Car Insurance Cost – Do you know how much you should pay for car insurance? Most people in Singapore buy car insurance from the dealer when they buy a car. What you may not realize is that these policies sold by dealers can cost hundreds of dollars more than if you bought them online. Our team believes you should have all the facts before you buy. So we’ve crunched the numbers to find out how much you should expect to pay on average to insure three types of car in Singapore: compact sedan, crossover SUV and luxury sedan*.
With cars like the best-selling Toyota Corolla Altis, the compact sedan class is popular and relatively affordable in Singapore. To get an idea of the average cost of insuring a compact sedan, we’ve collected quotes from 7 major insurance companies for the Toyota Corolla Altis, Honda Civic and Mazda Mazda3. Our study found that you can generally expect to pay around S$1,900 a year for car insurance in 2017 for a car like this. NTUC Income, Aviva and AXA tend to offer the lowest prices for cars in the compact sedan segment. the class.
Car Insurance Cost
Crossovers are increasingly popular in Singapore as they offer an attractive combination of sportiness, safety and space, making them a versatile choice on Singapore’s crowded streets. After collecting quotes from leading Singapore insurers for the Honda HR-V and Nissan Qashqai, two of Singapore’s most popular cars in the category, we found that the average premium for a crossover SUV car is around S$2,000 per year. Overall, Aviva and FWD seem to offer the lowest crossover premiums in general.
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Luxury brands such as Mercedes-Benz, BMW and Audi offer a wide range of performance vehicles to suit different tastes in terms of size, performance and style, and premiums vary in line with these variations. For the purpose of our study, we chose to look at one of the most popular luxury cars in Singapore, the Mercedes-Benz E-Class and its immediate competitors the BMW 5 Series and the Audi A6. On average, you can expect to be charged in the region of S$2,500 per year for car insurance for a luxury sedan of this type. We have found AXA and DirectAsia to offer the most consistently competitive insurance rates for this category of car.
It’s no surprise that car insurance premiums tend to correlate with the price of your car. However, they do not increase in proportion to the price of your vehicle. For example, a luxury car like a Mercedes E-Class or a BMW 5 Series costs about 125% more than a compact sedan like a Toyota Corolla Altis. But the average cost of insuring this luxury car will only be 32% more expensive than the average cost of insuring a compact sedan. So while you might pay more than twice as much to buy a luxury car as you would for a compact car or crossover, remember that you usually don’t have to pay twice as much for insurance either.
Finally, you should make sure to shop around as much as possible before deciding on car insurance. With potential savings of hundreds of dollars a year on the line, it definitely pays to do your homework.
For our study, we used the driver profile of a 30-year-old male with 2 years of driving experience and 0% NCD. The quotes you actually get from insurers can vary based on age, occupation, gender, years of driving experience and non-impairment, among other factors. However, these prices can give you a useful gauge and starting point in finding the best insurance for you.
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We’ve collected quotes from AXA, NTUC Income, Aviva, DirectAsia, FWD, Etiqa and HL Assurance, which were chosen for their prominence in Singapore as well as the ease of getting quotes online on their websites. AIG, one of Singapore’s largest insurers, is not represented as it no longer offers an online quote service on its website.
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We strive to have the most up-to-date information on our website, but consumers should check with the relevant financial institution if they have any questions, including eligibility to purchase financial products. are not in any way considered to be involved in or in the distribution or sale of the financial product, or to assume any risk or assume any responsibility in connection with the financial product. The Site does not review or include all companies or all available products. Update: If you’re looking for an up-to-date review of car insurance rates and trends in Australia, check out their 2020 car insurance report.
For the 2019 awards, a team of experts reviewed 61 policies, considered more than 10,000 different scenarios and surveyed almost 4,000 insurance customers to understand what makes the best car insurance in Aussie.
Comparing Car Insurance Quotes Can Save You Hundreds Of Dollars Per Year
We’ve collected some of these findings below to give you a clearer picture of car insurance prices in Australia in 2019, as well as some ways you can save.
If you’ve lived in a few different places in Australia, you’ll know that the cost of car insurance varies depending on which state you live in. In a 2019 study, we found that those living in Tasmania paid the least in insurance premiums. , giving away an average of $846 each year. As for who paid the most, that title went to Victorians, who paid an average of $1,466 for it.
There is a huge difference between insurance plans, with an average of $1,047 separating the cheapest and most expensive plans in Australia. The difference was least dramatic in Queensland, where it stood at $866, while those in the Northern Territory were looking at a difference of $1,742.
How much you pay for car insurance will depend on a wide range of factors, from your age to the type of car you drive and whether you park it on the street or in a garage. Your car insurance provider will take all these details (and much more), estimate what risk you are and set your premiums accordingly.
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One of the things that insurance companies take into account when setting a premium price is how long you drive. If you’ve been behind the wheel for years, that’s great. This means that your supplier will have a lot of information to draw on when deciding how much to pay.
But if you’ve just come off a Ps, it takes very little to loosen them up. Because of this, marketers will make assumptions based on the behavior of your demographic. And since younger drivers are over-represented in accident statistics, insurance providers usually consider them a liability. This means much higher costs.
But how much more will younger drivers pay? Our analysis found that the average price for drivers under 20 in 2019 was a staggering $2,061. Things became much cheaper at age 21 and continued to decline with age before increasing slightly for those aged 70 and over.
The cost of insurance also differed between men and women, with men paying an average of $135 more than women.
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To understand why this is so, we have to look at things through the eyes of the insurance company. In general, men are more likely to engage in risky behaviors than women, including speeding and drunk driving. And more road accidents mean more insurance claims.
There are other factors at play, such as the fact that there are more male drivers than female drivers and that men are more likely to drive models that are more expensive to insure (Mazda insurance may differ from Mercedes-Benz insurance). But when it comes down to it, it’s hard to ignore the unflattering picture of men that statistics paint.
Just traded in your old set of wheels for a brand new model? Get ready for a sharp rise in insurance premiums. This is because when insurance providers decide how much you will pay each year, they take into account the age of your vehicle. Cars older than two years old, older cars that are weakened, will pull you the most
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