Best Cheap Car Insurance for Luxury Cars 2020

A luxury car deserves the best protection you can get. After analysing benefits and comparing hundreds of car insurance quotes for luxury cars from 12 car insurers across Singapore, we found the best car insurance policies for luxury car owners.

Cheapest Car Insurance for Luxury Cars
  • Budget Direct Comprehensive: Cheapest plan for safe drivers with 50% NCD; S$500 young driver excess
  • FWD Classic: Premiums for luxury vehicles are 20% below average; lifetime NCD benefit
  • Etiqa Comprehensive: Best ongoing promotions that add up to a 53% discount on premiums, resulting in premiums 30% below average
  • Direct Asia Value: Affordable plan that lets you customise your coverage with plenty of add-ons.
  • Sompo ExcelDrive Focus: Great budget-friendly option for high accident protection for yourself and your passengers
Most Comprehensive Luxury Car Insurance
  • FWD Prestige: Good option for drivers with expensive car accessories and belongings
  • Aviva Prestige: Best for affluent families; competitive premiums for younger drivers
  • Income Premium: Best plan for accident coverage; no extra excess for named young/inexperienced drivers
  • HL Assurance Comprehensive: Good for people who want convenience accident repair and maintenance coverage

Compare the Best Car Insurance Plans for Luxury Cars

To help you find the best car insurance plan for your luxury vehicle, we analysed hundreds of quotes and benefits from all the car insurers in Singapore. Below, you'll find which insurers offer the best rates, have the best coverage or a combination of both.

This graph shows the cheapest car insurance premiums for luxury cars on the Singapore market

Cheapest Car Insurance for Luxury cars

Luxury cars generally exhibit higher premiums due to the higher payouts insurers will have to make in the event of an accident. However, it is possible to find a great car insurance plan that will provide ample coverage without breaking the bank. Below, you will find the cheapest plans on the market for luxury cars.

Cheapest Car Insurance for Safe Drivers: Budget Direct Comprehensive

  • Consider this if you are a safe and experienced driver with a high NCD
  • Young/Inexperienced Driver Excess: S$500 (25 and younger)
  • Promotion: Use our exclusive Affinity Code/Buddy ID "VALUE5" for extra 5% off; Get S$100 if current insurer offers cheaper premiums than BD upon renewal (even if no BD policy bought)
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$20,000S$32.10N/A
Medical CoverageS$500S$21.40N/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayS$64.20N/A

If you are an experienced, safe driver with a high NCD and your only criteria is price, then Budget Direct's Comprehensive plan could be a good match. Quotes for luxury cars are around 40% cheaper for 50% NCD drivers compared to the industry average and 34% cheaper than average for drivers with no NCDs.

The base coverage is fairly simple, so if you are looking for medical, personal accident coverage, or roadside assistance, you'll need to pay extra. For these reasons, we recommend Budget Direct for safe drivers who prefer low premiums and only require minimum protection, as inexperienced drivers may not get enough coverage for the price they'll be paying.

Nonetheless, a great perk Budget Direct offers is its low young driver excess of S$500 for drivers under 25, making this insurer a solid option if you are looking to insure a younger driver in your family. Additionally, with two driver plans to choose from (the Named Driver or Authorised Driver), you also have the option of choosing how many people you want to insure— great feature if you have multiple drivers or passengers riding with you on a daily basis.

Consider this if you are a safe and experienced driver with a high NCD
  • Young/Inexperienced Driver Excess: S$500 (25 and younger)
  • Promotion: Use our exclusive Affinity Code/Buddy ID "VALUE5" for extra 5% off; Get S$100 if current insurer offers cheaper premiums than BD upon renewal (even if no BD policy bought)
  • Read our full review

BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$20,000S$32.10N/A
Medical CoverageS$500S$21.40N/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayS$64.20N/A

If you are an experienced, safe driver with a high NCD and your only criteria is price, then Budget Direct's Comprehensive plan could be a good match. Quotes for luxury cars are around 40% cheaper for 50% NCD drivers compared to the industry average and 34% cheaper than average for drivers with no NCDs.

The base coverage is fairly simple, so if you are looking for medical, personal accident coverage, or roadside assistance, you'll need to pay extra. For these reasons, we recommend Budget Direct for safe drivers who prefer low premiums and only require minimum protection, as inexperienced drivers may not get enough coverage for the price they'll be paying.

Nonetheless, a great perk Budget Direct offers is its low young driver excess of S$500 for drivers under 25, making this insurer a solid option if you are looking to insure a younger driver in your family. Additionally, with two driver plans to choose from (the Named Driver or Authorised Driver), you also have the option of choosing how many people you want to insure— great feature if you have multiple drivers or passengers riding with you on a daily basis.

Cheapest Car Insurance for Luxury Vehicles: FWD Classic

  • Consider this if you want a plan with high value for money
  • Young/Inexperienced Driver Excess: S$2,500 (Waivable; 27 and younger)
  • Promotion: "VCAR15" for 15% off (Comprehensive Plans only) & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$30,000N/AN/A
Personal Accident (Passenger)S$10,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$300N/AN/A
Car Replacement/Temporary TransportS$40/dayN/AN/A
Car AccessoriesS$500N/AN/A

With premiums 25-30% cheaper than average for luxury sedans like Mercedes, BMW and Audi, FWD's Classic plan is a great option for both experienced drivers and first-time car buyers who don't yet have a No Claim Discount (NCD). Its comprehensive and all-encompassing benefits include everything from medical protection to car accessory coverage, making FWD a good choice for new family cars or single drivers.

FWD also rewards safe drivers who reach a 50% NCD discount with their Lifetime No Claim Discount benefit, letting you retain your 50% NCD regardless of the number of at-fault claims you make. Another valuable feature for expensive car owners is that FWD will pay up to the market value of your car, the car's parts, fitting of the parts and transporting the parts back home in the event of an accident in Singapore or overseas. Since some luxury car parts may require custom fitting or importing from abroad, this is a unique cost-saving feature.

Consider this if you want a plan with high value for money
  • Young/Inexperienced Driver Excess: S$2,500 (Waivable; 27 and younger)
  • Promotion: "VCAR15" for 15% off (Comprehensive Plans only) & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our full review

BenefitsLimitExcess
Windscreen/Window CoverageUnlimitedS$100
Personal Accident (Main Driver)S$30,000N/A
Personal Accident (Passenger)S$10,000N/A
MedicalS$1,000N/A
TowingS$300N/A
Car Replacement/Temporary TransportS$40/dayN/A
Car AccessoriesS$500N/A

With premiums 25-30% cheaper than average for luxury sedans like Mercedes, BMW and Audi, FWD's Classic plan is a great option for both experienced drivers and first-time car buyers who don't yet have a No Claim Discount (NCD). Its comprehensive and all-encompassing benefits include everything from medical protection to car accessory coverage, making FWD a good choice for new family cars or single drivers.

FWD also rewards safe drivers who reach a 50% NCD discount with their Lifetime No Claim Discount benefit, letting you retain your 50% NCD regardless of the number of at-fault claims you make. Another valuable feature for expensive car owners is that FWD will pay up to the market value of your car, the car's parts, fitting of the parts and transporting the parts back home in the event of an accident in Singapore or overseas. Since some luxury car parts may require custom fitting or importing from abroad, this is a unique cost-saving feature.

Best Car Insurance Promotion: Etiqa Comprehensive

  • Consider this if you are an experienced driver
  • Young/Elderly/Inexperienced Driver Excess: S$2,000 (24 and under; 75 and over)
  • Promotion: 20% off + additional 5% off Fridays; 30% off with "JAPCAR" for owners of Japanese car makes
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$50,000N/AN/A
Personal Accident (Passenger)N/AN/AN/A
MedicalS$1,000N/AN/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayN/AN/A
Car AccessoriesS$2,000S$85.60 for sun/moon roofsN/A
S$1,000S$21.40 for solar film

If you are an experienced driver who is not looking to insure young or inexperienced family members, Etiqa offers solid coverage for prices 27% cheaper than average for luxury cars, depending on your NCD discount. These prices are in part due to Etiqa's generous 20% promotion, with a further 5% discount for customers who purchase their policies on Friday.

Furthermore, unlike some other motor insurers who sacrifice coverage for cost, Etiqa includes medical and personal coverage in its core plan, where S$5,000 of car accessories coverage can be added for only S$21. However, the reason why we recommend this plan for experienced drivers only is because it has one of the highest young/inexperienced driver excesses of S$4,000 for drivers 23 and younger.

Consider this if you are an experienced driver
  • *Consider this if** you are an experienced driver
  • Young/Elderly/Inexperienced Driver Excess: S$2,000 (24 and under; 75 and over)
  • Promotion: 20% off + additional 5% off Fridays; 30% off with "JAPCAR" for owners of Japanese car makes
  • Read our full review

BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$50,000N/AN/A
Personal Accident (Passenger)N/AN/AN/A
MedicalS$1,000N/AN/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayN/AN/A
Car AccessoriesS$2,000S$85.60 for sun/moon roofsN/A
S$1,000S$21.40 for solar film

If you are an experienced driver who is not looking to insure young or inexperienced family members, Etiqa offers solid coverage for prices 27% cheaper than average for luxury cars, depending on your NCD discount. These prices are in part due to Etiqa's generous 20% promotion, with a further 5% discount for customers who purchase their policies on Friday.

Furthermore, unlike some other motor insurers who sacrifice coverage for cost, Etiqa includes medical and personal coverage in its core plan. YOu can also choose to add S$5,000 of car accessories coverage for only S$21. However, the reason why we recommend this plan for experienced drivers only is because it has one of the highest young/inexperienced driver excesses of S$4,000 for drivers 23 and younger.

Best for Customisation on a Budget: Direct Asia Value

  • Consider this if you are looking to customise your coverage
  • Young/Inexperienced Driver Excess: S$2,500 (30 and under)
  • Promotion: S$200 of Shell Fuel for Cars 0-5 Years Old; S$100 of Shell Fuel for Cars > 6 years + 24-Hour Free Breakdown Assistance
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$500,000S$53.50N/A
Medical CoverageS$500S$21.40N/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayS$53.50N/A
Car AccessoriesS$5,000S$21.46N/A

For drivers who want to customise their plan to their individual preferences, Direct Asia's Value plan is a strong low-cost option. We found its premiums to be 28-34% cheaper than the average premiums for luxury vehicles, leaving enough room in your budget to choose from a variety of optional add-ons including roadside assistance, personal accident, medical and car accessories coverage. However, even without the add-ons, Direct Asia has generous personal accident coverage for the main driver and the passengers, each at S$20,000.

While this plan only lets you insure named drivers, you can add up to two young/inexperienced drivers at no extra cost. This perk, as well as the Value plan being the cheapest option on the market for non-NCD luxury car drivers, makes Direct Asia a great choice for new drivers who are still figuring out what kind of coverage will suit them best.

Consider this if you are looking to customise your coverage
  • Young/Inexperienced Driver Excess: S$2,500 (30 and under)
  • Promotion: S$200 of Shell Fuel for Cars 0-5 Years Old; S$100 of Shell Fuel for Cars > 6 years + 24-Hour Free Breakdown Assistance
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$500,000S$53.50N/A
Medical CoverageS$500S$21.40N/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayS$53.50N/A
Car AccessoriesS$5,000S$21.46N/A

For drivers who want to customise their plan to their individual preferences, Direct Asia's Value plan is a strong low-cost option. We found its premiums to be 28-34% cheaper than the average premiums for luxury vehicles, leaving enough room in your budget to choose from a variety of optional add-ons including roadside assistance, personal accident, medical and car accessories coverage. However, even without the add-ons, Direct Asia has generous personal accident coverage for the main driver and the passengers, each at S$20,000.

While this plan only lets you insure named drivers, you can add up to two young/inexperienced drivers at no extra cost. This perk, as well as the Value plan being the cheapest option on the market for non-NCD luxury car drivers, makes Direct Asia a great choice for new drivers who are still figuring out what kind of coverage will suit them best.

Budget-Friendly Accident Protection: Sompo ExcelDrive Focus

  • Consider this if you want peace of mind without sacrificing your budget
  • Young/Inexperienced/Elderly Driver Excess: S$1,500 (23 and younger; 70 and older)
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100 (S$0 at Sompo workshop)
Personal Accident (Main Driver)S$0-S$10,000VariesN/A
Personal Accident (Passenger)S$0-S$10,000VariesN/A
MedicalS$300N/AN/A
TowingS$300N/AN/A
AccessoriesVariedS$40-S$800N/A

If you are looking for maximum accident protection for your luxury car while being on a budget, Sompo ExcelDrive's Focus plan offers a variety of accident-focused benefits for premiums that are 20% cheaper than the luxury car insurance plan average.

The Focus plan also boasts greater than average accident protection coverage for the main driver and your passengers at S$20,000 and S$10,000 respectively, and it has its own emergency response team (MARS). MARS will arrive at the scene in 20 minutes and provide support for towing, alternative transportation and insurance-related queries. For drivers who are committed to protecting their expensive cars from any form of damage, Sompo is also one of the few insurers who covers your car from a variety of events ranging from natural disasters to riots/civil commotion.

Consider this if you want peace of mind without sacrificing your budget
  • Young/Inexperienced/Elderly Driver Excess: S$1,500 (23 and younger; 70 and older)
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100 (S$0 at Sompo workshop)
Personal Accident (Main Driver)S$0-S$10,000VariesN/A
Personal Accident (Passenger)S$0-S$10,000VariesN/A
MedicalS$300N/AN/A
TowingS$300N/AN/A
AccessoriesVariedS$40-S$800N/A

If you are looking for maximum accident protection for your luxury car while being on a budget, Sompo ExcelDrive's Focus plan offers a variety of accident-focused benefits for premiums that are 20% cheaper than the luxury car insurance plan average.

The Focus plan also boasts greater than average accident protection coverage for the main driver and your passengers at S$20,000 and S$10,000 respectively, and it has its own emergency response team (MARS). MARS will arrive at the scene in 20 minutes and provide support for towing, alternative transportation and insurance-related queries. For drivers who are committed to protecting their expensive cars from any form of damage, Sompo is also one of the few insurers who covers your car from a variety of events ranging from natural disasters to riots/civil commotion.

Most Comprehensive Luxury Car Insurance

If money is no object, the policies below offer the most comprehensive coverage for your vehicle, ranging from excellent accident protection to generous coverage for your most prized car accessories.

Best for Valuables Protection: FWD Prestige

  • Consider this if you want coverage for expensive belongings and car accessories
  • Young/Inexperienced/Elderly Driver Excess: S$2,500 (27 and younger)
  • Promotion: "VCAR15" for 15% off (Comprehensive Plans only) & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$75,000N/AN/A
Personal Accident (Passenger)S$25,000N/AN/A
MedicalS$5,000N/AN/A
TowingS$500N/AN/A
Personal BelongingsS$2,000N/AN/A
Car AccessoriesS$2,000N/AN/A

For luxury car owners who want to maximise coverage, FWD's Prestige plan offers top of the line protection not only for basics like medical and accident protection, but also for car accessories and personal belongings. Since luxury cars often come with high-end accessories to make your drive as comfortable as possible, FWD's S$2,000 of car accessory coverage and S$2,000 of personal belongings coverage ensures that all of your car's features will be well protected. If something happens to your vehicle and it needs to be repaired, FWD Prestige also offers one of the highest temporary transportation benefits of S$80/day for 10 days and one of the highest main driver and passenger accident coverage (S$75,000 and S$25,000, respectively). What makes this plan even better its below average premiums for luxury cars, making it the best value plan on the market.

Consider this if you want coverage for expensive belongings and car accessories
  • Young/Inexperienced/Elderly Driver Excess: S$2,500 (27 and younger)
  • Promotion: "VCAR15" for 15% off (Comprehensive Plans only) & enter for a chance to win a BMW 118i M Sport or total cash prizes of S$95,000 this July!
  • Read our full review
BenefitsLimitExcess
Windscreen/Window CoverageUnlimitedS$100
Personal Accident (Main Driver)S$75,000N/A
Personal Accident (Passenger)S$25,000N/A
MedicalS$5,000N/A
TowingS$500N/A
Personal BelongingsS$2,000N/A
Car AccessoriesS$2,000N/A

For luxury car owners who want to maximise coverage, FWD's Prestige plan offers top of the line protection not only for basics like medical and accident protection, but also for car accessories and personal belongings. Since luxury cars often come with high-end accessories to make your drive as comfortable as possible, FWD's S$2,000 of car accessory coverage and S$2,000 of personal belongings coverage ensures that all of your car's features will be well protected.

If something happens to your vehicle and it needs to be repaired, FWD Prestige also offers one of the highest temporary transportation benefits of S$80/day for 10 days and one of the highest main driver and passenger accident coverage (S$75,000 and S$25,000, respectively). What makes this plan even better its below average premiums for luxury cars, making it the best value plan on the market.

Best for Affluent Families: Aviva Prestige

  • Consider this if you are looking for great coverage for the family car
  • Young/Inexperienced Driver Excess: None
  • Promotion: 25% off with "POSTCB25" (new customers); addt'l 15% off MINDEF & MHA customers
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimited @ authorised repairerN/AN/A
Personal Accident (Main Driver)S$100,000N/AN/A
Personal Accident (Passenger)S$100,000N/AN/A
MedicalS$5,000N/AN/A
TowingUnlimitedN/AN/A
Car AccessoriesUnlimitedN/AN/A

Aviva's Prestige car insurance plan is a good choice for affluent families who have multiple drivers. Its family-oriented plan includes child seat, car accessories (i.e. satellite navigation, radar detection) and personal belongings coverage at no extra cost, and you have the option to insure an unlimited number of drivers for around S$100 of additional cost. Young families will also appreciate Aviva's competitive premiums for younger drivers (between 25 and 30) and optional add-ons. These add-ons include loss of keys, loss of use (replacement car) and additional personal accident protection.

Lastly, Aviva's generous coverage policy also makes sure your car is covered from natural disasters and provides 24/7 roadside rescue support and eCall tech to help you out in the event of an accident, offering substantial peace of mind, especially if you are travelling with your family.

Consider this if you are looking for great coverage for the family car
  • Young/Inexperienced Driver Excess: None
  • Promotion: 25% off with "POSTCB25" (new customers); addt'l 15% off MINDEF & MHA customers
  • Read our full review
BenefitsLimitExcess
Windscreen/Window CoverageUnlimited @ authorised repairerN/A
Personal Accident (Main Driver)S$100,000N/A
Personal Accident (Passenger)S$100,000N/A
MedicalS$5,000N/A
TowingUnlimitedN/A
Car AccessoriesUnlimitedN/A

Aviva's Prestige car insurance plan is a good choice for affluent families who have multiple drivers. Its family-oriented plan includes child seat, car accessories (i.e. satellite navigation, radar detection) and personal belongings coverage at no extra cost, and you have the option to insure an unlimited number of drivers for around S$100 of additional cost. Young families will also appreciate Aviva's competitive premiums for younger drivers (between 25 and 30) and optional add-ons. These add-ons include loss of keys, loss of use (replacement car) and additional personal accident protection.

Lastly, Aviva's generous coverage policy also makes sure your car is covered from natural disasters and provides 24/7 roadside rescue support and eCall tech to help you out in the event of an accident, offering substantial peace of mind, especially if you are travelling with your family.

Best for Accident Protection: Income Premium

  • Consider this if you want to maximise accident coverage
  • Young/Inexperienced Driver Excess: S$2,500 or S$500 if >1 year experience (27 and younger)
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$50,000N/AN/A
Personal Accident (Passenger)S$25,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$500N/AN/A
Loss of UseS$50S$53.50N/A
Car AccessoriesN/AN/AN/A

If you prioritise accident protection over any other form of coverage, Income's Premium car insurance plan can be a good choice with its above average personal accident coverage for the main driver and passengers, dedicated Orange Force response team and the flexibility to use any car workshop. It also covers your car against damage or loss from malicious acts or self-ignition to natural disasters and strikes.

Though Income does cost more than the industry average, it has no extra excess for named young or inexperienced drivers, making it a good option for policyholders who want to insure young drivers between 18 and 25 years old. Overall, the protection Income's Premium plan offers luxury car owners is dedicated and comprehensive, as it ensures that no matter what kind of damage your car incurs, you will be covered.

Consider this if you want to maximise accident coverage
  • Young/Inexperienced Driver Excess: S$2,500 or S$500 if >1 year experience (27 and younger)
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$50,000N/AN/A
Personal Accident (Passenger)S$25,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$500N/AN/A
Loss of UseS$50S$53.50N/A
Car AccessoriesN/AN/AN/A

If you prioritise accident protection over any other form of coverage, Income's Premium car insurance plan can be a good choice with its above average personal accident coverage for the main driver and passengers, dedicated Orange Force response team and the flexibility to use any car workshop. It also covers your car against damage or loss from malicious acts or self-ignition to natural disasters and strikes.

Though Income does cost more than the industry average, it has no extra excess for named young or inexperienced drivers, making it a good option for policyholders who want to insure young drivers between 18 and 25 years old. Overall, the protection Income's Premium plan offers luxury car owners is dedicated and comprehensive, as it ensures that no matter what kind of damage your car incurs, you will be covered.

Best for Car Maintenance and Repairs: HL Assurance Comprehensive

  • Consider this if you want to save on repairs and maintenance
  • Young/Inexperienced Driver Excess: S$3,000 (27 and younger)
  • Promotion: 25% off + Complimentary car servicing (drivers with 30%+ NCD)
  • Read our full review
BenefitsLimitExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$20,000N/AN/A
Personal Accident (Passenger)S$10,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$500N/AN/A
Loss of UseS$50/dayN/AN/A
Car AccessoriesS$1,000N/AN/A

If you are looking for convenient accident repairs and maintenance services, HL Assurance's Comprehensive plan's may be a good fit. Though its premiums are above average, its coverage is expansive, including loss or damage coverage from a variety of factors including natural disasters, civil unrest and flood, coverage for car accessories, medical expenses, personal accident expenses (for you and your passengers) and minor repairs you do at your discretion. The benefit it provides luxury car drivers who want to save on maintenance are its free car maintenance services, cover for storage, garage and towing after an accident and a daily transportation allowance of S$50/day up to a total of S$1,000. If you carry out repairs at an HL Assurance approved workshop, your excess will be halved, leading you to even more savings.

Consider this if you want to save on repairs and maintenance
  • Young/Inexperienced Driver Excess: S$3,000 (27 and younger)
  • Promotion: 25% off + Complimentary car servicing (drivers with 30%+ NCD)
  • Read our full review
BenefitsLimitExcess
Windscreen/Window CoverageUnlimitedS$100
Personal Accident (Main Driver)S$20,000N/A
Personal Accident (Passenger)S$10,000N/A
MedicalS$1,000N/A
TowingS$500N/A
Loss of UseS$50/dayN/A
Car AccessoriesS$1,000N/A

If you are looking for convenient accident repairs and maintenance services, HL Assurance's Comprehensive plan's may be a good fit. Though its premiums are above average, its coverage is expansive, including loss or damage coverage from a variety of factors including natural disasters, civil unrest and flood, coverage for car accessories, medical expenses, personal accident expenses (for you and your passengers) and minor repairs you do at your discretion. The benefit it provides luxury car drivers who want to save on maintenance are its free car maintenance services, cover for storage, garage and towing after an accident and a daily transportation allowance of S$50/day up to a total of S$1,000. If you carry out repairs at an HL Assurance approved workshop, your excess will be halved, leading you to even more savings.

Methodology

To arrive at our decision for the most economical or comprehensive car insurance plan for luxury car drivers, we collected data from 12 car insurers in Singapore which included premiums, coverage details, policy wording details and any miscellaneous benefits that were offered. Our premiums were collected using a control driver profile of a 45-year-old male with 5 years of experience driving either a BMW 530i, Mercedes E200 or an Audi A6. These cars were chosen because they are currently the most popular luxury vehicles on the Singapore market. The premiums collected were then averaged for both 0% NCD and 50% NCD options in order to see which insurers offered the most competitive rates. We also considered which benefits were most relevant for luxury car owners to find out what insurer would best benefit different types of drivers (for instance, are you insuring a family car or are you a brand new driver?). This means that while price is definitely a factor in a luxury car owner's decision making process, having comprehensive accident coverage, additional accessories and personal belongings benefits and car replacement coverage might take precedence.

Anastassia Evlanova

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

Comments and Questions

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