Car insurance is a vital aspect of vehicle ownership in Singapore, as it provides protection and coverage for both you and other road users in case of an accident. With so many options available, it’s essential to find the best car insurance plan that suits your specific needs and budget.
Singapore offers a plethora of car insurance options with an average annual premium of between S$700 and S$1,000. The premiums can vary greatly depending on factors such as the driver’s age, driving experience, and the make and model of the car. By comparing different policies, you can find an affordable plan that caters to your insurance requirements.
When choosing a car insurance plan, consider the extent of coverage you need, including liability, collision, and comprehensive coverage. Align it with your budget and the ease of the claims process. Here, we will discuss the best car insurance options in Singapore and provide you with valuable insights on what to expect when choosing a plan.
What Is Car Insurance And How Does It Cover?
Car insurance is a financial protection plan that covers you in the event of an accident or damage to your vehicle. When you purchase a car insurance policy, you transfer the risk of bearing the financial burden of potential accidents, property damage, and medical expenses to the insurance company.
In the event of an accident or covered damage, your insurance company will help you cover the costs up to the limits of your policy. Keep in mind that most policies have deductibles, which means you’ll be responsible for paying a set amount of the repair or replacement costs before your coverage kicks in.
The coverage provided by car insurance varies depending on the policy you choose. Typically, it covers costs associated with:
- Bodily injuries
- Medical bills
- Property damage you or others may incur as a result of an accident
- Some policies also offer more comprehensive coverage, including protection against theft, vandalism, and natural disasters.
To make the most of your car insurance policy, familiarize yourself with the car insurance policies, including the terms and conditions of coverage. Understanding the extent of your protection will help you make informed decisions in the event of an accident, and ensure you receive the assistance you need promptly. Remember, the right car insurance policy can make a significant difference in your peace of mind as a driver.
Types Of Insurance Coverage
In Singapore, there are various types of car insurance coverage that cater to your specific needs and requirements. Knowing the different options available can help you make an informed decision when purchasing car insurance.
Third-Party Only (TPO) Plan
This is the most basic coverage. This type of insurance covers any liability you may have towards third parties in an accident, such as personal injury or property damage. However, it does not cover any damages to your own vehicle or your personal injuries. As such, if anything happens to your own car or if you incur any injuries, you’ll have to foot the bill yourself.
Third Party, Fire and Theft (TPFT) Insurance Plan
This coverage includes the benefits of a TPO plan and adds protection against damages caused by loss, theft, and fire. While it provides more extensive coverage than TPO, it still does not cover damages to your own vehicle in the event of an accident.
Comprehensive Car Insurance Plan
For more comprehensive protection, you can consider a Comprehensive Car Insurance plan. This type of coverage includes all the benefits of TPFT and also covers damages to your own vehicle, regardless of whether you are at fault or not. Additionally, comprehensive insurance may also provide benefits like personal accident coverage, medical expenses, and towing services.
Best Car Insurance Plans in Singapore (2023)
|
Car Insurance Plan |
Best For |
Plans |
Car Insurance Premium |
|---|---|---|---|
|
FWD Car Insurance |
Budget-Conscious Consumers |
|
Starts from S$622.91/year |
|
Singtel Car Protect |
Tech-Savvy Individuals Looking For Comprehensive Insurance |
|
Starts from 765.17/year |
|
AIG Car Insurance |
Protection Against Collision |
|
Starts from S$1,056.07 |
|
Allianz Motor Protect |
Affordable Comprehensive Car Insurance Plans |
|
Starts from S$641.49 |
|
MSIG Private Motor Insurance |
Comprehensive Plans with Car Loan Insurance |
|
Starts from S$825.24 |
|
HLAS Car Insurance |
Fuss-Free Car Insurance |
|
Starts from S$1,336.15 |
1. FWD Car Insurance – Best for Budget-Conscious Consumers
FWD Car Insurance is a popular choice for many drivers in Singapore due to its customer-friendly approach and some of the cheapest car insurance premiums options. One major pro of choosing FWD is their lifetime 50% No Claims Discount (NCD), which rewards you for maintaining an accident-free driving record for at least five years with a substantial discount on your premiums.
However, one con is that FWD is a fully digital insurer, which may not be a suitable choice for those who prefer a more traditional approach to purchasing insurance.
Plans
- Classic Plan
- Executive Plan
- Prestige Plan
All of them provide coverage for damage and repairs, injuries, personal belongings, and damage to others, but to different claim limits. For instance, the Classic plan covers up to S$1,000 medical expenses in case of a car accident while the Prestige Plan (the most expensive) covers up to S$5,000.
Moreover, FWD Car Insurance includes free 24-hour roadside assistance to help you in emergencies.
Annual Premium: Car insurance premiums vary depending on several factors, such as the type of plan, gender, marital status, age, and more. You can check your price here.
For example, if you are a married, 35-year-old male driving with a Mazda 3 1.6 (A) registered in 2018 and have been driving for more than 3 years and made no claims, here are the basic annual premium based on FWD’s car insurance plans:
- Classic: Starts from S$622.91/year
- Executive: S$733.15/year
- Prestige: S$769.45/year
Promo: Use promo code ENDSEP to get 20% off and S$100 e-CapitaVouchers (applicable for new purchases with a minimum annual premium of S$1000) for Comprehensive Plan only.
2. Singtel Car Protect – Best for Tech-Savvy Individuals Looking For Comprehensive Insurance
Choosing Singtel Car Protect for your car insurance needs comes with numerous advantages. With Singtel, you get comprehensive car insurance coverage tailored to your needs, ensuring the protection of you, your car, and your passengers. Additionally, Singtel offers a promotion with guaranteed $220 petrol vouchers with any plan purchased, making it highly appealing for motorists.
However, it’s important to be aware of the limitation that Singtel Car Protect is not an option for young drivers as there are other insurance providers that cater specifically to their requirements.
Plans
- Value Plan: Covers any liability towards a third party and your car
- Essential Plan: A comprehensive plan that covers liabilities towards a third party, your car, plus yourself, and unnamed drivers who are authorised to drive the vehicle.
- Premium Plan: Offers the same coverage as the Essential Plan but you can get repairs done at any workshop of your choice.
Annual Premium: S$998.05 (Premium), S$831.70 (Essential), S$765.17 (Value). Contact Singtel Car Protect to get a quote.
*Quote based on this driver profile: a 35-year-old married male driver with a clean driving record, 5 years of driving experience, driving a Mazda 3 1.6 (A) registered in 2018.
Promo
- Get S$220 petrol vouchers when you sign up. Until Sept 30 only!
- Enjoy up to S$80 off a set of 4 new tyres/rims at Hock Seng Wah Tyres Trading
- Refer a friend and you get a S$50 petrol voucher when they purchase Singtel Car Protect
- Enjoy 10% off premiums via My Singtel app
3. AIG Car Insurance – Best For Protection Against Collision
AIG is known for providing reliable and quality car insurance in Singapore. With a 99.9% motor claims approval rate, they ensure speedy claim approval, usually within one working day. As a policyholder, you can also benefit from a Policy Lifetime Repair Guarantee, giving you peace of mind. However, it’s crucial to note that AIG’s offerings are generally lean, focusing more on essential coverage than a wide range of additional features.
Plans
- AIG Car Insurance Complete Plan: Offers coverage for damages or losses to your vehicle caused by an accident, third-party bodily injury, third-party property damage, and more.
- AIG Car Insurance Collision-Only Plan: is an auto insurance plan that covers damages or losses to your own vehicle, resulting from a collision with another car. It also covers third-party liability for bodily injury and property damage.
Annual Premium: Starts from S$1,056.07 for Collision-Only; S$1,293.53 for Complete Plan
Promo
- Get up to S$350 worth of Petrol Vouchers when you purchase a policy today. Promo until 31 October 2023.
4. Allianz Motor Protect – Best For Affordable Comprehensive Car Insurance Plans
Allianz Motor Protect offers comprehensive and reliable car insurance coverage for Singapore drivers. The biggest advantage of choosing Allianz is the lifetime warranty on repairs done at authorized workshops, giving you peace of mind in the long run. Furthermore, Allianz Motor Protect is known for its focus on the most commonly needed benefits and coverage, which makes it an ideal choice for drivers who prefer straightforward insurance plans.
However, it’s important to note that Allianz Motor Protect may not be the most robust plan out there. Some may find it rather bare-bones, so if you’re looking for more comprehensive options, you might need to consider alternative providers.
Plans
- Third-Party Only: Covers damage to third-party property, death or injury, and provides legal representation and defense
- Third-Party Fire and Theft Only: Offers similar coverage to the Third-Party Only plan but with additional coverage for loss or damage to your vehicle due to fire and theft.
- Comprehensive: Offers all the coverage offered by the first two plans but with additional benefits, such as tax reimbursement, towing costs, authorised repair, “new for old: replacement car, courtesy car, and more.
Annual Premium: Starts from S$641.49 (Third-Party Only); S$692.31 (Third-Party, Fire & Theft Only); S$865.05 (Comprehensive)
*Quote based on this driver profile: a 35-year-old married male driver with a clean driving record, 5 years of driving experience, driving a Mazda 3 1.6 (A) registered in 2018.
Promo
- Use promo code MOTOR10% to enjoy 10% off your premium on Allianz Motor Protect TODAY! The promo ends on 29 September 2023.
5. MSIG Private Motor Insurance – Best For Comprehensive Plans with Car Loan Insurance
MSIG is a top choice for car insurance in Singapore due to its affordability and comprehensive coverage. With a network of more than 30 authorised workshops, they are one of the longer-standing companies in Singapore offering car insurance plans. Boasting a solid reputation, MSIG also offers car loan protection benefits wherein the insurance company will pay off the loan in the event the car owner passes away.
Plans
MSIG has two plans: MSIG MotorMax and MSIG MotorMax Plus. Both insurance plans offer the same comprehensive coverage, liability to third-party coverage, personal accident benefits, and medical expenses, but to different claim limits.
Annual Premium: Starts from S$825.24 (for a 35-year-old married male driver with a clean driving record, 5 years of driving experience, driving a Mazda 3 1.6 (A) registered in 2018)
Promo
- Enjoy up to S$150 Petrol Vouchers. The promo ends on 31 October 2023
6. HLAS Car Insurance – Best For Fuss-Free Car Insurance
HL Assurance offers a comprehensive car insurance plan, Car Protect 360, tailored to suit your needs. One major advantage of choosing HL Assurance is its affordable premiums and high medical coverage. However, it’s worth noting that their insurance plans are designed for drivers aged between 27 and 65, and they impose a high young/inexperienced driver excess of S$3,000.
Plans
HL Assurance only has one type of car insurance plan available – the Car Protect360. It is a feature-rich comprehensive insurance policy. For starters, it offers Third-Party Damage Coverage of up to S$5,000,000.
Annual Premium: Starts from S$1,336.15
*Quote based on this driver profile: a 35-year-old married male driver with a clean driving record, 5 years of driving experience, driving a Mazda 3 1.6 (A) registered in 2018.
Promo
- Enjoy a choice of Free Car Servicing, Air-con Treatment, or Paint Protection on top of 25% Off when you sign up with Car Protect360 now.
Final Word
It is essential to pick the right car insurance plan in Singapore that suits your needs and budget. With various options available in the market, it is wise to explore and compare different plans for the best coverage and premiums.
Key Takeaways
- Conduct thorough research to understand the various car insurance plans available in Singapore.
- Always compare quotes, coverage, and terms from different car insurance providers before making a decision. Remember, the right insurance plan can save you from financial stress in case of accidents and unforeseen events.
- Periodically review your coverage to ensure it’s up to date and provides adequate protection.
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