Very Cheap Car Insurance – We’ve analyzed hundreds of car insurance deals and the benefits of dozens of insurers in Singapore to find out which plans will give families the best value for their money. Based on your budget, the size of your family unit and the type of coverage you need, compare and buy from our top picks.
While it may be tempting to try for the cheapest car insurance possible, you should make sure that you have enough protection because you are not only insuring yourself, but your children as well. The following auto insurance plans are available for every budget, reducing out-of-pocket costs and protecting every member of your family.
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If your family unit consists of adults (ie a married couple living with elderly relatives), Budget Direct car insurance can be a good choice, not only because of its affordable premiums, but also because of the coverage and variety of plans. which are presented. When we analyzed the quotes, we found that Budget Direct premiums are around 40% cheaper than average for married couples.
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Budget Direct offers a choice of two driver plans: the Reputed Driver Plan and the Authorized Driver Plan. The Named Driver plan only covers the primary driver and the people you hire as Named Drivers. A licensed driver’s plan includes insurance, the primary driver (if uninsured) and anyone else you allow to drive your car. Although the licensed drivers plan is 15% more expensive, your premium will still be one of the cheapest on the market and can work in your favor if you have a lot of relatives sharing your car.
Budget Direct’s fault is its basic cover, so we recommend it to experienced and safe drivers who don’t need to protect young passengers and don’t need comprehensive health, accident or personal cover. Budget Direct mainly offers cover for damage to your car, towing and third party damage, so if you want medical, personal accident, accessories or roadside assistance, you won’t have to pay extra.
If you want to maximize your family’s protection, the FWD Classic plan has very competitive premiums and solid accident coverage. Married policy rates are 15-25% cheaper than the average and you can choose to adjust your standard excess according to your comfort level and budget. Additionally, if you have a 50% non-refundable down payment, you will be entitled to a 50% NCD guarantee for their lifetime.
If you want to insure your young drivers, you can also drop S$2,500 Youth/Inexperienced Driver (YIDR). While this will add a bit to your bill, it can save you around S$2,000 in out-of-pocket expenses if your child is involved in an accident while driving. Plus, you don’t have to list your drivers’ names – FWD will insure everyone who drives your car at no extra cost.
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FWD Classic includes medical insurance of S$1,000 per passenger, lump sum payment for driver and passengers in case of death or permanent disability and lump sum payment of S$250,000 in the event of an accident involving your children. About yourself. These benefits are in addition to covering the cost of towing, temporary transportation and car equipment. The only downside is that there are no covers for child car seats, so if you have kids who need one, you’ll have to pay for the damage out of pocket. However, for a 15 per cent price increase, you can opt for the Performance FWD plan, which adds S$1,000 in personal effects cover and up to three months of free driving for your car in total – a good deal for value protection and convenience.
If you have small children, Aviva’s Prestige Comprehensive accident plan may be a good option as it offers family cover at competitive prices. We found that its premiums for married policyholders are around average compared to the other comprehensive plans above, so while it’s not the cheapest plan on the market, it does offer family benefits that rarely come with insurers. offers to be seen by others. This includes a replacement vehicle benefit for cars up to 24 months old, a young/inexperienced driver and a S$250 child seat benefit, with many extras.
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 health insurance and personal Another convenient benefit is Aviva’s two-year plan option, which will save you an extra 5% on your premium. Overall, Aviva is a great choice for new families expecting their first child, or families with multiple children, with extensive family-friendly coverage.
If you own multiple cars or your family car is a luxury vehicle, you’ll make the most of Asia Direct’s competitive prices, custom coverage and 10% premium discount on your second car. We found the Direct Asia Value plan to be one of the cheapest options for experienced drivers of luxury vehicles such as BMW, Audi or Mercedes, with premiums around 20% below average. It’s also one of the cheapest plans on the market for new drivers who have just bought a luxury car, with premiums 16% below average for drivers with 0% no-claims deductible.
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Since you are likely to entrust your car to fewer people the more expensive it is, the Value plan limits the number of alias drivers to 4, of which 2 can be your younger drivers (under 30). Additionally, unlike most plans that limit your ability to own a trade-in car to 12 months, Asia Direct offers the option to extend this period to 24 months, which is a huge benefit for luxury car owners.
In terms of coverage, Asia Direct has comprehensive accident and damage coverage, leaving you covered for everything from fire or demolition to floods and natural disasters. It also offers a number of benefits that you can add to your plan to tailor your policy to suit your needs. If you already have a trusted car repair shop, you can choose to authorize any repair shop, add protection for driving outside Singapore and get up to S$500,000 in personal accident protection. You can also add coverage for accessories, medical expenses and loss of use.
To find the best motor insurance rates for families, we collected coverage and benefit data from 12 car insurers in Singapore and averaged the premium rates for married men and women aged 45 and over. One of the main patterns we found was that if you’re married you’ll see lower premiums than if you’re single. We also found that while married men saw higher premiums than married women, the price difference was less compared to single policyholders. We then categorized the plans based on the benefits offered to match the plans to different family profiles. However, please note that your premium will depend on your age, driving experience, car make 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. She graduated in economics and international business management and has previous work experience in the capital markets sector. Her analyzes on insurance, healthcare, international affairs and personal finance have been featured in AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs and others.
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Edited by Maggie Kempken Edited by Maggie KempkenArrow Real Insurance Editor is Maggie Kempken
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