Top Car Insurance Providers in Singapore

top car insurance providers in singapore

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
  • Flexible plans
  • Affordable rates
  • Higher flood protection
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

  • Medical coverage
  • Lifetime NCD coverage
  • Repair warranty
  • Family protection 
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

  • Quick emergency assistance
  • Family protection
  • Lowest NCD penalty
  • With add-ons for extra protection
  • Courtesy car provided
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

[email protected]

Operating Hours

Mon – Fri: 8.45am – 5.30pm

Insurance Comparison Portal

sgCarMart

Highlights
  • Competitive quotation
  • Recurring benefits
  • Cancellation refund
  • Roadside assistance
Pricing

Request for quotation online

Website

https://www.sgcarmart.com/
Address

61 Ubi Ave 2, Automobile Megamart

Contact

+65 6744 1514

[email protected]

Operating Hours

Mon – Fri: 10am – 6.30pm


Insurance Provider

Direct Asia Insurance

Highlights

  • Tailor-made insurance plans
  • Dependable customer service
  • Affordable plans
Pricing

Request for quotation online

Website

https://www.directasia.com/

Address

20 Anson Rd, #08-01, Singapore 079912

Contact

+65 66665 5555

[email protected]

Operating Hours

Mon – Fri: 8am – 8pm


Insurance Provider

Quotigo

Highlights

  • Competitive rates
  • Exceptional customer service
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

[email protected]

Operating Hours

Mon – Fri: 9am – 6pm

Insurance Provider

Tokio Marine

Highlights

  • Comprehensive insurance plans
  • Trusted commercial partners
  • Additional benefits on premium insurances
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

[email protected]

Operating Hours

Mon – Fri: 8.45am – 5.45pm


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

Website

https://www.etiqa.com.sg/contact/
Address

16 Raffles Quay, Hong Leong Building, #01-04A, Singapore 048581

Contact

+65 6887 8777

[email protected]

Operating Hours

Mon – Fri: 8.30am – 5.30pm


Insurance Provider

HL Assurance

Highlights

  • Competitive NCD discount
  • Availability of authorized workshops to offset premium excess
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

  • 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

Website

https://www.income.com.sg/
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 [email protected] 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


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

Website

https://www.budgetdirect.com.sg/
Address 190 Clemenceau Ave, #03-01 Singapore Shopping Centre, Singapore 239924

Contact

+65 6221 2111

[email protected] 

Operating Hours

Mon – Fri: 8am – 8pm

Sat: 8am – 3pm


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

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

[email protected]


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

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

  • Replacement car option
  • Customizable plans for luxury and classic cars
  • Discount on premium when bundled with travel insurance
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

  • Only Comprehensive coverage available
  • Courtesy car provided
  • Free roadside assistance
  • Premium waiver with in-car camera
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

  • 24/7 roadside assistance
  • New car replacement
  • Courtesy car provided
Pricing Request for quotation online

Website

https://www.libertyinsurance.com.sg/
Address 51 Club St, Singapore 069428

Contact

+65 65423 789

[email protected]

Operating Hours

Mon – Fri: 8.30am – 5.30pm

Insurance Provider

Great Eastern

Highlights

  • Unlimited windscreen cover
  • Flexibility between authorized workshops and own workshops
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

[email protected]

Operating Hours

Mon – Fri: 9am – 5.30pm

Insurance Provider

India International Insurance

Speciality

  • Competitive rates
  • Good coverage for used cars
  • Flexibility to choose any workshop
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

  • Competitive rates
  • Loyalty discount on policy renewal
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

[email protected]

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

[email protected]

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. 

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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.

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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.

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 [email protected]. 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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