Compare Car Insurance Plans In Singapore

Car Insurance Singapore

Singapore has arguably the world’s best roads and most drivers also adhere to the traffic rules, but road accidents are still quite common.

Also, there are other risks associated with owning a car such as theft, vandalism, damage caused due to natural disasters, and more. So, if you are protective of your vehicle, you must get the best insurance policy for your car.

However, purchasing a car insurance policy in Singapore is not an easy task. There are numerous factors that you must take into consideration before you can choose one that suits your requirements.

Best Car Insurance Companies in Singapore 2019 with Plans

Insurance provider/Plan Personal Accident Plan Medical Expense Cover Cover for liability to your passengers 24-hour towing service Vehicle repairs after an accident
AIG Car Insurance

AIG Car Insurance

Up to S$50,000 Up to S$500 per person Unlimited Up to S$500 per accident As applicable
AXA Car Insurance

AXA Car Insurance

As applicable As applicable Up to S$20,000 (add-on) As applicable As applicable
Aviva Car Insurance

Aviva Car Insurance

As applicable Up to S$5,000 As applicable As applicable As applicable
Ergo Car Insurance

Ergo Car Insurance

Up to S$20,000 Up to S$300 As applicable As applicable As applicable
Etiqa Car Insurance

Etiqa Car Insurance

Up to S$50,000 Up to S$1,000 As applicable Up to S$200 As applicable
FWD Car Insurance

FWD Car Insurance

Up to S$75,000 Up to S$5,000 Up to S$25,000 Up to S$500 As applicable
Income Car Insurance

Income Car Insurance

Up to S$50,000 Up to S$1,000 Up to S$50,000 Up to S$500 As applicable
Direct Asia Car Insurance

Direct Asia Car Insurance

Up to S$500,000 Up to S$3,000 As applicable As applicable As applicable
MSIG Car Insurance

MSIG Car Insurance

Up to S$100,000 Up to S$1,000 Up to S$50,000 each As applicable As applicable
Tokio Marine Car Insurance

Tokio Marine Car Insurance

Up to S$50,000 Up to S$1,000 As applicable As applicable As applicable

Different Types of Car Insurance in Singapore

  1. Third Party Insurance

    A third-party insurance is intended to protect you against any legal liability that may arise because of an accident or damage to someone else’s property, bodily harm to individuals, or loss of life. You will not get any coverage for damages caused to your vehicle. This insurance is often the least expensive as it provides limited coverage.

  2. Third Party, Fire, and Theft Insurance

    With this insurance policy, you will not only to be covered for any third-party liability arising from an accident, but also for damages caused to your vehicle. In addition, with this insurance policy, you will be covered for any loss or damages caused by reasons such as fire, vandalism, and theft.

    A third-party, fire and theft insurance policy is costlier in comparison to a third-party insurance policy because it offers more benefits. This type of car insurance policy is compulsory for people who are in the process of financing their vehicle which is over 10 years old.

  3. Comprehensive Insurance

    With a comprehensive insurance policy, you will get covered for all legal liability arising because of an accident resulting in death or bodily harm to any third person or damages caused to his/her property.

    In addition, you will get covered for damages or loss caused to your car, its spare parts or accessories as a result of an accident, theft or fire, and all medical expenses incurred. This insurance policy is always the costliest among the three, as it offers the most extensive coverage.

How to Claim Car Insurance Policy in Singapore

The procedure for filing a claim varies from insurer to insurer. But, before you make a claim, it’s important to know if it’s worth filing a claim, considering the impact it will have on your no claim discount. Take some time to figure out the cost of damage repairs. If damages are minor, it’s best to avoid filing a claim and get your vehicle repaired yourself.

However, in case you choose to file the claim, here are some steps that are generally followed while filing a claim:

  • Get the details of all the parties involved: When an accident happens, you are naturally stressed about the damages to your vehicle, as well as for your personal injuries. Do not panic. It’s important that you take all the details of the parties involved in the accident, so you can proceed with the insurance claim process. Also, if someone is injured, the first thing you should do is call the ambulance and the police immediately.
  • Vehicle photos: Right after the accident, don’t try to move your automobile if it’s severely damaged. Take photographs.
  • Take the vehicle to a workshop: While taking your vehicle to a workshop, make sure it’s authorised by your insurer. If you get it repaired from a workshop that’s not authorised by your insurer, you might not be able to claim your benefits.

Benefits of Car Insurance Policies in Singapore?

With most car insurance policies in Singapore, you will enjoy the following benefits in addition to the coverage offered. However, most of these benefits are offered only with the comprehensive plan or when you opt for enhanced add-on features:

Benefits Description
Complimentary 24/7 roadside assistance As part of this benefit, you will get all the help you need to fix minor problems such as a flat tyre or a car break down. You will enjoy this benefit in addition to the towing services offered after an accident.
Car replacement There are a few insurers in Singapore that will pay for a brand-new car if your damaged car cannot be salvaged after an accident within three years.
Courtesy car in Singapore When your car is at the workshop after an accident, there are insurers in Singapore that will offer a replacement car that you can drive for a period of up to 10 days.
No-Claim Discount (NCD) Protector There are a few insurers in Singapore that will protect your NCD for all types of accidents involving authorised drivers, for all kinds of claims.
Car accessories cover As part of this benefit, damages caused to your car accessories will be covered without any excess while protecting your NCD.
Policy lifetime repair guarantee As part of this benefit, any cost incurred on paintwork and workmanship for any accident repairs carried out by the insurer’s authorised repairers will be covered.
Family protection Some insurers will offer a one-time payment for surviving children if both parents are permanently disabled or die in a car accident.
Smart sensor Some insurers provide a device attached to your car that sends a distress signal when it is involved in a crash and a vehicle is sent immediately for assistance. However, not many insurers offer this benefit.

Car Insurance Policy Eligibility in Singapore

The eligibility criteria for different insurers might be different. However, in general, if you wish to purchase a car insurance policy, you must fulfil the following criteria:

  • You should not have your insurance terminated or refused in the past three years.
  • If you are the primary driver, you must have at least two years of driving experience and you must be 70 years old or younger.
  • You should be residing in Singapore.
  • Any modifications that you have made must follow the regulations set out by the Land Transport Authority of Singapore.
  • You must satisfy all driving regulations and you must be medically fit to drive.
  • You do not have more than 12 Driver Improvement Points System (DIPS) or demerit points recorded on your driving licence.
  • You do not have more than two at-fault claims/accidents against you in the past three years.
  • You must have a valid driving license and it should not have been cancelled or suspended in the past five years.
  • You must be the registered owner of the car which has to be insured.

How to Claim Car Insurance Policy in Singapore?

The procedure for filing a claim varies from insurer to insurer. But, before you make a claim, it’s important to know if it’s worth filing a claim, considering the impact it will have on your no claim discount. Take some time to figure out the cost of damage repairs. If damages are minor, it’s best to avoid filing a claim and get your vehicle repaired yourself.

However, in case you choose to file the claim, here are some steps that are generally followed while filing a claim:

  • Get the details of all the parties involved:When an accident happens, you are naturally stressed about the damages to your vehicle, as well as for your personal injuries. Do not panic. It’s important that you take all the details of the parties involved in the accident, so you can proceed with the insurance claim process. Also, if someone is injured, the first thing you should do is call the ambulance and the police immediately.
  • Vehicle photos:Right after the accident, don’t try to move your automobile if it’s severely damaged. Take photographs.
  • Take the vehicle to a workshop:While taking your vehicle to a workshop, make sure it’s authorised by your insurer. If you get it repaired from a workshop that’s not authorised by your insurer, you might not be able to claim your benefits.

Documents Required to Apply for Car Insurance

    To purchase a car insurance policy in Singapore, you will require only the following documents:

  • A valid driving license
  • NRIC/FIN

Things to Consider Before Buying Car Insurance

With the presence of numerous insurers in the market offering different benefits, it becomes very important to choose a policy that not only offers protection but also is pocket-friendly. Here is a list of things that you need to consider before you purchase a car insurance policy:

  • Desired coverage:As mentioned above, there are three different types of coverage with third-party being the most basic and comprehensive being the most well-rounded plan. The more coverage you get, the more expensive your premium. So, if you are driving a car which is older than 10 years, it is better to opt for a lower-tiered plan.
  • Claims history:There are a few insurers in Singapore that charge more if the driver is accident-prone. This is mainly because of the apparent likelihood of the driver getting into an accident again. So, if you have been involved in an accident before and have filed a car insurance claim in the past, make sure that you opt for an insurer that doesn’t take into consideration your past driving history.
  • Make and model of your car:If you own a sports car for which the spare parts are expensive, you will have to pay higher insurance premiums as insurers are taking the risk of a higher cost of repair in the event of an accident.
  • No-Claim Discount:If you have an excellent driving history and you have made no claims in the past, you are entitled to a discount when you renew your insurance policy the following year. There are a few insurers to whom you can pay an extra amount to protect your NCD and lower the impact that a claim in the future might have on your next renewal.
  • Frequency of your car usage:How you plan to use your vehicle will have an impact on the insurance premium. Most insurers will ask you as to how you are going to use your vehicle. If you use your car daily during your work, you are more likely to meet with an accident, so most insurers may charge you a higher premium.
  • Coverage in West Malaysia:If you travel to West Malaysia frequently, you must look for an insurer that offers coverage even when you go for a drive across the island to Malaysia. There are some insurers that even provide coverage as far as Thailand. These benefits are often added as part of the add-on coverage, so you might have to purchase it separately.
  • Policy excess:Most insurers put in place an excess amount which is a sum that you will have to pay when you make a claim. There are a few insurers that may waive the excess. However, this will result in a higher premium for your car insurance policy.
  • Number of drivers included in the policy:If you wish to add more drivers to the insurance policy, their driving experience will be taken into consideration and determine how much you pay.

How to cancel your motor insurance policy?

If you wish to cancel your vehicle’s insurance policy, you can do so by simply requesting your insurer in writing. If you are cancelling the policy before it expires, you will be entitled to a refund. That refund will be determined on the basis of the remaining value of your policy. However, if you have made a claim under your policy, there will be no refund.

FAQ's

  1. Do I really need a motor insurance?

    It is against the law, in Singapore, to drive a motor vehicle on the road without a valid insurance policy. The policy must provide coverage for personal injury to third parties. A motor insurance policy covers you against costs of you damaging someone else's property or any other loss or damage caused by an accident. Always remember to carry your Certificate of Insurance in your vehicle.

  2. What is No Discount Claim (NCD)?

    Despite having your car insured, if no claim has been made under your policy for a year or more, you are entitled to a No-Claim Discount (NCD). Gaining a NCD reduces the premium for the following year. You can look at it as the insurer's way of rewarding you for having been a careful driver.

  3. When should I not renew my motor insurance with my current insurer?

    If your current insurer is unable to offer you competitive rates, and you can save more money while enjoying a wider range of coverage from another insurer; it is time to renew your policy with a new insurance company.

  4. Why should I buy a Comprehensive Insurance Cover?

    It is advisable to buy a Comprehensive Cover policy because it provides not only Third Party coverage, damage caused by you due to an accident (especially when you are at fault), but also from a wide range of dangers and threats.

  5. Who should I contact in the event of an car accident?
  6. If you are involved in a car accident, you must call an ambulance first if people have been injured or you can call the 24-hour emergency assistance hotline of your car insurer.

  7. What is a dual-year policy?
  8. If your car is stolen, you must report the incident to the local police immediately and go to any of your insurer’s authorised workshops/reporting centres to lodge a report. If you require further assistance, you can call the 24-hour claims hotline number of your insurer.

  9. Will my Certificate of Entitlement (COE) be covered under the car insurance policy?
  10. Yes, most insurers factor your COE in with the market value of the car.

  11. What type of insurance plan should I purchase if my car is under finance?
  12. Most insurers in Singapore will be happy to provide you with a quote. However, you must contact your finance company and find out if they require a certain level of insurance cover for your car before they provide you with the funds to purchase the car.

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