Car Insurance Price Comparison – We analyzed hundreds of car insurance quotes and benefits from many insurers in Singapore to find out which plans give families the best value for money. Compare and buy from our top picks based on your budget, the size of your family unit, and the type of service you need.
While it can be tempting to get the cheapest car insurance possible, you want to make sure you have enough coverage because you’ll be insuring not only yourself, but your children as well. The following auto insurance plans are affordable for all budgets, lower your out-of-pocket costs, and protect every member of your family.
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If your family unit consists of adults (ie couples living with elderly relatives), Budget Direct car insurance can be a good choice not only because of its unbeatable premiums but also because of the coverage and types of plans offered. When we analyzed quotes, we found that Budget Direct’s fees are around 40% cheaper than the average for couples.
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Direct Budget offers two driver plans to choose from: the Named Driver plan and the Certified Driver plan. Named drivers only apply to the main driver and the people you include as named drivers. The Authorized Driver Program covers the policyholder, the principal driver (if not the policyholder) and anyone else you allow to drive your car. Although the Certified Driver plan is 15% more expensive, your premium will still be one of the cheapest on the market and could work to your advantage if your car is expected to be shared with several relatives.
The other side of Budget Direct is its basic service, which is why we recommend it to experienced and safe drivers who don’t need to protect young travelers and don’t need comprehensive medical, accident or property cover. Direct Budget provides cover for damage to your car, towing and third party damage, so if you want medical, personal accident, additional cover or roadside assistance, you’ll have to pay an extra fee.
If you want to add protection for your family, the Standard FWD plan has very competitive premiums and robust crash-based coverage. Premiums for a married policyholder are 15-25% cheaper than average and you can choose to adjust your deductible to suit your comfort level and budget. Also, if you have 50% no claim cover, you will be eligible for 50% lifetime NCD cover.
If you are thinking of insuring your young drivers, you can also opt for the S$2,500 Young/Inexperienced Driver Waiver (YIDR). While this will increase your premium slightly, it can save you around S$2,000 in out-of-pocket expenses if your child has an accident while driving your car. What’s more, you don’t have to name your drivers – FWD insures everyone who drives your car at no extra cost.
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The FWD Classic premium includes S$1,000 medical insurance per passenger, a one-off payment for driver and passenger in the event of death or permanent disability and a one-off payment of S$250,000 in the event of a serious accident where your children are abandoned. . themselves. These benefits include compensation for towing costs, temporary transport and vehicle equipment. The only downside is that there is no protection for car seats, so if you have children who need it, you will have to pay for any damage out of pocket. But for a price increase of around 15%, you can opt for the FWD Premium Plan, which adds S$1,000 worth of personal property insurance and a free replacement vehicle for up to three months if your car is totaled – great deals that offer a useful protection and comfortable.
If you have young children, Aviva’s Prestige Comprehensive car insurance may be right for you as it offers family cover at competitive rates. We found premiums for married policyholders to be average compared to other top plans, so while it’s not the cheapest plan on the market, it offers family-friendly benefits not often seen with other insurers. This includes a replacement car benefit for vehicles up to 24 months old, an additional young/inexperienced driver exemption and a child seat benefit of S$250 plus a host of add-ons.
In addition, Aviva offers a range of benefits for peace of mind, including an accident repair service to help you in the event of an accident, free transport services to get you home after an accident, 24/7 roadside assistance and medical and personal accident insurance. Another practical benefit is Aviva’s two-year plan option, which saves you an additional 5% on your premiums. Overall, Aviva is an excellent choice for new families expecting their first child or families with multiple children due to its extensive family-friendly reach.
If you have multiple cars or your family car is a luxury car, make the most of Direct Asia’s competitive prices, accessible service and 10% discount on your second car. We found Direct Asia’s Value plan to be one of the cheapest options for experienced drivers of luxury cars such as BMW, Audi or Mercedes, with premiums around 20% below average. It is also one of the cheapest schemes on the market for new drivers who have bought a luxury car, with premiums costing 16% less than the average for drivers with 0% no claims.
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As you are more likely to trust fewer people with your car the more expensive it is, the Value plan saves you money by limiting the number of named drivers to 4, of which 2 can be your younger drivers (under 30). Also, unlike many plans that limit your ability to get another car to 12 months, Direct Asia offers the option to extend this period to 24 months, which is a good piece of mind for luxury car owners.
In terms of services, Direct Asia has a comprehensive accident and damage cover that protects you with insurance from everything from fire or damage to floods and natural disasters. They also offer a variety of benefits to add to your plan to tailor your policy to suit your needs. If you already have a trusted workshop, you can choose to authorize any workshop for repairs, add cover for driving outside Singapore and get up to S$500,000 in personal accident cover. You can also add coverage for equipment, medical expenses and loss of use.
To find the best car insurance prices for families, we collected price and benefit data from 12 car insurance companies in Singapore and averaged the premium rates for married men and women aged 45. One key trend we saw across the board was, if you’re married will see a lower premium than if you claim to be single on your policy. We also found that although married men received higher premiums than married women, the price difference was smaller compared to single policyholders. We then segmented plans by benefits offered to compare plans with different family profiles. However, please note that your premium will vary depending on your age, driving experience, type of vehicle and the number of people you choose to insure.
Anastassia is a senior research analyst in Singapore, evaluating consumer insurance products based on quantitative and qualitative financial analysis. He has a degree in economics and international business management and his previous work experience includes work in the capital markets sector. His analysis of insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, His World, Asian Insurance Review, Australian Institute of International Affairs and more.
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We strive to have the most up-to-date information on our website, but users should check with the relevant financial institution if they have any questions, including eligibility to purchase financial products. shall not be construed in any way to engage or be involved in the distribution or sale of any financial product or to assume any risk or assume any liability in relation to any financial product. The Site does not review or include all companies or products available. State Farm, Farm Bureau and USAA are the three national companies that have the best auto insurance rates for the lowest premiums on average.
The most important factor that affects the prices of car insurance is how much insurance you choose. In addition to your service rates, many factors can affect your rates including your age, location, vehicle, driving record and credit rating.
The lowest auto liability insurance rates range from $1 to $168 per month
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