Best Cheap Car Insurance for Families 2019

Cars are the most expensive things to insure in Singapore. Here are some car insurers offering great coverage for families at premiums that can still keep you within your budget.

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Cheapest Car Insurance for Families

Even though it may be tempting to go for the cheapest car insurance possible, you'll want to make sure you have adequate protection as well because you will be insuring not only yourself but also your children. The following car insurance plans are not only affordable for any budget, but they will also minimise out of pocket costs and protect every member of your family.

This graph shows the cheapest car insurance premiums in Singapore for a married 45-year old male

Best Value Car Insurance for Families of All Sizes: FWD Classic

Consider this if you are looking for great value plan focused on accident coverage

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you are looking to maximise protection for your family, FWD's Classic plan has highly competitive premiums and solid accident-focused coverage. Premiums for a married policyholder are 35% cheaper than average and you can choose to adjust your standard excess depending on your comfort level and budget. If you are looking to insure your young drivers, you can also opt to waive their S$2,500 young driver excess (YIDR), which increases your premium slightly but can save you around S$2,000 of out of pocket costs in the event they get into an accident while driving your car. Additionally, you do not need to name your drivers—FWD will insure anyone who drives your car at no extra cost.

FWD Classic's coverage includes S$1,000 of medical coverage per passenger, one-time payments for drivers and passengers due to death or permanent disablement and a lump sum payment of S$250,000 in the event of an unfortunate accident where your children are left on their own. These benefits are in addition to coverage for towing costs, temporary transportation and car accessories. The only downside is there is no cover for children's car seats, so if you have children who need one, you won't be covered for it. However, for about a 15% price increase you can opt for FWD's Executive plan, which adds S$1,000 of personal belongings coverage and a free replacement car for up to three months if your car gets totalled—a good tradeoff providing valuable protection and convenience. Read our full review.

BenefitsAmountExtra CostExcess
Personal Accident (Main Driver)S$30,000N/AN/A
Personal Accident (Passenger)S$10,000N/AN/A
Medical ExpensesS$1,000N/AN/A
Windscreen DamageUnlimitedN/AS$100
Car AccessoriesS$500N/AN/A
Loss of UseS$40/dayN/AN/A
Loss of Car KeysN/AN/AN/A
Child's Car SeatN/AN/AN/A
Young/Inexperienced Driver Excess (27 and younger)N/AN/AS$2,500
Promotion: "BestCar25" for 25% Discount +$150 CapitaVoucher

Cheapest Car Insurance for Families: Budget Direct Comprehensive

Consider this if you are a family of experienced, safe drivers

Third Party Damage Coverage S$5,000,000
Workshop Type Any
Coverage for Loss/Damage to Vehicle 100% of Market Value

If your family unit consists of adults (i.e. a married couple living with older relatives), Budget Direct can be a good option not only because of its unbeatable price but also because of the coverage and types of plans offered. Its premiums are around 40% cheaper than average for married couples and offers two driver plans to choose from: the Named Driver plan and the Authorised Driver plan. The Named Driver plan covers only the Main Driver and the people you include as Named Drivers, while the Authorised Driver plan, covers the policyholder, the main driver (if not the policyholder) and anyone else you let drive your car. Though the Authorised Driver plan is 15% more expensive, your premiums will still be one of the cheapest on the market and can work to your benefit if your car tends to be shared by a lot of relatives.

The one downside to Budget Direct is its basic coverage, which is why we recommend it for experienced, safe drivers who don't need to protect young passengers and don't require comprehensive medical, accident or belongings coverage. Budget Direct mainly offers coverage for damage to your car, towing, and third-party damage, so if you want medical, personal accident, accessory coverage or roadside assistance, you will have to pay an additional fee. Read our full review.

BenefitsAmountExtra CostExcess
Personal Accident (Main Driver)S$20,000S$32.10N/A
Personal Accident (Passenger)N/AN/AN/A
Medical CoverageS$500S$21.40N/A
Windscreen CoverageUnlimitedN/AS$100
Car AccessoriesS$500N/AN/A
Loss of UseS$50/dayS$53.50N/A
Loss of Car KeysN/AN/AN/A
Child's Car SeatN/AN/AN/A
Young/Inexperienced Driver Excess (25 and under)N/AN/AS$500
Promotion: Get S$100 if your current insurer offers cheaper premiums than Budget Direct upon renewal (even if you don't end up purchasing a Budget Direct policy)

Best Car Insurance for Families with Young Children: Aviva Prestige

Consider this if you are looking to protect your child passengers

Third Party Damage Coverage S$5,000,000
Workshop Type Any
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you have young children, Aviva's Comprehensive car insurance plan can be a good fit as it offers child-specific coverage at competitive prices. Premiums are around 15% below average for a married policyholder, leaving room in your budget to customise your policy with Aviva's plethora of optional add-ons. However, its core coverage is quite comprehensive as it offers S$250 for your child seat, an accident repair service to assist you during an accident, free transportation services to get you home after the accident, roadside assistance, and medical and personal accident coverage. Another convenient benefit is Aviva's dual-year plan option that saves you an additional 5% on your premium. Overall, Aviva is a great option for new families expecting their first child to families with multiple children due to its family-friendly comprehensive coverage. Read our full review.

BenefitsAmountExtra CostExcess
Personal Accident (Main Driver)S$100,000N/AN/A
Personal Accident (Passenger)S$100,000N/AN/A
Medical ExpensesS$5,000N/AN/A
Windscreen CoverageUnlimited with Aviva WorkshopN/AS$100
Car AccessoriesS$3,000N/AN/A
Loss of UseReplacement Car/10daysS$80.25N/A
Loss of Car KeysS$500S$26.75
Child's Car SeatS$250N/AN/A
Young/Inexperienced Driver Excess (25 and under)N/AN/AN/A
Promotion: Save 20% with "CAR20" (new business only)

Best Car Insurance for Families with Luxury Cars: Direct Asia Value

Consider this if you are an affluent family looking for customisable coverage

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you have multiple cars or your family car is a luxury vehicle, you will benefit most with Direct Asia's competitive prices, customisable coverage and 10% discount for your second car. We found Direct Asia's Value plan to be one of the cheapest options for drivers of luxury vehicles such as BMW, Audi or Mercedes, with premiums around 25% below average. Additionally, unlike most plans that cap your ability to get a car replacement to 12 months, Direct Asia offers an option to extend this period to 24 months, a great peace of mind benefit for luxury car owners. Additionally, because you most likely trust less people with your car the more expensive it is, the Value plan saves you money by only letting you name up to 4 additional drivers, 2 of whom can be your younger drivers (younger than 30 years old).

In terms of coverage, Direct Asia has comprehensive accident and damage coverage, keeping you insured from everything like fire or vandalism to flooding and natural disasters. It also offers a variety of benefits to add on to your plan to make your policy suited to your needs. If you already have a trusted garage, you can opt to to authorise any workshop for repairs, add protection for driving outside of Singapore and get up to S$500,000 of personal accident protection. You can also add coverage for accessories, medical expenses and loss of use. Read our full review.

BenefitsAmountExtra CostExcess
Personal Accident (Main Driver)S$500,000S$53.50N/A
Personal Accident (Passenger)N/AN/AN/A
Medical CoverageS$500S$21.40N/A
Windscreen CoverageUnlimitedN/AS$100
Car AccessoriesS$5,000S$21.46N/A
Loss of UseS$50/dayS$53.50N/A
Loss of Car KeysN/AN/AN/A
Child's Car SeatN/AN/AN/A
Young/Inexperienced Driver Excess (30 and under)N/AN/AS$2,500
Promotion: Additional 10% off for drivers with 5+ years of 50% NCD; Shell Escape points + Free 24 Hour Breakdown Assistance

Summary of Car Insurance Promotions

Having a family is very expensive and it is a welcome sight to be able to save on normally pricey expenses. To help you spend less on your car insurance, we've compiled the current car insurance promotions and discounts currently offered, along with their promo codes below.

  • FWD: "BestCar25" for 25% Discount +$150 CapitaVoucher
  • Budget Direct: Get S$100 if your current insurer offers cheaper premiums than Budget Direct upon renewal (even if you don't end up purchasing a Budget Direct policy)
  • Aviva: Save 20% with "CAR20" (new business only)
  • Direct Asia: Additional 10% off for drivers with 5+ years of 50% NCD; Shell Escape points + Free 24 Hour Breakdown Assistance

Methodology

To find the best motor insurance rates for families, we gathered data from 12 car insurers in Singapore and averaged the rates for 45-year old married males and females. One main pattern we saw was generally, if you are married you will see lower premiums than if you claim you are single on your policy, and while married men saw higher premiums than married women, the price discrepancy was lower compared to single policyholders. However, your premiums will differ based on your age, driving experience, make of car and number of people you choose to insure. We then segmented the plans based on benefits offered to match plans to different family profiles.

Anastassia Evlanova

Anastassia is a Research Analyst at ValueChampion Singapore, focusing on insurance. She graduated with Honors from Mohawk College with a postgraduate diploma in International Business Management and holds a B.A. in Economics from New York University. Her prior working experience includes work in the capital markets sector.

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