Most drivers are required to carry a car insurance company in Singapore. If you have no auto insurance, you can risk a penalty of up to S$1,000 or imprisonment for up to three months. You may also be prohibited from bringing a driver’s license for up to 12 months. Thus it’s very vital to get car insurance coverage.
Although you already have existing auto insurance, when the time of renewal comes, you shouldn’t just simply renew it. You need to consider other companies so you won’t miss out on a better deal out there. Furthermore, some other providers may improve their premium which provides the possibility for a much cheaper premium.
These days, many auto insurance plans offered multiple excellent features that can cover various needs. For instance, young driver coverage, personal roadside assistance, or conveniently-located workshops. Thus, keep reading our article to discover Singapore’s best car insurance company.
7 Best Car Insurance Companies in Singapore
As the need for car insurance rises, the amount of car insurance companies in Singapore also increases. Even though it’s the same car insurance, each company has its own coverage and pricing. So here we’ve listed the best car insurance company so you can compare it.
1. FWD
The first one is FWD which has the best good value of cost with a lifetime 50% NCD guarantee. What’s good about this is it covers anyone who drives your car except for Classic Plan.
It also will give the courtesy car up to three months if your vehicle is written off or lost. Not only that, you can obtain up to S$80 everyday transport allowance when your car is in the repair process. For the price, it cost approximately S$825.24.
2. AIG
Next is AIG which costs around S$1,056.07 with the lowest premium for collision-related accidents.
It also offers third-party property damage coverage for up to S$5,000,000 and unlimited coverage for injury or death to third parties. It also allows you to pay lower premiums when limiting the policy to drivers aged 30, 35, 40 years, and above.
3. Allianz
Allianz is a provider with flexible access with prices starting from S$641.49. In this premium, you can enjoy 24/7 complimentary roadside assistance, repairs lifetime warranty, and complimentary courtesy.
Furthermore, it provides legal representation and defense coverage for third-party property damage, death, or injury. If your damage is beyond repair or less than two years old, you’ll get a replacement car.
4. MSIG MotorMax
Next is one of the best car insurance companies in Singapore, MSIG MotorMax. It’s A renowned brand with over 30 authorized workshops that cost around S$825.24.
This insurance offers car loan protection of S$100,000 and 24-hour roadside assistance. Additionally, new vehicle replacements for irreparable cars due to accidents.
5. Etiqa
Etiqa is a car insurance that costs around S$1,161.34 and is great for young and demerit-free drivers. The age limit is low, at 24 years old and you can leverage the 5% off for demerit-free drivers.
Furthermore, It has a quick application process and is highly adjustable. It also provides S$50/day allowance during repairing the car and up to S$300 free child seat coverage.
6. HLAS
The HLAS – Car Protect360 is the best option for drivers that preferred workshops at S$1,336.15. The flexibility allows you to choose between preferred car workshops or authorized workshops. What’s more, it has 24/7 roadside assistance, a 25% discount, free car servicing, paint protection, and air-con treatment.
7. Singtel
Singtel Car Protect is underwritten by Great Eastern Life which is a remarkable car insurance company in Singapore. This company is also well known for having affordable comprehensive coverage around S$831.70. Not only that, you will love the simple application process.
In addition, it has default accident towing charges so you don’t have to worry about the high charge of towing. On top of that, it insured up to S$50,000 for authorized drivers and passengers.
How Much Does a Car Insurance Company in Singapore Cost?
Basically, car insurance premiums are estimated based on a case-by-case basis. So it’s pretty tricky to estimate the precise cost. However, the price usually ranges between S$700-$S1,000. Now let’s see several factors that are usually used to determine the premium prices.
1. Premium
The first thing is the impact on premiums. You know that premiums differ from each other. So ensure you purchase that suits your condition the most.
2. Gender
Although gender seems not to be very impactful, women are seen as safer drivers than men. That’s why, men are usually charged higher than women.
3. Age
Younger and senior age drivers are most likely to have expensive car insurance because of the high risk. In contrast, drivers within the 30-65 age range usually have cheaper premiums.
4. Driving Experience
How long you drive can affect your driving skill level. Thus, drivers with less than 4 years of experience are often charged more expensive premiums.
5. Jobs
We can’t deny that certain occupations have high risks because of heavy car usage. Furthermore, the heavy car coverage will cost more than other smaller vehicles.
6. The History of Claims
If the client has previous car insurance in Singapore, it’s important to check the claim history. The fewer the claim the lower the risk, causing cheaper premiums.
7. Marital Status
It turns out that marital status can affect premium pricing. The insurance providers consider that married individuals have high responsibilities. So they are responsible for driving causing the lower rates.
8. Vehicle Make and Model
No matter which provider you apply for, all insurance companies will consider the make and model. Basic car models are charged cheaper than luxury vehicles since their parts are more expensive to replace
9. Car User Total
If the car is used by several people the price will be higher. So the fewer the drivers, the lower the premiums cost since accidents risk are also lower.
Choose the Best Car Insurance Company in Singapore!
In a nutshell, many companies offer a variety of car insurance with diverse coverage and pricing. The car insurance cost is usually considered by various factors by calculating the risk and possibility. However, with the number of insurance companies, it means you have a lot of options to choose from.
Remember to compare each company based on your needs and budget. So, you can carefully read our article above to find the best car insurance company in Singapore!