianzGermany
6 more rows

Who is the richest insurance company? ›

UnitedHealth Group Incorporated

Which is the No 1 insurance company in the world? ›

World's Top Insurance Companies
RankCompanyCountry
1AllianzGermany
2AXAFrance
3Ping An InsuranceChina
4Prudential FinancialUS
66 more rows

Is AXA the same as Allianz? ›

Allianz's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of Allianz. AXA's brand is ranked #- in the list of Global Top 1000 Brands, as rated by customers of AXA.
...
N/A.
0%Promoters
0%Detractors
1 more row

How many insurance agencies are there in Singapore? ›

Tharman Shanmugaratnam, Senior Minister and Minister in charge of the Monetary Authority of Singapore (MAS), revealed that the number of insurance agents in Singapore has been stable at around 19,000 since 2015, following a rise in numbers in the first half of the decade.

How many percent of Singaporeans are insured? ›

By 2017, 68% of Singaporeans are already covered by the Integrated Shield (IP) plan, a significant increase from the 43% in 2006. On the other hand, the proportion of those covered with Medishield and Medishield Life decreased slightly to 32% in 2017 from 35% in 2006.

How many Singaporeans are insured? ›

In total, 2.82 million lives – approximately 69 per cent of Singapore residents – are protected by IPs and riders, which provide coverage on top of MediShield Life.
...
11 May 2021.
Distribution ChannelBy Weighted Premium (%)By Number of Policies (%)
Tied Representatives31.339.4
Bank Representatives32.27.5
3 more rows
May 11, 2021

Is Confused com better than compare the market? ›

Confused is an extremely close second to Compare the Market, and some will even prefer the design, which doesn't feature the cluttered dark blue colour scheme of its rival.

Which is better Insurify or zebra? ›

Insurify customers can save up to $996 annually, while The Zebra advertises that customers can save up to $670. Insurify is also officially accredited with an A+ rating from the Better Business Bureau, while The Zebra is not. And unlike The Zebra, Insurify also allows users to compare term life insurance quotes.

Which is better Gabi or zebra? ›

Gabi works best when it can examine a customer's current policy, so it might not be the best option if you are buying your first policy. If you're looking for the quickest possible online comparison experience or don't have an auto insurance policy, The Zebra might be the way to go.

Who is the best insurance company in Australia? ›

Life Insurance Companies List
Ranking by size (% market share)Insurance CompanyCustomer Ratings (see all)
1st (27.6%)TAL Life Ltd218 reviews 63 reviews 87 reviews
2nd (18.7%)AIA Australia Limited190 reviews 145 reviews
3rd (13.7%)Zurich Australia Ltd103 reviews 173 reviews
4th (10.5%)MLC Limited147 reviews No Rating
5 more rows

What are the main comparison sites? ›

Best Price Comparison Websites
  • Google Shopping. ...
  • 2. Yahoo Shopping. ...
  • BizRate. ...
  • CamelCamelCamel. ...
  • NexTag. ...
  • Pronto. ...
  • Shopping.com. ...
  • Shopzilla.
Oct 5, 2020

Where can I compare prices online? ›

The top 30 price comparison websites and apps
  • Google Shopping. Google Shopping is probably the largest and best-known comparison shopping engine. ...
  • PriceGrabber. PriceGrabber is owned by Connexity. ...
  • Shopping.com. ...
  • Become. ...
  • Camelcamelcamel. ...
  • BuyVia. ...
  • ShopSavvy. ...
  • 12. Yahoo Shopping.
May 19, 2022

Is uswitch the same as confused com? ›

The insurance group Admiral has agreed to sell its comparison website business, which includes Confused.com, to the owner of its rival Uswitch in a deal worth just over £500m.

Can you trust the zebra? ›

The Zebra is accredited by the Better Business Bureau and holds an A rating. Previous customer complaints have included calls after getting a quote. Unlike some other comparison sites, The Zebra is not a lead-generation website for insurance companies and they do not sell consumers' personal information.

Is the zebra free? ›

Is The Zebra free? The Zebra is completely free to use. The Zebra does not ask for your phone number or sell your information.

Who owns Insurify? ›

Snejina Zacharia - Founder and CEO - Insurify.com | LinkedIn.

Who owns Gabi insurance? ›

Hanno Fichtner is the Founder and CEO at Gabi . Additionally, Hanno Fichtner has had 6 past jobs including Chief Digital Strategy Officer at ProSiebenSat.

How much does Gabi cost? ›

Gabi is completely free to use. There is no obligation to move forward after your quote comparison and we will never charge you any fees. How much can I save using Gabi? Everyone is different, but we are generally able to find savings for about two-thirds of our customers, with an average savings of $961 per year.

Is Gabi car insurance good? ›

If you're trying to decide if Gabi auto insurance is right for you, here are a few more things to consider. Licensed in all 50 states — Gabi is a licensed broker in all 50 states and Washington, D.C. Top Better Business Bureau rating — Gabi has an A+ rating from the Better Business Bureau.

What is the most popular car insurance? ›

We surveyed more than 10,000 policyholders across the nation and found that the following insurers represent the top car insurance companies:
  • #1 USAA.
  • #2 State Farm.
  • #3 Farmers.
  • #3 Nationwide.
  • #3 Geico.
  • #6 Allstate.
  • #6 Travelers.
  • #8 Progressive.
Aug 12, 2022

Which insurance company is the most popular? ›

filters
  • 1 AAA65%
  • 2 BlueCross BlueShield56%
  • 3 State Farm51%
  • 4 GEICO48%
  • 5 USAA48%
  • 6 Aflac45%
  • 7 Allstate45%
  • 8 Progressive44%

Is comprehensive car insurance the best? ›

Comprehensive car insurance offers the highest level of protection for your car. As well as covering third-party damage to other cars, and fire damage or theft of your own car, with comprehensive car insurance you can claim for an accident even if you were at fault.

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