Top Car Insurance Providers in Singapore [UPDATED 2023]

top car insurance providers in singapore

Car insurance is not just a legal obligation in Singapore; it is a practical and essential investment in safeguarding yourself and your assets. As you embark on the journey of car ownership, selecting a reliable car insurance provider is a necessary decision that can make a significant difference in times of need.

Prioritize your peace of mind and financial security by choosing a car insurance provider in Singapore that aligns with your needs and preferences.

What is car insurance?

Car insurance is a necessary security for drivers, providing financial protection in the event of a car accident. In Singapore, where car ownership is common, having a reliable car insurance provider is not just a choice but a legal requirement under the Motor Vehicles (Third-Party Risks & Compensation) Act.

Failure to comply with this mandate can lead to severe consequences, including fines of up to SGD1,000, a potential three-month jail term, or both. Furthermore, the offender may face disqualification from holding or obtaining a driving license for a year following the conviction.

Given the strict legal framework, securing car insurance in Singapore is not merely a formality; it is an essential step in responsible car ownership. Beyond the legal aspect, the financial implications of driving without insurance can be substantial. In Singapore, where the cost of owning a car is notably high, opting for insurance coverage is a prudent decision to protect yourself against unforeseen circumstances.

But what car insurance provider you should trust? No worries. We listed some of the top car insurance providers in Singapore that you can count on.

Top Car Insurance Providers in Singapore 

AXA Insurance

AXA Insurance

Anything can happen on the road. Protect yourself and your loved ones by taking the AXA insurance policy. This Singapore-based company is best known for providing an array of car insurance policies that cover damages to the car due to an accident and medical expenses. The premiums are affordable and can be customised to suit your needs.

It also offers a custom program, Drive Master, designed to incentive clients to drive safely. Members get up to 15% on their car insurance premiums. The discount percentage is determined by their driving history and performance.

Insurance Provider

AXA Insurance

Highlights
  • Flexible plans
  • Affordable rates
  • Higher flood protection
Pricing Request for quotation online
Address 8 Shenton Way, #24-01 AXA Tower, Singapore 068811
Telephone +65 6880 4888
Operating Hours Mon – Fri: 9am – 5.30pm
Review HSBC Life Singapore | Facebook

 


fwd insuranceFWD Insurance

FWD Insurance is a Singapore company licensed to provide car insurance policies in the country. The company has existed for over a decade, proving that it delivers quality comprehensive coverage to clients.

The cut-throat competition in the industry forces insurers to devise policies and programs to stand out. One of FWD’s unique programs is the Lifetime NCD protector. This program is available to all clients and is designed to allow policyholders to safeguard or keep their No-Claim Discount for a lifetime. If you file a claim, your NCD will not be factored into the calculations, and you will enjoy reduced monthly premiums.

Insurance Provider

FWD Insurance

Highlights
  • Medical coverage
  • Lifetime NCD coverage
  • Repair warranty
  • Family protection 
Pricing Request for quotation online
Address 6 Temasek Blvd, #18-01 Suntec Tower Four, Singapore 038986
Telephone +65 6820 8888
Operating Hours Mon – Fri: 9am – 6pm
Review FWD Singapore | Facebook

 


aviva insuranceAviva Insurance

Aviva Insurance is the go-to company for customer-oriented and convenient car insurance policies. The premiums are affordable, and you can request the support team to customise the policy to suit your needs. One policy that sets it apart from other insurance companies is the NCD Guarantee policy.

All car insurance policy holders enjoy a generous NO-Claim Discount even if you only file one claim per policy year. This policy makes the company an ideal choice for motorists afraid of losing their NCD due to unforeseen occurrences such as car theft or accident.

Insurance Provider

Aviva Insurance

Highlights
  • Quick emergency assistance
  • Family protection
  • Lowest NCD penalty
  • With add-ons for extra protection
  • Courtesy car provided
Pricing Request for quotation online
Address 4 Shenton Way, SGX Centre 2 #01-01, Singapore 068807
Contact +65 6827 7988

cs_life@aviva-asia.com

Operating Hours Mon – Fri: 8.45am – 5.30pm

 



sgCarMart

sgCarMart

When driving on Singapore roads, you must be prepared for anything and everything, even though most drivers are competent and obey traffic rules. Stay safe by taking one of sgCarMart car insurance policies. One of the highlights of this company is that it allows clients to subscribe to a policy based on how they use the car.

The premium is calculated based on how you use the car, your driving history, and your driving habits. You only pay for the coverage you need. This policy favours drivers who don’t drive their cars too often or have low annual mileage.

Insurance Provider

sgCarMart

Highlights
  • Competitive quotation
  • Recurring benefits
  • Cancellation refund
  • Roadside assistance
Pricing Request for quotation online
Address 61 Ubi Ave 2, Automobile Megamart
Contact +65 6744 1514

spaceradmin@sgcarmart.com

Operating Hours Mon – Fri: 10am – 6.30pm
Review 1  Bought my 2nd car with Sgcarmart BuySafe. Really gave me a peace of mind as the dealers who worked with them are all reputable. Never had any issues with the car so far and the process was fuss free! If you’re unsure going into the used car market, definitely give them a shot! – Wong Kai Wing
Review 2
SgCarMart is hands down the best platform to buy and sell your car or generally, car related services. Their services and web interface shows their superiority across similar platforms.
You know they are the best when people wants to buy/sell a car, the first thing they think of, the first thing their friends think of is “SgCarMart”! – Justin Lee

 


Direct Asia InsuranceDirect Asia Insurance

Transparency, a high level of professionalism, and affordable premiums are the three main attributes associated with Direct Asia Insurance. The company has been around for a while and takes pride in insuring thousands of cars.

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Its Lifetime NCD Guarantee is one of the main policies that set it apart from other insurers in Singapore. By purchasing this policy, you will be awarded a No Claim Discount that remains viable even if you file one claim. The policies are also customisable; there is no one-size-fits-all.

Insurance Provider

Direct Asia Insurance

Highlights
  • Tailor-made insurance plans
  • Dependable customer service
  • Affordable plans
Pricing Request for quotation online
Address 20 Anson Rd, #08-01, Singapore 079912
Contact +65 66665 5555

customerservice@directasia.com

Operating Hours Mon – Fri: 8am – 8pm
Review DirectAsia Insurance | Facebook

 

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QuotigoQuotigo

Are you a Singaporean or a tourist visiting for the first time and wishing to drive yourself around the country? Get in touch with Quotigo car insurance company. The company offers customisable and comprehensive car insurance policies to both residents and foreigners.

The monthly or annual premium amount is calculated by determining the distance you intend to cover. They also consider low-mileage drivers with a good driving history for special discounts and other offers. Grab Quotigo’s usage-based car insurance policy today.

Insurance Provider

Quotigo

Highlights
  • Competitive rates
  • Exceptional customer service
Pricing Request for quotation online
Address 60 Paya Lebar Road Paya Lebar Square #11-41 Singapore 409051
Contact

+65 6385 3303

mgt@quotigo.com

Operating Hours Mon – Fri: 9am – 6pm

 


Tokio MarineTokio Marine

Are you tired of paying thousands of dollars and getting low value for money on your car insurance? Talk to Tokio Marine car insurance company. Its best known for its convenient insurance policies and transparency. The personnel will go the extra mile to give you professional advice on the best policy and how to save money on it.

One of the innovative policies it offers is Usage-Based Car Insurance. It’s powered by telematics technology that enables the company to keep track of the distance covered and driving behaviour. Using this information, Tokio Marine is able to offer customised car insurance policies.

Insurance Provider

Tokio Marine

Highlights
  • Comprehensive insurance plans
  • Trusted commercial partners
  • Additional benefits on premium insurances
Pricing Request for quotation online
Address 20 McCallum Street #07-01 Tokio Marine Centre Singapore 069046
Contact +65 6592 6100

customercare@tokiomarine-life.sg

Operating Hours Mon – Fri: 8.45am – 5.45pm
Review Tokio Marine | Facebook

 


Etiqa InsuranceEtiqa Insurance

One of the challenges drivers face after an accident is a complex claim filing process. Some insurance companies are not transparent and take months to approve claims. Etiqa Insurance is different from other insurance companies as its policies and services focus on providing top-notch insurance coverage. The claim process is hassle-free, ensuring drivers get compensated within the shortest time possible.

ePROTECT sMiles is a user-based car insurance policy that the company offers. In this policy, Etiqa Insurance uses advanced tech to monitor clients’ driving behaviour on the road and driving patterns to determine the amount of premiums they should pay.

Insurance Provider

Etiqa Insurance

Highlights
  • Steep promotional discounts
  • Competitive premiums especially for young female drivers
  • Coverage includes carpool or car-sharing arrangement
Pricing Request for quotation online
Address 16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581
Contact +65 6887 8777

customer.service@etiqa.com.sg

Operating Hours Mon – Fri: 8.30am – 5.30pm
Review (1) Etiqa Insurance Singapore | Facebook

 


HL AssuranceHL Assurance

HR Assurance is the go-to insurance company for comprehensive and third-party car insurance policies. It’s reputable and trusted by individuals, businesses, and corporates. One policy that gives it an upper hand is the Pay-As-You-Drive insurance policy.

This policy helps customers to save money on premiums by only paying an amount that is equivalent to the distance they cover. It’s ideal for eco-conscious drivers who don’t use their cars daily and opt for alternative means of transport.

Insurance Provider

HL Assurance

Highlights
  • Competitive NCD discount
  • Availability of authorized workshops to offset premium excess
Pricing Request for quotation online
Address 11 Keppel Rd, #11-01 ABI plaza, Singapore 089057
Telephone +65 6702 0202
Operating Hours Mon – Fri: 9am – 6pm
Review (1) HL Assurance | Facebook

 


NTUC AssuranceNTUC Income

NTUC Income is a top-rated insurance company that offers affordable and convenient car insurance policies in Singapore. The company has been offering insurance policies for over four decades and has stood the test of time by consistently providing quality car insurance policies.

Two new policies available are the Orange Force Policy, designed to offer clients round-the-clock road assistance, and the Pay-As-You-Drive policy, which requires clients to pay an amount equivalent to high often they use the car and the distance covered. The No Claim Discount and Multi-Policy Discount help customers save on premiums.

Insurance Provider

NTUC Income

Highlights
  • Option to choose your own repair workshop
  • Availability to add-on excess coverage for natural disasters, civil disturbances, and malicious acts
  • Medical coverage for self and passengers
  • Towing services
Pricing Request for quotation online
Address
  • 53 Ang Mo Kio Ave 3, #03-18/19 AMK Hub, Singapore 569933
  • 75 Bras Basah Road, Income Centre, Singapore 189557
  • 3 Gateway Drive, #02-40B, Singapore 608532
  • 2 Tampines Central 6, #01-01 Income at Tampines Point, Singapore 529483
  • 900 Woodlands Drive #05-06, Woodlands Civic Centre, Singapore 730900
  • 11 Bedok North Street 1, #01-32 Heartbeat@ Bedok, Singapore 469662
  • 63 Jurong West Central 3, #B1-51/52/53 JP2, Jurong Point Shopping Centre, Singapore 648331
Telephone +65 6789 9595
Operating Hours Mon – Fri: 8.30am – 6.30pm

 


Budget Direct InsuranceBudget Direct Insurance

Getting a comprehensive car insurance policy in Singapore doesn’t have to be time-consuming and stressful. Budget Direct Insurance has revolutionised how clients buy insurance policies by creating an intuitive website with all the information you need to select the right policy.

Apart from the conventional car insurance policy, the company has a custom NCD Protector Plus policy that keeps the client’s No Claims Discount intact even if they file a claim. Another policy to leverage is the Pay-As-You-Drive policy which offers generous savings to drivers who cover short distances. You get a 10% discount if you buy the policy only and a 20% discount if you have 5+ years of driving experience.

Insurance Provider

Budget Direct Insurance

Highlights
  • High customizable
  • Covers COE cars up to 15 years old
  • Discount on premiums when purchased with other insurance plans
  • Competitive rates
Pricing Request for quotation online
Address 190 Clemenceau Ave, #03-01 Singapore Shopping Centre, Singapore 239924
Contact +65 6221 2111

help@budgetdirect.com.sg

Operating Hours Mon – Fri: 8am – 8pm

Sat: 8am – 3pm

Review (1) Budget Direct Insurance – Singapore | Facebook

 


Sompo InsuranceSompo Insurance

Sompo Insurance is another top-rated insurance company offering various public and private car plans. One of the policies to look out for is the Zero Excess plan which allows clients to submit a claim without excess payment, even when you are found at fault. Another client-friendly policy is the Agreed Value plan which considers the car’s value at the time of purchase without factoring in depreciation at the time of buying the policy.

Drivers who haven’t filed a claim for a while qualify for a No-Claim Discount. If you insure multiple cars, you will be awarded a Multi-Car Discount.

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Insurance Provider

Sompo Insurance

Highlights
  • Automatic policy discount during renewals
  • 24/7 roadside assistance
  • Option to choose preferred workshop
  • Ability to retain NCD despite having one accident (depending on selected policy tier)
Pricing Request for quotation online
Address 50 Raffles Place, #05-01/06 Singapore Land Tower, Singapore 048623
Telephone +65 6461 6555
Operating Hours Mon – Fri: 8.30am – 5.30pm

emailus@sompo.com.sg

 


MSIG InsuranceMSIG Insurance

MSIG is a reliable and licensed car insurance company that specialises in offering car insurance policies in Singapore. The company has invested in a user-friendly and responsive website with information about the different policies to help you make an informed decision.

One of the unique policies is the Loss of Use Benefit which encompasses the cost of the rental car if you take it to the mechanic for repairs after being involved in an accident. They also have a New for Old plan/policy; if your car is stolen and you have subscribed to it, the insurance company will buy you a new one if it’s stolen or involved in an accident within the first 12 months of purchasing the policy.

Insurance Provider

MSIG Insurance

Highlights
  • Option to extend coverage to Malaysia
  • Emergency evacuation to Singapore on all types of car polices
  • Exceptional customer service
Pricing Request for quotation online
Address 4 Shenton Way, SGX Centre, Singapore 068807
Telephone +65 6827 7602
Operating Hours Mon – Fri: 8.45am – 5.30pm
Review (1) MSIG | Facebook

 


AllianzAllianz

Allianz is a trusted and reputable car insurance company that offers comprehensive and tailor-made car insurance policies. You can find all the information about the policies they offer on their website. One of the unique policies is Personal Accident Coverage which offers additional coverage if you get injured in an accident or get involved in a fatal accident.

The policy also comes with a Roadside Assistance plan that provides road assistance even during the wee hours of the night if your car breaks down or gets in an accident.

Insurance Provider

Allianz

Highlights
  • Replacement car option
  • Customizable plans for luxury and classic cars
  • Discount on premium when bundled with travel insurance
Pricing Request for quotation online
Address 12 Marina View, #14-01 Asia Square Tower 2, Singapore 018961
Telephone +65 6297 8802
Operating Hours Mon – Fri: 9am – 5.30pm

 


AIG InsuranceAIG Insurance

Quality car insurance policies don’t have to cost you an arm and a leg. AIG Insurance is a premium insurance company that offers an array of comprehensive insurance policies to drivers and car owners in Singapore.

One of the standout policies is the Lifetime Repair Guarantee which ensures your car is repaired by a professional and fitted with quality replacement parts when it’s under your ownership. The company also has an Auto Plus Plan that covers different non-accident incidents, including but not limited to theft and flooding.

Insurance Provider

AIG Insurance

Highlights
  • Only Comprehensive coverage available
  • Courtesy car provided
  • Free roadside assistance
  • Premium waiver with in-car camera
Pricing Request for quotation online
Address 78 Shenton Way, #09-16 AIG Building, Singapore 079120
Telephone +65 6419 3000
Operating Hours Mon – Fri: 9am – 5pm
Review (1) AIG | Facebook

 


Liberty InsuranceLiberty Insurance

Liberty Insurance is a global company that offers exceptional car insurance policies in more than 20 different countries. No Claim Discount Protector and Personal Accident Cover for Passengers is some highlights that place it ahead of the curve.

The No Claim Discount Protector allows the policyholders to still benefit from the No Claim Discount even if they file a claim. The Personal Accident Cover for Passengers basically protects passengers if your car is involved in an accident with them onboard. You can also request the support team to increase the excess amount to enjoy more coverage.

Insurance Provider

Liberty Insurance

Highlights
  • 24/7 roadside assistance
  • New car replacement
  • Courtesy car provided
Pricing Request for quotation online
Address 51 Club St, Singapore 069428
Contact +65 65423 789

servicecenter@libertyinsurance.com.sg

Operating Hours Mon – Fri: 8.30am – 5.30pm

 


Great Eastern (2)Great Eastern

For many years, finding a reliable car insurance policy would take weeks. Great Eastern resolves this by providing multiple comprehensive car insurance coverages. The website has all the information you need to select your next car insurance policy. The support team is also available to help you select the right policy.

Check out their custom policies, such as the New-for-Old Replacement policy, which requires the insurance company to buy you a new car if the insured one is less than two years old and is totally damaged in an accident.

Insurance Provider

Great Eastern

Highlights
  • Unlimited windscreen cover
  • Flexibility between authorized workshops and own workshops
Pricing Request for quotation online
Address 1 Pickering Street #01-01, Great Eastern Centre, Singapore 048659
Contact +65 6248 2211

gicare-sg@greateasterngeneral.com

Operating Hours Mon – Fri: 9am – 5.30pm

 


India International InsuranceIndia International Insurance

India International Insurance is a reputable company licensed to offer car insurance policies in Singapore. You actually don’t have to contact the support team, as all the information you need to buy your first policy is available on their website.

It strives to stay ahead of the competition by providing car insurance policies with unique features or additions. Two of the main features that make India International Insurance different are the Enhanced Personal Accident Benefit and Loss of Use Benefit.

The latter means that the insurance company will give you a daily allowance for the days your car is in the garage undergoing repairs after an accident. The Enhanced Personal Accident Benefit offers complementary or additional coverage, such as compensation for permanent disability and medical expenses.

Insurance Provider

India International Insurance

Speciality
  • Competitive rates
  • Good coverage for used cars
  • Flexibility to choose any workshop
Pricing Request for quotation online
Address 64 Cecil St, IOB Building, Singapore 049711
Telephone +65 6347 6100

 


China Taiping Insurance (2)China Taiping Insurance

Don’t limit yourself to ordinary car insurance policies. Enjoy more coverage by buying car insurance from China Taiping Insurance Company. The company offers different car insurance policies designed to meet the diverse needs of customers. These policies cover not only accidental damage but also third-party liability and theft.

New for Old Replacement and Waiver for Betterment Cost are two unique bonuses included in the car insurance policies. The latter, Waiver for Betterment Cost, means that the insurance company will waive the depreciation cost due to wear and tear. The New for Old Replacement policy replaces the old parts damaged in an accident with brand-new ones from accredited manufacturers.

Insurance Provider

China Taiping Insurance

Highlights
  • Competitive rates
  • Loyalty discount on policy renewal
Pricing Request for quotation online
Address 3 Anson Road #16-00, Springleaf Tower Singapore 079909
Telephone +65 6222 1033

feedback@sg.cntaiping.com

Operating Hours Mon – Fri: 8.45am – 5.30pm

 


EQ InsuranceEQ Insurance

EQ Insurance is a premier car insurance provider in Singapore, specialising in comprehensive and third-party car insurance policies. The policies are tailored to amicably meet the coverage needs of modern drivers, corporates, and government organisations.

Private Car Owner Protection Plus and Pay As You Drive are two unique policies it offers. The Private Car Owner Protection Plus covers medical expenses and personal accident expenses. The Pay As You Drive policy allows clients only to pay an amount equivalent to high often they drive and the average distance covered.

Insurance Provider

EQ Insurance

Highlights Established since 2007, we built our initial insurance success through the construction-related industry and have since grown to underwrite all classes of non-life insurances to a diverse group of personal and commercial clients.

Our key business segments are motor, property, casualty, and accident and health insurance.  To provide a more holistic suite of products to our clients, we are also underwriting marine (cargo and pleasure craft) and selected specialty lines.

We are a rapidly growing company backed by a proven management team and a strong network of intermediaries, including agents, brokers and financial advisers.

EQ Insurance is part of the Citystate Group – a service oriented group of diversified companies with established brands in travel, general insurance underwriting and broking, food processing and distribution, preschool education and enrichment programmes, restaurants, property management and events managements.

Citystate Capital Asia Pte Ltd is headquartered in Singapore.  It owns both general insurance companies and insurance brokerage firms.  In particular, it has 100% shareholdings in EQ Insurance.

Pricing Request for quotation online
Address 5 Maxwell Road, #17-00 Tower Block, MND Complex, Singapore 069110
Contact +65 6223 9433

distribution@eqinsurance.com.sg

Operating Hours Mon – Fri: 8.30am – 5.30pm

 


Types of Car Insurance

Selecting the right car insurance provider in Singapore involves making informed decisions about the type of coverage that best suits your needs. Understanding the various types of car insurance options is crucial for making a wise choice. Below, we explore the three main types of car insurance available in Singapore.

Third-Party Only (TPO) Insurance

When considering cost-effectiveness, Third Party Only (TPO) insurance stands out as the most affordable option. However, it also offers the least amount of coverage. This type of insurance primarily covers damages you cause to other people’s property, including vehicles, fences, or streetlights.

Under TPO, if your actions lead to injuries or fatalities to passengers or third parties, the associated costs will be covered by the insurance company. It’s important to note that TPO insurance does not extend coverage to damages incurred by your vehicle. Any necessary repairs to your car will need to be financed out of your pocket.

Choosing TPO insurance could be a viable option if you’re looking for a budget-friendly solution while fulfilling the legal requirements for car insurance in Singapore.

Third-Party, Fire, and Theft

The Third Party, Fire, and Theft insurance option share similarities with TPO insurance but offers additional coverage. Similar to TPO, this policy covers damages caused to another person’s vehicle, but it also protects in cases where your car is subjected to fire, vandalism, or theft.

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Due to the broader coverage, premiums for third-party, Fire, and Theft insurance are generally higher compared to TPO insurance. This option appeals to those seeking a middle-ground solution, offering more extensive protection without opting for the comprehensive coverage provided by the next option.

Comprehensive Car Insurance

For maximum protection and peace of mind, Comprehensive Car Insurance is the ideal choice. While it comes with a higher price tag, the coverage is extensive, making it well worth the investment for many car owners in Singapore.

As the name suggests, this insurance type covers a wide range of scenarios. It includes damages you cause to other people’s property or injuries to individuals. Additionally, Comprehensive Car Insurance covers the repair or replacement of your vehicle in case of accidents, fire, vandalism, or theft.

Some insurance providers go beyond the basics, offering coverage for damages resulting from riots or natural disasters. Additional perks may include a courtesy car while yours is in the workshop and insurance protection for personal items stored in your vehicle.

When seeking comprehensive coverage, opting for a reputable car insurance provider in Singapore ensures that you are adequately protected in various situations.

In conclusion, selecting the right car insurance provider and type of coverage is a critical decision for any car owner in Singapore. Understanding the distinctions between TPO, Third Party, Fire, and Theft, and Comprehensive Car Insurance allows you to make an informed choice based on your budget and protection needs. When evaluating car insurance providers, prioritize reliability, customer service, and a track record of prompt claims processing for a hassle-free experience.


Understanding Car Insurance Premiums in Singapore

Before obtaining a quote for your car insurance in Singapore, it’s essential to comprehend the various factors influencing the cost of premiums. Insurance providers assess these factors to estimate the likelihood of accidents and the potential payout. Here’s an exploration of key elements affecting the cost of car insurance premiums.

Age: A Decisive Factor in Premium Calculations

In Singapore, age plays a significant role in determining car insurance premiums. Statistics indicate that younger drivers, prone to recklessness and distraction, and elderly drivers with slower reflexes face higher accident risks. Generally, individuals below 30 and above 65 can anticipate higher premiums due to these perceived risks.

Driving Experience Matters

Insurance companies not only consider your age but also evaluate your driving experience. Novice drivers might face higher premiums compared to those with extensive driving experience, as the latter is deemed more adept at navigating the roads safely.

Occupation’s Impact on Premiums

Your occupation can influence your car insurance premiums. Jobs involving frequent travel, such as sales positions, may lead to higher premiums. Insurance providers gauge the increased accident risk associated with more time spent on the road.

Vehicle Make, Model, and Age

The type of car you drive directly affects your premiums. Luxury or high-performance cars typically incur higher costs due to increased repair expenses. Additionally, newer cars attract higher premiums, but older cars may experience rising premiums after ten years due to the scarcity of replacement parts.

Claims History: A Reflection of Risk

Insurance companies scrutinize your claims history, whether made with the current provider or elsewhere. Extensive claims history labels you as a high-risk driver, leading to higher premiums. Maintaining a clean claims record can positively impact your premium rates.


Tips for Lowering Car Insurance Premiums in Singapore

While some factors influencing premiums are beyond your control, there are proactive steps you can take to manage and reduce your car insurance costs.

Aim for a No Claims Discount (NCD)

Practicing safe driving can be financially rewarding. Insurance providers offer Claims Discounts (NCDs) ranging from 10% to 50%, based on your claims history. A consistent record of safe driving can significantly lower your premiums.

Compare Multiple Car Insurance Quotes

Research and compare at least three car insurance quotes. Focus on coverage benefits rather than merely opting for the lowest premium. Different providers offer distinct coverage features, and a thorough comparison ensures you get the best value.

Install an In-Car Camera for Additional Savings

Some insurance providers offer premium discounts for installing in-car cameras. This not only serves as crucial evidence in accidents but also expedites the claims process, potentially lowering your premiums.

Opt-Out of Personal Accident Coverage

If you already have a personal accident insurance policy, consider opting out of personal accident coverage in your car insurance. This strategic move can help reduce your premiums while maintaining comprehensive coverage.

By understanding these factors and implementing the suggested tips, you can navigate the car insurance landscape in Singapore more effectively, ensuring both financial prudence and comprehensive coverage.


The Importance of Car Insurance in Singapore

Imagine being involved in an accident without adequate insurance coverage. Not only would you be responsible for covering the expenses related to your vehicle’s repair, but you could also be held liable for significant medical and property damages if you injure someone else. In the unfortunate case of severe injuries or fatalities, the legal repercussions could result in astronomical financial burdens, potentially running into hundreds of thousands or even millions.

Car insurance, therefore, serves as a safety net, mitigating the financial impact of accidents and ensuring that you are not personally burdened with overwhelming costs. By choosing a reputable car insurance provider in Singapore, you take a proactive step in safeguarding your financial well-being.

When exploring car insurance providers, it’s essential to consider reputable options that prioritize customer satisfaction and offer comprehensive coverage. Singapore boasts several prominent car insurance providers, each with its unique features. These providers play a crucial role in ensuring that you have the necessary protection to navigate the roads confidently.

 


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.

If you are a service provider and wish to be featured in this listing (MediaOne reviews are read by hundreds of thousands of Singaporeans), please contact us at enquiry@mm.com.sg. There is no charge! Please allow us up to 3 working days to review before adjusting the information or including your entry.

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About the Author

Tom Koh

Tom is the CEO and Principal Consultant of MediaOne, a leading digital marketing agency. He has consulted for MNCs like Canon, Maybank, Capitaland, SingTel, ST Engineering, WWF, Cambridge University, as well as Government organisations like Enterprise Singapore, Ministry of Law, National Galleries, NTUC, e2i, SingHealth. His articles are published and referenced in CNA, Straits Times, MoneyFM, Financial Times, Yahoo! Finance, Hubspot, Zendesk, CIO Advisor.

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