- Budget Direct Car Insurance: 30% cheaper for SUV drivers, 40% cheaper than average for sedan & SUV drivers with 50% NCDs
- FWD Classic Car Insurance: Best value for money plan; 15-25% cheaper for drivers of sedan cars; lifetime NCD benefit after reaching 50% NCD
- Aviva Lite: Cheapest for young millennial drivers; 30% cheaper than average for drivers between 25-30 years of age & 15% off for MINDEF/MHA customers
- Etiqa Comprehensive: Best Car Insurance Promotion; 25% savings on car insurance premiums; best for older, more experienced drivers
- FWD Prestige Car Insurance: Best for all around coverage; above average benefits for towing, disability & medical coverage
- Aviva Prestige: Highest coverage for families; 10% below average premiums for married women
- Income Drivo Premium: Best for accident protection; no excess for young/inexperienced drivers
- HL Assurance Car Insurance: Best for experienced drivers; 50% NCD is equivalent to a 57% premium discount for long-time drivers
To find the cheapest car insurance plans, we compared premiums for a driver of a 2020 Toyota Corolla Altis from all the car insurers available in Singapore. By changing variables, such as gender, years of driving experience, NCD discounts and car types, we were able to find which car insurers offer the most competitive prices for different types of drivers. While some prioritize keeping their premiums as low as possible by providing basic coverage, others balance affordable prices with comprehensive benefits.
Frequently Asked Questions
Yes. Car insurance is compulsory in Singapore.
A Third-Party Only (TPO) plan is the cheapest and most basic type of car insurance that only covers you for liability against the other party in the event of an accident. Third-Party, Fire & Theft (TPFT) plans cover liability and fire or theft and are more expensive than TPO plans but are around 10% cheaper than comprehensive plans. Both TPO and TPFT plans may be better options for drivers of cars over 10 years old. Comprehensive plans are the most expensive but are recommended for most drivers because they provide a wide breadth of benefits beyond liability and fire/theft such as personal accident, medical and car accessory coverage.
There are several things you should consider to get the best car insurance plan, ranging from the type of car insurance you'll need to your driving experience and budget. Car insurance is notoriously expensive, so the last thing you want to do is to purchase a plan that doesn't fit your needs.
First, there are three types of car insurance policies: TPO, TPFT and comprehensive plans. Knowing the type of coverage you want, whether it is basic fire coverage or comprehensive coverage can narrow your search significantly. Second, when choosing a plan you should consider the type of car you have and your driving experience. For instance, drivers of luxury or European cars that require specialised servicing may fare better with a comprehensive car insurance plan that lets you choose your own workshop. Furthermore, drivers with modified cars will have to find an insurance plan that covers their car's modifications. New drivers may benefit more from a plan offering a plethora of accident-related benefits such as emergency assistance and medical coverage. They should also keep an eye out the inexperienced/young driver excess. On the other hand, seasoned drivers may be better off with a plan providing simple but necessary coverage.
Last, your budget is another thing to consider when choosing a great plan. However, while price can be an important factor, it should not be more important than the coverage you need. The cheapest plan may not be the best option if you are a new driver, the driver of a luxury vehicle or own a family car. For instance, families may benefit more from plans that may be a bit more expensive but will provide coverage for personal belongings, child car seats and a loss of use (temporary car) benefit. If you want to save money on these more expensive options, you should compare rates from different insurers and look into increasing your NCD or signing up for a telematics plan where you get discounts based on good driving habits.
While insurers have similar exclusions, it is worth reading the policy wordings to make sure you know what is and isn't covered by your specific policy. Below, you'll find some common things you won't be covered for.
|Common General Exclusions|
|Depreciation, wear & tear||Damage to tyres or rims (unless other parts were also damaged in an accident)|
|Loss or damage of your car's software||Loss or damage due to negligence|
|Loss or damage caused by lawful repossession||Loss or damage caused by war or other enemy acts|
|Driving a car not in roadworthy condition||Driving a car with unapproved modifications|
|Driving without a valid license or having a suspended license||Driving under the influence|
|Intentional self-injury or suicide||Any form of racing or motor competition|
You can choose to pay the full amount (the annual premium) or if your insurer gives you the option, you can pay in monthly instalments.
Yes. Your car insurance should cover you when driving in west Malaysia (including Penang) and in Southern Thailand as long as it is within 80 kilometres of its border with west Malaysia.
To arrive at our decision for the best car insurance for the average driver, we collected data on car insurance quotes and benefits for a 45-year old male (the average Singaporean age) driver from 12 insurers. To find the average pricing for the average sedan and SUV, we averaged the policy premiums for 4 most popular sedan models (Honda Civic, Mazda 3, Hyundai Elantra and Toyota Corolla Altis) and the 3 most popular SUV models (Nissan Qashqai, Honda HR-V and Toyota Harrier) on the Singapore market. SUVs are generally more expensive than sedans due to their propensity for being riskier vehicles and male and female drivers saw different premiums, with females seeing cheaper pricing across the board. The premiums we compared were for the base plans without any add-ons. This is because each insurer provides different benefits and there is not enough data to assume that the average driver chooses particular benefits.
Additionally, we took into consideration whether an employment pass holder and other foreigners could purchase the car insurance and whether or not their premiums would increase. Thus, the insurers mentioned above consistently won across all driver profiles as either being the cheapest or most comprehensive.
How Did We Formulate the Tool?
The tool is based on a quick quote that is shown based on certain metrics like you driving history, gender, marital status and car. Our default values are based on the most common driver profile in Singapore. We organised the results based on price or rating (which took into account the value of a plan based on its benefits). For results that don't have premiums, you will instead see an approximate cost against the market average. This was collected by averaging premiums of different plans from dozens of different driver profiles and comparing them against the market average rate.
Unlike other tools on the market, there is no need to sign up to see the quotes, you can just fill out the short form to get your results. We also don't keep any of your data, so your inputs are secure and completely confidential. Please note that these premiums may change when you fill out your full application with the insurer. This is because some insurers will require more information about you that may affect your final premium.
Looking for more information? Use our free resources to find the answers to all the questions you may have about car ownership, car insurance and various car-related topics.