ADVERTISEMENT

Insurance

10 Best Car Insurance Plans in Singapore (October 2022)

ADVERTISEMENT

It is compulsory to have your car insured in Singapore. Why not make the most of it by looking for the best car insurance plan when your policy is up for renewal?

 

While it can be tempting to renew your existing car insurance plan and get that chore out of the way, you might miss out on a better deal. For a start, you might get a much cheaper car insurance premium with another insurer. (You’ll need to get a quotation online because insurance premiums depend on the driver’s profile and car make and model.)

These days, many car insurance plans come with great features that cater to different needs, be it personal roadside assistance, young driver coverage, or a long list of conveniently-located workshops. Don’t miss out on those, either.

ADVERTISEMENT

Here are Singapore’s best car insurance plans to see how your current plan stacks up. For easy comparison, we’ll only cover each insurer’s comprehensive plans.


MSIG Car Insurance — MotorMax: Best for the budget-conscious

Why it’s good: MSIG is one of the longer-standing insurance companies in Singapore for car insurance, and it has a well-built-up network of over 30 authorised workshops. More conservative, brand-conscious drivers would want to consider this provider.

Apart from a solid reputation, we also like that MSIG offers a car loan protection benefit. If the car owner passes away, MSIG will pay off the loan so that the surviving family does not have to worry about the debt. Given that cars are so expensive in Singapore, this feature is nice.

What plans are available: MSIG has two comprehensive car insurance plans: MotorMax and MotorMax Plus. 

The main difference between them is workshop policy. For those who drive an older car that’s not under warranty, the cheaper MotorMax plan should be sufficient, as there are over 30 authorised workshops islandwide. 

You need to opt for the more expensive MotorMax Plus to get benefits like loan protection, transport allowance and a replacement car.

Annual premium: From S$825.24 (based on driver profile and car above)

SingSaver Exclusive Promotion: Receive up to S$70 via PayNowup to $$150 e-shopping voucher, + a 25% discount off services from Klars when you apply. Valid till 31 October 2022. 

MSIG MotorMax: Receive S$50 via PayNowa $100 e-shopping voucher + a 25% discount off services from Klars.

MSIG MotorMax Plus: Receive S$70 via PayNowa $150 e-shopping voucher a 25% discount off services from Klars.


AIG Car Insurance: Best for protection against collision-related accidents

Why it’s good: AIG is one of the world’s most well-known insurance companies and Singapore’s go-to car insurer.

The Collision-Only plan specifically covers collision-based accidents such as collisions with another vehicle, damages from hit-and-run, and fire protection (if your car catches fire due to a collision with another vehicle). The plan also offers third-party property damage of up to S$5,000,000 and unlimited coverage for death or injury to third parties.

Moreover, you can limit the policy’s coverage to drivers aged 30, 35, or 40 years and above to enjoy a lower premium or customise the range by selecting your expected mileage usage over the next 12 months.

The Car Insurance Complete plan provides additional security for those who want more protection, such as coverage from theft, flood, windscreen/windows, and riots. The plan also offers coverage of up to S$5,000,000 for damage to third-party property and unlimited coverage for death or injury to third parties.

What plans are available: Car Insurance Collision-Only and Car Insurance Complete.

Annual premium: S$1,024.07 (Collision-Only), S$1,172.97 (Complete)

SingSaver Exclusive Promotion: Get up to S$400 Petrol Vouchers when you purchase an AIG Car Insurance policy (for Collision Only and Complete plans only). Valid till 31 October 2022. 


Allianz Motor Protect: Best for great value

Why it’s good: Cheap premiums don’t always mean less coverage. Not only does Allianz Motor Protect offer a lifetime warranty on repairs to ensure the repair work done to your car isn’t slipshod. But they also provide a complimentary courtesy car for every day your vehicle is at the workshop for repairs, up to 10 days per accident or breakdown. However, these benefits are only exclusive to their comprehensive plan.

If you want less coverage, you can opt for the third-party-only or third-party, fire and theft-only plan. They offer a range of up to S$5,000,000 for damage to third-party property, unlimited coverage for death or injury to a third party, legal representation and defence coverage of up to S$3,000.

An NCD protector is available across all three plans if you want it as an optional cover at an additional premium for drivers with an NCD of 30% and above.

What plans are available: Third party only, Third party, fire and theft only, comprehensive

Annual premiums: From S$854.17 (based on driver profile and car above)


Etiqa (Tiq) Car InsuranceBest for young drivers

Why it’s good: Etiqa (also known as Tiq) prides itself as a digital insurer, so that you can expect a quick and painless buying experience. They’ve even minimised the hassle around claims. Just submit your repair claim of up to S$5,000 online (only applicable for ‘own damage’ claims), and Etiqa can verify and pay it out in as little as 30 minutes.

Depending on how much you’re willing to fork out in excess, Etiqa also offers adjustable excess for the named driver for you to enjoy better pricing.

Like Singlife with Aviva, Etiqa’s threshold for ‘young and inexperienced driver’ is 24 years old, which is good news for drivers in their 20s.

What plans are available: Etiqa has just one comprehensive car insurance plan. It comes with the standard accident, personal accident and liability coverage but does not include the nice-to-haves such as a courtesy car or dedicated emergency assistance staff. There is, however, a thoughtful S$50 daily payout if your car is stuck in the workshop for up to five days.

By default, you’ll need to send your car to one of the 20+ Etiqa-authorised workshops. You can purchase an add-on to get your vehicle repaired at the workshop of your choice, but this might mean your claims take longer to process.

All these add up to a value-for-money but basic car insurance plan that’s more suited to older cars (no longer under warranty) and experienced drivers (who know what to do in an accident). 

Annual premium: From S$1,161.34 (based on driver profile and car above)

SingSaver Exclusive Promotion: Use the promo code TIQSINGSAVER to enjoy 20% off and up to S$330 cashback when you apply now. Valid till 31 October 2022. 

Plus, receive $30 via PayNow on top of the above promo if your CAR MAKE/MODEL is Toyota, Audi or Volkswagen. Valid till 31 October 2022.


Singlife with Aviva Car InsuranceBest for promotional rates

Why it’s good: Car insurance providers insure ‘young and inexperienced drivers but impose a much higher excess (the amount you pay out of pocket for repairs) if they are involved in an accident. This might be off-putting for young drivers and newbies who just got their licenses.

We mention this because Single with Aviva is one of the more forgiving insurers regarding young driver coverage. While other insurers define this high-risk group as anyone up to age 27, Singlife, with Aviva’s cut-off age, is 24 years old. (Note that if you’ve had your license for less than two years, you’ll still be subject to the high excess.)

What plans are available: Singlife with Aviva offers three programs: Lite, Standard and Prestige. The cheapest Lite plan looks substantial enough for most drivers, as it allows repairs in over 30 workshops islandwide, including some workshops authorised by car brands/distributors.

If you get in an accident and make a claim, most insurers will reduce your NCD by 30%. Singlife with Aviva cuts it by 10% for the Standard plan onwards. So if you are concerned about preserving your No Claim Discount, you can pay a bit more for Standard.

Prestige is the most expensive plan but has a waiver for young and inexperienced drivers. It also includes Singlife with Aviva’s complimentary service – eCall, a driver’s companion(device) that automatically gets help fast from the emergency team when an accident occurs.

You can also lock in your premium for two years and/or pay for your car insurance in instalments with a UOB or DBS/POSB credit card.

Annual premium: From S$1,004.67 (based on driver profile and car above)

Singlife Car Insurance Promotion: Get 23% off premiums when you use the promo code CAR23 (for new businesses only). Valid 7 October 2022. 


FWD Car Insurance: Best for NCD

Why it’s good: As a fully digital insurer, FWD puts a lot of effort into being extremely user-friendly. You can get a quote and purchase your car insurance plan on their website in minutes.

FWD is also the only insurer to offer 50% NCD for life, rewarding all drivers for safe driving. Once your No Claim Discount hits 50% — you can retain your 50% discount as long as you renew with FWD.

Customers like that FWD car insurance is relatively flexible. Unlike other insurers, where you need to name additional drivers to avoid paying a higher excess, FWD’s coverage extends to anyone you trust to drive your car. (That said, the standard S$2,500 excess for damage done by a young driver under 27 still applies, or you can choose to lower the excess by paying more.) FWD also provides overseas coverage, specifically if driving in West Malaysia and parts of Thailand.

What plans are available: FWD offers three car insurance plans: Classic (cheapest), Executive and Prestige (most expensive). They cover roughly the same things but with different claim limits. So unless your car is costly, a Classic plan should be sufficient for most Singaporean drivers.

FWD’s car insurance plans come with 24/7 roadside assistance service, medical expenses coverage in case of a car accident and all the other nice-to-haves, so you can rest assured knowing the coverage is adequate.

Note that FWD plans allow only repairs at the 10+ FWD-authorised workshops. If you want the ‘any workshop’ option, you’ll have to select it as a paid add-on.

FWD also offers a ‘lifetime NCD guarantee’ once your No Claim Discount hits 50% — you can retain your 50% discount as long as you renew with FWD. 

You can opt to pay for your car insurance in instalments with a DBS/POSB Mastercard or Visa Credit Card.

Annual premium: From S$918.68 (based on driver profile and car above)

FWD Car Insurance Promo: Use the promo code SSCAR to get a 25% discount on your Comprehensive Car Insurance Plan. Valid till 31 October 2022.


NTUC Income Car Insurance — DrivoBest for emergency assistance

Why it’s good: NTUC Income is one of the most popular car insurance providers in Singapore for a good reason. It’s well-known for its emergency assistance team, Orange Force, who will come to the accident scene to arrange for medical help, and vehicle removal and helps you sort out the insurance claim.

This is a significant selling point for drivers who have no idea where to begin when getting into an accident. We recommend NTUC Income to drivers who would appreciate this help, especially when you are fretting over the accident.

NTUC Income Drivo also offers personal accident benefits of up to S$50,000 and medical expenses coverage of up to S$1,000. 

Finally, you’ll automatically be granted a free NCD protector upon your next renewal if you have been enjoying 50% NCD with NTUC Income for the last two consecutive years.

What plans are available: Choose between NTUC Income Drivo Classic and Premium plans for comprehensive car insurance. 

The main difference between them is workshop policy. The cheaper Drivo Classic plan restricts you to (close to 50) NTUC Income approved workshops islandwide, while Premium allows you to visit any workshop. Opt for the latter if you drive a car that’s still under warranty and can only go to the dealer’s workshop.

Annual Premium: From S$1,004.13 (based on driver profile and car above)


HLAS Car Insurance — Car Protect360: Best for car workshop choices

Why it’s good: HLAS Car Protect360 allows you to send your car to your choice of car workshop or one of HLAS’ 20+ quality workshops. Getting your repairs done at an HLAS-approved workshop will come with reduced excess and premiums, as well as the assurance that genuine manufacturers’ parts are used, with a full nine-month repair warranty. 

HLAS car insurance includes a daily transport allowance of S$50 per day, up to a limit of S$1,000 if your car repairs take three days or more. They also provide 24/7 hours roadside assistance in the event your car breaks down. 

HLAS offers medical coverage for the driver, with up to S$20,000 in personal accident coverage and medical expenses cover of up to S$1,000 in the event of an accident. Passengers or authorised drivers can receive up to S$10,000 for personal accident benefits. 

What plans are available: There’s only a single type of car insurance plan available on HLAS — Car Protect360. This makes selection and comparison easy for someone looking for an HLAS car insurance plan. 

Annual premium: From S$1,336.15 (based on driver profile and car above)


NTUC Income – Drivo: For electric vehicles

Why it’s good: You’ll realise that not all car insurance plans cover electric vehicles. With NTUC Income, you can choose from eleven different EV makes, including the likes of Tesla and BYD. You’ll then be required to choose between an annual rate or a pay-per-kilometre. 

NTUC offers usage-based insurance (UBI) for owners of EVs. You can choose from three EV UBI plans, paying based on how much (or how little) you drive as your insurance premiums are pegged to the mileage on your EV.

Their handy microsite also helps you to find the nearest electric vehicle charging station when you enter your postal code. 

What plans are available: Car insurance with an annual premium rate or premiums dependent on your usage. 

Available promotions: Not applicable.

Annual premium: Unlike the instant quotes you can get for your classic fuel-consuming car, you’ll have to wait three working days for the quote to be sent to your email. 


Singtel Car Insurance – Car Protect: Best for basic insurance needs

Why it’s good: Singtel’s Car Protect does the job if you’re looking for an affordable plan with comprehensive coverage. Not only is the application process quick and easy, but it’s also the perfect balance between cost and protection. 

One of its exciting features is the default accident towing coverage. You can claim up to S$300 for towing charges in the event of an accident. Moreover, they have a 24-hour towing helpline that can send a response team. 

While the policy lacks add-ons and optional benefits, it does cover all the basic risks.

What plans are available: There are three comprehensive plans available — Value, Essential, and Premium. All plans offer a comprehensive plan’s key features but with a few key differences.

The Value Plan is the most barebone as it simply covers liabilities towards a third party and your car. 

Meanwhile, the Essential Plan also covers yourself and unnamed drivers authorised or permitted by you to drive your vehicle, in addition to liabilities towards a third party and your car. With this plan, you may choose among Great Eastern General’s authorised workshops. 

Getting the Premium Plan would be suitable if you value workshops. It’s a plan that covers all of the above mentioned in the Essential program, plus repairs that may be made at any workshop of your choice.

Annual Premium: S$998.05 (Premium), S$831.70 (Essential), S$765.17 (Value) 

Singtel Car Insurance Promotion: Get 10% off and S$300 petrol vouchers for every purchase on a first-come, first-served basis. Valid till 31 December 2022. 

ADVERTISEMENT