Car Insurance Prices – If you are a new driver, a comprehensive insurance plan is essential. We’ve analyzed hundreds of auto insurance quotes and benefits to find the plans that offer the most competitive premiums, the best coverage, or a great combination of both.
Because car insurers see a higher risk for young or inexperienced drivers, premiums are higher for drivers under the age of 27 or with less than 2 years of experience. However, if you demonstrate to your insurer that you are a responsible driver by having a clean driving record and no accidents, you can expect a significant reduction in your premiums through a No Claims Discount bonus increase of 10% each year (up to a maximum of 50). %). Until then, you can still find car insurance plans that offer great coverage at an affordable price.
Car Insurance Prices
If you’re a young driver looking to minimize out-of-pocket costs for an accident or repair, Budget Direct’s comprehensive car insurance plan offers premiums 48% cheaper than the average for male drivers and 33% cheaper for women. It also has the lowest young driver deductible of S$500 for drivers aged 25 and under. As other insurers typically apply a young/inexperienced driver deductible (YIDR) of S$2,500 or more, Budget Direct’s low young/inexperienced driver deductible can help you save up to S$2,000 in out-of-pocket costs in the event of an accident . and major repairs are required.
Here Are The 12 Factors That Determine Your Auto Insurance Price
One downside to Budget Direct car insurance is that the benefits that other insurers include in their plans are only offered here as add-ons, including medical, personal injury and roadside assistance. However, because of the already low cost, whether you opt for more coverage or are comfortable with a basic car insurance plan, you’ll still end up with a comprehensive plan that retains its affordability.
With premiums 10% below average for young or novice male and female drivers, FWD’s Classic Auto Insurance Plan is a great option for first-time car owners who don’t get a no-complaints (NCD) discount. However, this policy is particularly favorable for drivers 20 and older. First, drivers in their early 20s will see their premiums drop by 20% more than their younger counterparts (even if they have more experience). Second, FWD applies an additional S$2,500 discount for drivers under 27 years of age.
While their prices are low, FWD car insurance offers comprehensive benefits, including personal and medical coverage for accidents, car accessory benefits, roadside assistance and loss of use. Some of these advantages can offer great peace of mind for new drivers. Note that their roadside assistance support is there even if you’re not in an accident and just need a battery jumpstart. FWD also rewards loyalty and safe driving with some perks like 50% NCD for life after you are complaint free for 5 years.
The best car insurance plan for young or novice drivers, especially those who are MINDEF/MHA members, is Singlife with Aviva Lite Auto Insurance. With the Aviva Lite plan, Singlife is the cheapest option for young or novice drivers, with premiums around 30% cheaper than the average price for both male and female drivers. This is especially competitive for MINDEF/MHA customers as there is an additional 15% discount on any current campaign.
Compare Car Insurance Rates: Get Quotes (2023)
Plus, you can buy their policies as soon as you turn 21 and get free of the young driver deductible after age 25, most companies keep this feature until age 27. Coverage is pretty basic, which may be less than ideal for novice drivers. However, if you rarely drive or have a lot of driving experience as a teenager, the affordable price may outweigh the lack of included benefits. If the Lite plan’s coverage isn’t enough, opting for the more expensive Prestige car insurance plan will waive your young driver’s deductible and give you more benefits.
The best car insurance plan for young or novice drivers, especially those who are MINDEF/MHA members, is Aviva Lite Auto Insurance. Aviva’s Lite plan is the cheapest option for young or novice drivers, with premiums around 30% cheaper than the average price for both male and female drivers. This is especially competitive for MINDEF/MHA customers as there is an additional 15% discount on any current campaign.
In some cases, it makes more financial sense to have your parents buy your car insurance or stay covered until you’re old enough to see significant discounts on your premiums. With FWD’s Prestige car insurance plan, not only will your parents have one of the best value plans on the market (whether or not they list you as a licensed driver), but you can waive the entire S$2,500 surcharge and still have your name you pay an average of 70% less than if you had purchased a basic comprehensive policy.
Compared to basic Comprehensive Car Insurance plans, the Prestige plan offers more benefits and higher coverage, including alternative transport of S$80 per day, car accessories coverage worth S$2,000 and a replacement car if your car is stolen or only for up to 3 months. It also covers replacement, installation and transport of damaged car parts and offers 24/7 roadside assistance to give you and your parents peace of mind to help you in the event of an accident or breakdown.
How To Save Money On Car Insurance (2023)
Since young or novice drivers see the highest premiums, it’s always a welcome sight to see discounts that can make your car insurance more affordable. With this, we have compiled a list of available promotions, as well as their codes (if necessary).
There are many factors to consider when deciding on a car insurance plan. Understanding your insurance needs, your driving experience and your budget are key to finding the right policy for you. As a young and inexperienced driver, you can benefit greatly from choosing a plan that offers comprehensive accident coverage.
Plus, car insurance is expensive as it is, so you don’t want to pay unnecessary premiums. Understand exactly what you will need for your insurance and compare rates to find the cheapest option that fits your needs.
Yes, drivers to West Malaysia and South Thailand (within 80 km from the West Malaysia border) are covered when driving outside of Singapore.
Car Insurance Report 2020: How Does Pricing Stack Up In Your State And Are You Paying Too Much?
To find the cheapest car insurance plans for young or novice drivers, we used the driving profiles of 25-year-old men and women and looked at how premiums differ between 12 different car insurers in Singapore. We then compared the coverage offered to see which plans were best suited to novice or young drivers (for example, novice drivers would probably want roadside assistance and personal accident insurance, while young drivers might be more interested in car accessory protection . your car). Using this data, we were able to segment not only which car insurers were the cheapest, but also which plans could best benefit which driver profile.
Anastassia is a Senior Research Analyst in Singapore and evaluates consumer insurance products based on quantitative and qualitative financial analysis. He holds degrees in Economics and International Business Management and previous work experience includes working in the capital markets industry. His analyzes on insurance, healthcare, international affairs and personal finance have appeared in AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs, etc. published in publications.
Advertiser Disclosure: A free source of information and tools for consumers. Our site may not represent all companies or financial products available on the market. However, the guides and tools we create are based on objective and independent analysis so they can help anyone make financial decisions with confidence. Some of the offers that appear on this website come from paid companies. This compensation may affect how and where offers appear on this site (including, for example, the order in which they appear). However, this does not affect our recommendations or recommendations based on thousands of hours of research. Our partners cannot pay us to guarantee positive reviews of their products or services
We strive to have the most up-to-date information on our site, but consumers should contact the appropriate financial institution if they have any questions about their eligibility to purchase financial products. shall in no way be construed as engaging or participating in the distribution or sale of any financial product or as assuming any risk or liability in connection with any financial product. The Site does not review or include all companies or all available products. Your location is a big factor in car insurance rates. Your price may vary depending on your state, city and zip code. Average monthly auto insurance rates vary by state for both full coverage and minimum coverage policies.
Cheapest Car Insurance For New Drivers
A minimum coverage policy is the cheapest policy you can buy because it only meets the minimum requirements
Compare car insurance prices, state farm car insurance prices, progressive car insurance prices, usaa car insurance prices, best car insurance prices, car insurance prices by state, aaa car insurance prices, compare car insurance prices online, cheap car insurance compare prices, check car insurance prices, mercedes car insurance prices, cheap car insurance prices