Car Insurance Groups – Age and gender are the two main factors that insurance companies use when determining car insurance premiums. Insurers consider these factors to be important information about your driving experience and your chances of getting into an accident. The less likely you are to have an accident based on these two factors, the less the company will pay for your insurance, and the lower the price you will get.
But this difference makes it difficult as a potential customer to know if they are being offered a fair price, or if they are being ripped off. With that in mind, we crunched the numbers to find out the average cost of car insurance in Singapore depending on your age and gender. We hope this will equip you with the information you need to recognize a good thing when you see one.
Car Insurance Groups
The team gathered ratepayers from a collection of major insurance companies in Singapore to see how age affects the cost of car insurance. The following rates assume 5 years of driving experience and a non-payment discount (NCD) of 0% continuation, so don’t count on the big discount you will get with more years of driving experience and High NCD. For example, for those with a clean driving record, their NCD can save them more than 50% on car insurance premiums.
Car Insurance Groups Guide
In general, insurance companies in Singapore charge the highest rates for young drivers, while older drivers tend to get cheaper rates. We found that drivers in their 20s were charged an average of S$2, 165, 36% more than the average charge for drivers in their 40s (S$1, 596). This is because young drivers pose a statistically greater risk of being involved in an accident, due to fewer years of driving experience. Apart from lack of driving experience, the rate of young drivers is increasing because they tend to drive recklessly. This is evident when we read the quotes we collected, where all the drivers had the same driving experience but were different. Further proof of this, an online survey conducted by AIG Singapore in 2015 found that 63% of respondents aged 18 to 35 admitted to unsafe behavior on the roads.
Drivers in their 20s should be aware that in addition to the higher premiums, they may have to pay a younger and/or more experienced driver (usually between S$2, 000 to S$3, 000) on top of the normal amount they have to pay. pay each time they file a claim. This is a very important thing to pay attention to, as different companies set different age limits.
What does this mean? If your insurance has more than S$600, and a young and/or inexperienced driver more than S$2,500, you will have to pay out of pocket S$3, 100 every time you have an accident before. Get any benefits from your insurance. If you are in your 20s, we strongly advise you to read the fine closely to see what you have to pay before you plan. You may have to pay a slightly higher premium if the plan comes with a very low limit for a young and/or non-driver, or if you can’t avoid paying it all. To learn more about insurers that offer the best deals for young drivers, you can read our guide to the best car insurance plans in Singapore.
Although auto insurance rates drop significantly for male and female drivers between the ages of 30 and 40, we found that insurance premiums typically begin to rise once drivers reach their 50s. This is because many insurers consider drivers to be more accident prone as they get older. We found that drivers in their 50s earned an average of S$1,684, a 6% increase over those in their 40s.
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While some insurers in Singapore continue to increase premiums when drivers turn 60, this is not the case for others. Although many leading companies charge higher rates for men and women in their 60s than for men and women in their 50s (AXA, Aviva, Budget Direct, FWD, HL Assurance & Sompo), Etiqa & DirectAsia have actually charged the lowest rates for the last 60 years . The old team. We strongly advise senior car insurance customers to consider this carefully when considering which plan to purchase.
We found that male drivers consistently pay higher car insurance premiums than female drivers. Drivers over the past 20 years have had a huge gap in costs between men and women, with men paying an average of 7.8% more than women for their car insurance. The price difference decreases as drivers get older, and in fact, our 2020 data showed that women in their 50s and 60s pay slightly higher premiums than their male counterparts by a few dollars.
Men have to pay higher premiums than women of all ages because insurance companies see them as more accident-prone and therefore more vulnerable. In fact, Aviva says data from 2015 shows that men are 1.4 times more likely to have an accident than women.
These rates assume 5 years of driving experience and a no-payment discount (NCD) of 0%, so don’t count on the big discount you’ll get with more years of driving experience and a higher NCD. For example, for those with a clean driving record, their NCD can save them up to 50% on their car premiums.
Van Insurance Groups Explained
To reach our conclusions on the average cost of car insurance for Singaporean consumers, we collected data and compiled quotes from seven car insurance companies in Singapore.
To build our findings, we had to make some assumptions about the type of plan and level of coverage the average consumer wants. This study takes comprehensive insurance as standard, as comprehensive insurance is mandatory for owners who drive cars less than 10 years old that are still paid for. Due to the high cost of cars in Singapore, this makes it the most common type of insurance plan to buy. In an effort to ensure that the collected quotes reflect comparable levels of coverage, we have measured the coverage of medical expenses, personal accident benefits and loss of use of all the quotes we have collected in what is generally considered a “price” plan release. Some “bells” whistles” are optional features.
The driver profile we used to derive citations was held constant for all variables except age and gender. You are a single driver of Toyota Corolla Altis 1.6 2019, and you are the first car owner and new driver, with 5 years driving experience, no claims filed, and 0% NCD (No Claims Discount). He works inside as a professional. Average costs show average quotes collected from male and female driver profiles.
The quotes and information used for the purpose of this study were collected from 12 car insurance companies in Singapore. These companies have been selected based on their popularity among Singaporean customers and easy access to quotes and detailed information about their plans.
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* A good example of this is Liberty Insurance, which in partnership with the Automobile Association of Singapore (AAS) and the Singapore Optometric Association launched a new car insurance plan in 2014 aimed specifically at older drivers with a good driving record. , policy AA Senior Motor Insurance policy .
**Ratings here are exclusive, and have not been reviewed, endorsed or otherwise endorsed by insurance providers.
Anastassia is a Senior Research Analyst in Singapore, evaluating consumer insurance products based on quantitative and qualitative financial analysis. He holds degrees in finance and international business management, and his previous work experience includes working in the capital markets sector. His analysis on insurance, healthcare, international affairs and private finance has appeared in AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and others.
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