Compare Car Insurance Rates

Compare Car Insurance Rates – Age and gender are two of the most important factors insurance companies use to determine car premiums. Insurers consider these features important information about your driving experience and how likely you are to be involved in an accident. The less likely you are to have an accident as a result of these two factors, the lower the cost to the company if they sue you and the less compensation you will receive.

But this change makes it difficult as a customer to know if you’re being offered a fair price or if you’re being ripped off. With that in mind, we’ve pulled the numbers together to calculate the cost of car insurance in Singapore based on your age range and gender. We hope this gives you the information you need to get a good deal if you see one.

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Compare Car Insurance Rates

The company collected quotes from a collection of major providers in Singapore to see how the year is impacting car insurance costs. The prices below assume 5 years of vehicle experience and a 0% No Claims Discount (NCD) for ownership and therefore do not take into account the higher premiums you may incur for a new year of management experience and advanced NCD. For example, those who have a clean driving record can save more than 50% on their driving expenses with their NCD.

Comparing Car Insurance Quotes Can Save You Hundreds Of Dollars Per Year

In general, insurance companies in Singapore have the highest rates for young drivers, but even higher for older drivers. We found that drivers in their 20s were paid an average lump sum of S$2,165, 36% more than the average salary paid to drivers in their 40s (S$1,596). Because young drivers are exposed to a higher risk of accidents due to their less driving experience. In addition to the lack of driving experience, the salary for young drivers increases due to their interest in driving. This is evident when studying the statements we have collected where the same drivers have the same driving experience but from different years. As further confirmation of this, an online survey by AIG Singapore in 2015 found that 63% of respondents aged 18 to 35 confirmed road safety behavior.

Drivers in their 20s should be aware that in addition to higher premiums, they may have to pay a young and/or inexperienced driver (in the range of S$2,000-3,000) in addition to the payment when making a claim . This is important to note as different companies choose different years when payment is made.

What does that mean? If your insurance policy is S$600 and a young and/or inexperienced driver is S$2,500, you will have to pay S$3,100 out of your own pocket each time you have had an accident before you. benefits of your employer. If you’re in your 20s, we strongly recommend reading the fine print carefully to find out what you’ll have to pay before committing to a plan. It may be worth paying a higher premium if the plan includes a low-risk youth and/or inexperienced driver, or if you can avoid paying. To find out more about which providers offer the best deals for young drivers, you can read our guide to the best car insurance in Singapore.

While premiums for male and female drivers fall significantly in their 30s and 40s, we have found that insurance premiums start to rise again as drivers enter their middle age.50. For this reason, many insurers believe that as drivers age, they become more dangerous. We found that drivers in their 50s saw 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 for drivers over 60, others have not*. Although many of the companies surveyed paid higher premiums 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 low rates for those in their 60s. older group. We strongly encourage auto insurance buyers to keep this in mind when considering a purchasing plan.

We know that male drivers pay more for their car insurance than female drivers. Drivers in their 20s have the largest price differential among men, with men paying an average of 7.8% more for their car insurance than women. The difference is that costs go down as drivers get older, and indeed our 2020 data shows that women in their 50s and 60s have the highest rates. The salary is several dollars higher than that of their husbands.

In all age groups, men have to pay higher premiums than women because insurance companies consider them to be more at risk and therefore more vulnerable. In fact, Aviva claims data for 2015 shows that men are 1.4 times more likely to have an accident than women.

Compare Car Insurance Rates

These prices assume 5 years of driving experience and a 0% No Claims Discount (NCD) and therefore do not take into account the rewards you receive for additional years of driving experience, traffic and high NCD. For example, those with a clean driver’s license can save up to 50% on their car payments with their NCD.

Car Insurance Quotes Online

To arrive at our determination of the average cost of auto insurance for Singaporean consumers, we collected data and quotes from seven major auto insurance providers in Singapore.

In order to compare our results, we need to make some assumptions about the type of plan and level of coverage that the average customer wants. This study assumes that comprehensive insurance is standard because comprehensive insurance is required for car owners driving financed for less than 10 years. Due to the cost of a car in Singapore, this is the most commonly purchased type of insurance plan. To ensure that the estimates collected reflect the same coverage levels, we compared the coverage of medical expenses, accident benefits, and lost use for all words we collected in relation to a plan deemed “rich,” excluding “bells and other things.” Whistle” optional features.

The navigation method we used to get the terms was consistent across all ages and genders. He is an unmarried driver of Toyota Corolla Altis 1.6 2019 and is a first time driver and a new driver with 5 years driving experience, no submitted claims and 0% NCD (No Claims Discount). He works in the house as a professional. The average prices show the type of offers collected for a male and a female travel document.

The statements and information used for this study were collected from 12 drivers in Singapore. These companies were chosen for their popularity with Singaporean consumers and ease of obtaining quotes and detailed information about their designs.

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* A good example of this is Liberty Insurance which, together with the Automobile Association of Singapore (AAS) and the Singapore Optometric Association, launched a new car insurance plan in 2014 for older drivers with good driving experience, the Policy AA Senior Motor Plus. .

** The estimates contained herein are only these and have not been verified, verified or approved by the insurance providers.

Anastassia is a Senior Research Analyst based in Singapore, evaluating insurance products for clients based on quantitative and qualitative financial analysis. He has degrees in Economics and International Business Management and his previous work experience includes working in the marketing field. His reviews on insurance, healthcare, international affairs, and personal finance have been published in AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs, and others.

Compare Car Insurance Rates

Advertising: a free source of information and tools for consumers. Our website cannot represent every company or financial product available on the market. However, the policies and tools we create are based on analysis and independence, so they can help anyone make financial decisions with confidence. Some of the offers on this site are from companies that charge a fee. This fee may affect how and where the offers are displayed on this website (including, for example, the manner in which they are displayed). However, this does not affect our recommendations or opinions, which are based on thousands of hours of research. Our partners cannot pay us to ensure positive reviews of their products or services.

Compare Car Insurance Quotes (2023 Updated)

We try to provide the most up-to-date information on our website, but customers should contact the appropriate financial institution with any questions, including authorization to purchase financial products. shall not be construed as participating in or participating in the offer or sale of any financial product, or assuming any risk or role therein.

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