Car Insurance Review 2024

Looking for the best or cheapest car insurance reviews in Singapore? Or maybe you’re looking to find the right coverage for you?

Car Insurance Coverage Types

Third-Party Only (TPO)

As stated by the name, Third-Party Only car insurance only covers any damage to other parties’ property (or death & injury to others). It’s the bare minimum requirement to drive on Singapore’s road so it’s illegal to drive without having at least Third-Party Only.

Third-Party Only car insurance is typically recommended for vehicles near the end of their COE life, or for highly experienced & safe drivers who rarely drive or for those who use their vehicles for short trips.

Third-Party Fire & Theft (TPFT)

Third-Party Fire & Theft car insurance is a step up from Third-Party Only, it covers everything that Third-Party Only does, with the added benefit of protecting your vehicle from fire damage and theft.

Third-Party Fire & Theft car insurance is recommended for vehicles that are close to their end of COE life, or vehicles that are older than 8 years.

Comprehensive

Comprehensive car insurance coverage, is well, the most comprehensive car insurance coverage out there for your vehicle. If you’re looking for car insurance, this is the go-to car insurance plan.

Refer to the table below for the standard benefits each car insurance policy should have according to the GIA (General Insurance Association).

Policy Key Features:

If you still find the standard comprehensive car insurance coverage lacking, not to worry, most providers also provide additional benefits. Depending on the provider, these additional benefits may be subject to additional premium payments.

Additional Benefits

• Damage arising from flood and windstorm
• Liability of passengers for acts of negligence
• Personal accident benefits for passengers
• Additional excess
• No-Claim Discount protection (private car only)
• And more! Depending on the provider

What should I do if I ever get into a car accident?

While we & your car insurance providers would never (ever) hope you get into an accident, we understand that accidents happen. Not to worry though, we’ve come up on a guide on (URL) what to do when you get into an accident (/URL), which includes everything from documentation, to the claiming of the insurance payout.

What factors do insurers consider when setting my car insurance premium?

In general, the following risk factors are considered when setting your premium:

Vehicle Profile

Includes factors such as your Vehicle Type, Make, Model & Age

Insured Driver(s) Profile

Includes factors such as Age, Gender, Marital Status, Occupation & Driving Experience

Vehicle Use Purpose

What purpose your vehicle is for, such as Private, Corporate, Commercial, Hire, and so on.

Type of Cover

From (typically) cheapest to most expensive

Third-Party Only, Third-Party Fire & Theft, & Comprehensive

Certificate of Merit (COM) discount

A certificate given by the SPF for responsible & safe drivers. Check out your eligibility & criteria here.

Claims History

The amount of claims you’ve made before as well as the frequency & recency of said claims are some of the factors from your claims history that will be considered.

No Claims Discount

A discount given to the insured if no claim has been made to their policy for a year or more with their current/ existing insurer. The rate depends on your vehicle type (e.g. private or commercial), and can go up to 50% discount.

There are even providers that give more discounts, such as DirectAsia’s NCD60 which can give you discounts above NCD 50!

Of course, the list above could (and probably is) longer and much more nuanced, too many to list and also because we wouldn’t even be able to know about all of them.

Even with all those factors considered, you should be aware that your premiums may still increase when you renew, as insurance is based on the concept of pooling of risks. 

If the overall claims experience is bad, premiums will be increased across the board for all motorists irrespective of whether they made a claim or not. However, the premium increases for those with a clean driving record will be lower than those with accident claims.

Still not sure on which provider to pick after all those considerations?

We’ve come up with a list of perks, benefits, or additional coverages that you may want to consider as not all providers may have them.

Additional Things to Consider:

24/7 Roadside Assistance:

Which varies from provider to provider, but it generally involves help for things such as a flat tire or dead batteries, and can even include a tow truck.

NCD Protector:

Which as the name implies, protects your NCD by allowing you to make a claim under your policy without affecting your NCD.

Overseas Coverage:

Which allows you to use your insurance even if you’re not in Singapore, such as if you’re driving to Malaysia or Thailand.

Transport Allowance:

Which is an allowance paid to you for a set amount of days (according to your policy), which covers your transport costs for that period in the event that your vehicle is in need of repair and thus unable to be used for transport.

Authorized Workshops:

Which are specific workshops approved by the providers that you can bring your vehicle to for repairs / inspections. However, there are policies that allow you to head to any workshop instead (in case you have a preferred workshop or other reasons).

New Car Replacement:

Where your policy can replace your car for you depending on when it was purchased.

Car Loan Protection

Which protects you from your car loan amount should something unfortunate happen.

Medical Expense Coverage

That can help to cover any medical-related issues that may have occurred.

Promotions in Singapore for 2024

Keep an eye on this page for New & Upcomming Promotions!

Frequently Asked Questions:

How often do you pay premiums?

Car insurance premiums are typically paid on a regular basis, and the frequency of payments can vary based on the insurance policy and the preferences of the policyholder. The two common payment frequencies are annual and semi-annual.

The choice between annual and semi-annual payments often depends on the individual's financial preferences and ability to manage larger upfront payments. Some insurance companies may also offer more frequent payment options, such as quarterly or monthly payments. However, it's essential to note that more frequent payments might come with additional fees.

Policyholders should carefully review the payment options provided by their insurance company and choose the frequency that aligns with their financial situation and preferences. Regardless of the chosen frequency, it's crucial to ensure that payments are made on time to maintain continuous coverage and avoid potential lapses in insurance protection.

What is car insurance ‘excess’?

Car Insurance excess refers to the amount you have to pay before your insurance provider forks out any money for you. For example, if the repair cost for your damaged vehicle is $1,000 and your excess to be paid is S$300, your insurer will then pay for the remaining S$700.

Car insurance excess is a way of affording some responsibility back to drivers to reduce the number of small claims. This is essentially an attempt to keep premiums lower. 

Car insurance policies are generally customisable in that you can lower your premiums by increasing your excess. Just remember, the higher your excess, the lower your premium. 

When do I Need to Pay Higher Excess?

There is a price to pay for our youth when it comes to car insurance excess. This is because you will be quoted higher excess. Drivers below 25 years old with less than two years of driving experience are deemed young and inexperienced in the eyes of insurers. Note that criteria may vary across insurers!

How Should I Decide?

While low premiums are incredibly attractive, you might want to be careful if you're opting to pay a very low premium because you might have to pay a large sum of excess in an accident. When deciding on excess, it is advisable to set it at an amount that you can afford to pay out of pocket in an accident.

Will making a claim affect my NCD?

This depends on whether you, the insured driver, were at fault.

In cases where you are found to be at fault, your NCD will be reduced and the amount of NCD penalised can vary from insurer to insurer. But generally, this would be how most companies structure their NCD:

NCD Penalties

As you can see, usually, when you make an "at-fault" claim, your NCD usually drops by 30%. However, some insurance providers like AVIVA have lower NCD penalties and may only deduct your NCD by only 10%.

NCD Protector

Almost all insurance providers will allow you to purchase an add-on known as an NCD Protector, which protects your NCD, usually has to be NCD30 and above, from reducing in the event of a single claim.

Any Car Insurance Guides?

Understanding car insurance can feel like a tall order with so many components to consider. Here are several car insurance guides to help you grasp all you need to know about car insurance: 

• Cost of Cars in Singapore: COE Prices and Other Costs of Owning a Car
• Can I Afford Owning A Car? 
• Cheapest New Car to Buy in Singapore 2022
• What to Do When You Get Into a Car Accident
• Is It Worth Buying a Car For Social Status in Singapore?

How to get the cheapest car insurance premiums?

Car insurance providers calculate your annual premiums based on considerations that estimate your risk or likelihood of making a claim. As some of these factors, such as age and gender, you cannot change, it may be good to get quotes from several insurance companies and choose the most affordable one for you. However, do note that cheap premiums may often mean higher excess. Also, the last thing you'd want to do is to compromise on coverage for cheap premiums!

Does choice of workshop matter?

Yes, the choice of the workshop for car repairs matters. Insurance companies generally prefer that you choose from their list of authorised workshops. However, most car insurance providers will allow you to top up an extra to service your car at the workshop of your choice.

How Can Seedly Help?

Find Reviews On Your Provider Of Choice

Seedly helps you make the right car insurance choices with community reviews from people who have purchased the products from themselves, so you know that you have the best information.

Learn About The Claims Processes

Our community reviews can also help you find out about the claims process for car insurance providers, from things such as, the speed, customer service, reliability, ease-of-claim and so on.

Promotions and Sign-Up Deals

Seedly works with car insurance providers to give you the best deals on car insurance and rewards such as petrol vouchers, gifts and more.

Full Car Insurance Guide & More Car Insurance Hacks

Keep an eye on this space for more car insurance tips & tricks to help you get the most out of your car insurance premiums!

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Seedly's Product Comparison Page Listing Guidelines

For Car Insurance Insurance products to be listed on Seedly's Product Comparison Page, they have to fulfil the following criteria:

• Policies protected under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC)
• Insured for Private Car Owners