What is car insurance?
A car insurance is a type of insurance that protects you against medical and liability costs should you get into a car accident.
Do you need car insurance in Singapore?
Yes! In fact, if you own a car in Singapore, it is mandatory to purchase car insurance under the Motor Vehicles (Third-Party Risks & Compensation) Act.
Failure to comply can result in a fine of up to SGD1,000, a jail term of up to three months, or both. On top of that, you will also be disqualified from holding or obtaining a driving licence for a year from the date you are convicted.
Is car insurance really necessary?
Statutory obligations aside, given the hefty price tag of a car in Singapore, you would definitely want to insure your car against accidents and damages.
Getting into an accident without being covered under car insurance can cause financial ruin. Apart from having to pay for car repairs, you could potentially be sued for losses, damages, and medical expenses if you injure someone. In cases of serious injuries or even death, the amount sued for may run into hundreds of thousands or millions.
If you have car insurance, some of these costs will be borned by the insurance company. In short, car insurance is really all about protecting yourself.
Here are some insurance providers that offer car insurance:
Insurance Provider |
AXA Insurance |
| Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.axa.com.sg/ |
| Address |
8 Shenton Way, #24-01 AXA Tower, Singapore 068811 |
|
Telephone |
+65 6880 4888 |
| Operating Hours |
Mon – Fri: 9am – 5.30pm |
Insurance Provider |
FWD Insurance |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.fwd.com.sg/ |
| Address |
6 Temasek Blvd, #18-01 Suntec Tower Four, Singapore 038986 |
|
Telephone |
+65 6820 8888 |
|
Operating Hours |
Mon – Fri: 9am – 6pm |
Insurance Provider |
Aviva Insurance |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.aviva.com.sg/ |
| Address |
4 Shenton Way, SGX Centre 2 #01-01, Singapore 068807 |
|
Contact |
+65 6827 7988 |
|
Operating Hours |
Mon – Fri: 8.45am – 5.30pm |
Insurance Comparison Portal |
sgCarMart |
| Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.sgcarmart.com/ |
| Address |
61 Ubi Ave 2, Automobile Megamart |
|
Contact |
+65 6744 1514 |
|
Operating Hours |
Mon – Fri: 10am – 6.30pm |
Insurance Provider |
Direct Asia Insurance |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.directasia.com/ |
| Address |
20 Anson Rd, #08-01, Singapore 079912 |
|
Contact |
+65 66665 5555 |
|
Operating Hours |
Mon – Fri: 8am – 8pm |
Insurance Provider |
Quotigo |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://quotigo.com/ |
| Address |
60 Paya Lebar Road Paya Lebar Square #11-41 Singapore 409051 |
|
Contact |
+65 6385 3303 |
|
Operating Hours |
Mon – Fri: 9am – 6pm |
Insurance Provider |
Tokio Marine |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.tokiomarine.com |
| Address |
20 McCallum Street #07-01 Tokio Marine Centre Singapore 069046 |
|
Contact |
+65 6592 6100 |
|
Operating Hours |
Mon – Fri: 8.45am – 5.45pm |
Insurance Provider |
Etiqa Insurance |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.etiqa.com.sg/contact/ |
| Address |
16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581 |
|
Contact |
+65 6887 8777 |
|
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
HL Assurance |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.hlas.com.sg/ |
| Address |
11 Keppel Rd, #11-01 ABI plaza, Singapore 089057 |
|
Telephone |
+65 6702 0202 |
|
Operating Hours |
Mon – Fri: 9am – 6pm |
Insurance Provider |
NTUC Income |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.income.com.sg/ |
| Address |
|
|
Telephone |
+65 6789 9595 |
|
Operating Hours |
Mon – Fri: 8.30am – 6.30pm |
Insurance Provider |
Budget Direct Insurance |
|
Highlights |
|
| Pricing |
Request for quotation online |
|
Website |
https://www.budgetdirect.com.sg/ |
| Address | 190 Clemenceau Ave, #03-01 Singapore Shopping Centre, Singapore 239924 |
|
Contact |
+65 6221 2111 |
|
Operating Hours |
Mon – Fri: 8am – 8pm Sat: 8am – 3pm |
Insurance Provider |
Sompo Insurance |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.sompo.com.sg/products/private-car |
| Address | 50 Raffles Place, #05-01/06 Singapore Land Tower, Singapore 048623 |
|
Telephone |
+65 6461 6555 |
|
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
MSIG Insurance |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.msig.com.sg/personal-insurance/MotorMax |
| Address | 4 Shenton Way, SGX Centre, Singapore 068807 |
|
Telephone |
+65 6827 7602 |
|
Operating Hours |
Mon – Fri: 8.45am – 5.30pm |
Insurance Provider |
Allianz |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.allianz-asiapacific.com/ |
| Address | 12 Marina View, #14-01 Asia Square Tower 2, Singapore 018961 |
|
Telephone |
+65 6297 8802 |
|
Operating Hours |
Mon – Fri: 9am – 5.30pm |
Insurance Provider |
AIG Insurance |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.aig.sg/personal |
| Address | 78 Shenton Way, #09-16 AIG Building, Singapore 079120 |
|
Telephone |
+65 6419 3000 |
|
Operating Hours |
Mon – Fri: 9am – 5pm |
Insurance Provider |
Liberty Insurance |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.libertyinsurance.com.sg/ |
| Address | 51 Club St, Singapore 069428 |
|
Contact |
+65 65423 789 |
|
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Insurance Provider |
Great Eastern |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.greateasternlife.com/sg/ |
| Address | 1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659 |
|
Contact |
+65 6248 2211 |
|
Operating Hours |
Mon – Fri: 9am – 5.30pm |
Insurance Provider |
India International Insurance |
|
Speciality |
|
| Pricing | Request for quotation online |
|
Website |
https://www.iii.com.sg/ |
| Address | 64 Cecil St, IOB Building, Singapore 049711 |
|
Telephone |
+65 6347 6100 |
Insurance Provider |
China Taiping Insurance |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.sg.cntaiping.com/en/ |
| Address | 3 Anson Road #16-00, Springleaf Tower Singapore 079909 |
|
Telephone |
+65 6222 1033 |
|
Operating Hours |
Mon – Fri: 8.45am – 5.30pm |
Insurance Provider |
EQ Insurance |
|
Highlights |
|
| Pricing | Request for quotation online |
|
Website |
https://www.eqinsurance.com.sg/ |
| Address | 5 Maxwell Road, #17-00 Tower Block, MND Complex, Singapore 069110 |
|
Contact |
+65 6223 9433 |
|
Operating Hours |
Mon – Fri: 8.30am – 5.30pm |
Types of car insurance
There are three types of car insurance that you can choose from:
Third party only (TPO) insurance
TPO insurance is typically the option with the lowest cost. However, this option also provides the least coverage.
Under the TPO option, it will typically cover only damages that you caused to other people’s property, such as their car, fences, or streetlights. If your negligence resulted in death or injuries to passengers and third parties, the costs will also be borne by the insurance company.
However, TPO insurance will not cover damages to your own car. This means that any necessary repairs to your car will have to be paid out of your own pocket.
Third party, fire, and theft
Coverage under the third party, fire and theft option is similar to that of TPO insurance. This means that the insurance company will cover any damage costs incurred to another car, but not yours.
This policy also covers instances if your car catches fire, gets vandalised or stolen. As this policy provides a wider coverage, the premiums for this policy is typically higher than TPO insurance.
Comprehensive car insurance
As its name suggests, the comprehensive car insurance provides the widest protection for you and your car. This is also often the most expensive option given its extensive coverage.
Similar to the third party, fire and theft car insurance, it covers damage that you cause to other people’s property or injury to another person. In addition, this policy typically covers repair or replacement of your vehicle if it gets damaged or lost as a result of accident, fire, vandalism or theft.
Some insurance companies may also offer coverage for different items such as damage to your car due to riots or natural disasters. Other items include provision of a courtesy car if your car is in the workshop or insurance coverage for your personal items.
Factors that affect the cost of car insurance
Before you get a quote for your car insurance, do note that the premiums you end up paying will vary from driver to driver. Morbid as it may sound, insurance companies need to work out the likelihood of you getting into an accident and forecast the amount that they will need to pay out.
Here are some of the factors that may affect the premiums you have to pay on your car insurance. Do note that these factors do not necessarily have equal weight in influencing the cost of your premiums.
Age
Statistics have shown that younger drivers are more likely to drive recklessly, easily distracted and have a higher chance of getting into an accident.
Likewise, elderly drivers are also found to have a higher risk of crashing due to their slow reflexes.
Generally in Singapore, people below the age of 30 and above the age of 65 can expect to pay higher premiums.
Driving experience
Besides looking at your age, insurance companies also consider the number of years that you have been driving. This helps them to gauge how experienced you are on the road.
As such, new drivers can expect to pay a higher premium compared to someone with a decade of driving experience.
Occupation
Some insurance companies look at your occupation to determine how often your car will be on the road. If you drive more often, the chances of you getting into an accident is higher than someone who does not drive regularly.
Therefore, if you are in a job that requires frequent travelling, such as a salesman, you may end up being charged a higher premium than someone who works from home.
Make and model of car
If you drive a luxury car or continental car such as a BMW or Lamborghini, expect to pay a higher premium on your car insurance. Likewise, policies that cover cars with larger engine capacity are likely to cost more. This is because it typically costs more to repair such car models.
Age of car
The older your car, the lower the premiums charged on your car insurance. Newer cars tend to attract higher premiums as car parts are typically more expensive to replace.
However, do note that if your car is older than 10 years old, premiums may start to go up again. This is due to the availability of car parts, which makes it expensive to replace due to scarcity.
Claims history
When working out your car premium, insurance companies will take into account the number of claims that you have made in the past, regardless of whether it is with the existing insurance company or with another provider.
If you have made numerous claims in the past, insurance companies are likely to label you as a high-risk driver and charge you with a higher premium.
Tips to lower your car insurance premiums
There are some factors that affect your insurance premiums which you simply have no control over, such as age or driving experience.
Fortunately, here are several factors that you can tweak to keep your insurance premiums low.
Aim for a No Claims Discount (NCD)
Most insurance companies will reward you if you have been practising safe driving. This means offering a discount on your premiums if you have not made any claims.
The discount starts at 10% off your premium if there are no claims made within the first year of starting your car insurance policy. It goes up to 50% if there are no claims made in the past 5 years.
Compare at least 3 car insurance quotes
Always do your due research before you purchase a car insurance policy.
Different insurance providers focus on different coverage benefits. Do compare the various quotes based on the coverage you need instead of simply going with the provider that offers the lowest premium.
Install an in-car camera
Some insurance companies will offer a discount on your premium if you have a front car camera installed.
An in-car camera with recorded footage is likely to be your best evidence in case of any accidents. It also helps your insurance company to settle claims more quickly.
Opt out of personal accident coverage
It is relatively common for insurance companies to sneakily include personal accident coverage as part of their car insurance policies.
If you already have your own personal accident insurance policy, opt for a car insurance policy that does not include personal accident coverage to lower your premiums.
Editor’s Note:
While every precaution has been made to ensure the accuracy and fairness of this listing, we acknowledge that they may be inaccuracies. Therefore, we urge you to contact the service provider above for the correct information and/or contact us with the correct information.
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