Cheap Car Insurance Quotes – We collect a number of insurance quotes to find out how much different insurers charge for motor insurance with similar cover.
Every car owner in Singapore has to deal with the car insurance, and it is part of the costs of owning a car.
Cheap Car Insurance Quotes
Finding the cheapest car insurance in Singapore can be a bit tedious, but have you thought about how much of a difference it would make if you spent some time comparing car insurance quotes?
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We set out to find out if there was a clear winner when insurance companies compared the cheapest and most expensive quote, and if age makes a difference.
We have created four profiles that will confirm the same car, the Honda Vezel Hybrid 2016. We will assume that their driving experience starts from 18 years.
We have collected several insurance quotes for these profiles. All quotes are for comprehensive insurance cover, with common add-ons such as:
Low excess (the amount you have to pay when you make a claim on your policy) around $500.
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We will include the No Claims Discount (NCD) in the estimates. So let’s get down to business and get the numbers:
Disclaimer: We have assumed the coverage of similar policies based on the above parameters only. We did not consider that the policies could differ in terms of other parameters such as limit on personal injury claims, who is insured to drive, etc.
Insurers adopt a ‘risk factor’ rating system which takes into account the age, driving experience and claims history of the insured driver (if you have made a claim before, this affects your NCD). If you notice, insurance premiums become cheaper as the ‘risk factor’ decreases.
Summing up the insurance premiums in the four profiles, the cheapest insurer on average is BudgetDirect at $1,358. The most expensive insurer is AIG at $2,496.
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We calculated the difference between the cheapest and most expensive insurer for each individual profile. For all profiles, the price change is always more than 40%. So always compare, because you never know; you could save 40% by switching!
BudgetDirect Comprehensive had a relatively expensive estimate for Just-Started-work Joe, but as the profiles increased in age, driving experience and stellar claim history, they were listed as the cheapest as seen in Just-married Joe, Just-had-a. -kid Joe and Old-bird Joe profiles.
MSIG was the cheapest for Joe Just-started-work, but off the charts for the rest of the profiles.
If we remove the NCD discount from each profile, the average price difference between Joe Just married, Just-had-a-kid Joe and Old-bird Joe is no more than 10%!
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This means that insurers generally consider newlywed Joe (33, male, married, 15 years driving experience) to be a safe driver. Insurance premiums will thereafter be determined solely by the NCD. (Joe who has just started work is not yet considered a safe driver, so having an NCD does not reduce the insurance premium significantly)
For a better understanding of NCD and how it affects your car insurance premiums, check out this article.
If Joe had been insured with the cheapest insurer on average, BudgetDirect, instead of the cheapest insurer for his profile, he would still have paid 12.6% more.
There’s no penalty for switching to another insurer and it won’t affect your NCD, so why pay more?
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If you diligently compare insurers whenever your insurance is due for renewal, you can save a lot of money!
Common myths about broken car insurance! Get to know them and drive with peace of mind What factors affect your car insurance quote? Paying for car repair and maintenance is no joke. Fortunately, there are ways to avoid paying for car services… like getting yourself the cheapest car insurance in Singapore.
However, finding the right car insurance can take a long time. That’s why we’ve rounded up the best insurance companies that offer the cheapest car insurance in Singapore to help you save more money in the future!
Allianz is an established insurance company known for their affordable insurance services. They established their regional office in Singapore in 1998 in an effort to serve the fast growing Asian markets and recently started Allianz Insurance Singapore Pte. Ltd. in 2020.
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Allianz Insurance Singapore Pte. Ltd with the aim of providing excellent solutions to their clients and bringing a strong brand that offers quality service, trust and security.
They have a variety of insurance related services such as vehicle insurance, life insurance, health insurance, travel insurance, hospital insurance and work insurance.
Offering two types of car insurance, you can choose motor protection or electric motor protection. Each has its own lifetime warranty on repairs and a ‘new for old’ car replacement policy for cars with less than two years of service that are damaged beyond repair.
We highly recommend people to partner with Allianz if you are looking for an insurance company that takes care of its customers by providing good insurance services at a reasonable price.
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If you want to save as much money as possible on cheap car insurance in Singapore, Budget Direct Insurance can offer you the right car insurance. You can even customize the insurance cover to ensure that all your needs are covered.
It does not use intermediaries such as agents and agencies, so you will really save a lot of money. That’s why we think it’s one of the cheapest car insurance in Singapore!
If your car is driven by other people, you can also choose to insure multiple drivers. This will ensure that everyone who uses your car is protected in case something happens.
Their Singapore car insurance quote includes personal accident cover, medical expenses, roadside assistance, transport allowance, and more. They even have a 24/7 emergency hotline that you can call any time of the day.
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Customers have said that they have saved a lot of money by using Direct Budget Car Insurance. Some customers have even saved thousands of dollars on their car insurance in Singapore.
Another client noted that the application was very easy and it was not difficult to approve his application. These are the reasons why many people who have insurance highly recommend it.
FWD Car Insurance is the best car insurance you can get if you want to protect your children in the event of an accident. One of its key features is the lifetime NCD benefit that rewards you for safe driving.
If your NCD remains at 50%, you will keep it unless you cancel their insurance. Like the previous option, you can also choose the benefits associated with your insurance plan. Due to this flexibility, it has been regarded as one of the best and cheapest car insurance in Singapore
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By deciding on the benefits that are included, you will be able to fit your budget and save more money in the long run. We really believe it is one of the cheapest car insurance in Singapore for this feature.
“FWD is the best insurer I’ve had when it comes to buying travel insurance. The platform interface is simple and easy to navigate. The purchase and claims process is seamless. No more endless paperwork for purchases and applications!”
“FWD has such a wide range of policies. They are using their online application and it is so fast and convenient. Their relationship managers are also very prompt and responsive. No regrets. Travel, drive and live without being sure we’ve got you covered. Thank you, FWD TEAM, you are amazing.”
If there’s one thing Etiqa Car Insurance can offer, it’s the peace of mind that comes with being protected while on the road. Long-term drivers can take advantage of all their promotions and save up to 53% on their car insurance premiums.
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Etiqa offers 3 car insurance packages to choose from: comprehensive, third party fire and theft, and third party only. Any of these packages will ensure that you are well compensated in case something happens to your car.
What we love about Etiqa is that you won’t have to wait a few days for your application to be approved. Your application can be approved in as fast as 30 minutes!
If you are not satisfied with the features yet, you can add solar film covers, workshop cover and sun/moon roof cover. Check out their website for the best online car insurance rates in Singapore.
Aviva is one of the largest insurance companies in the entire world, and we think they also offer one of the cheapest car insurance in Singapore in 2021. If you are a young driver, we highly recommend that you get your hands on a car insurance plan. .
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Some of the key features of its car insurance are NCD protector, low NCD penalty, and fast emergency assistance. It is one of the cheapest options in Singapore due to numerous discounts and promotions.
Her car insurance also comes with an eCall emergency assistance service
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