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Best Car Insurance in Singapore 2024

Compare car insurance policies in Singapore with Seedly. Read reviews to learn about coverage, deductibles, policy limits, and riders. Apply on Seedly for your ideal policy today.Updated March 2024

23 Products Found

    Slide 1 of 3

    Singtel Car Protect Premium Plan

    Any

    WORKSHOP

    50%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    Singtel Car Protect Essential Plan

    Authorised

    WORKSHOP

    50%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    Singtel Car Protect Value Plan

    Authorised

    WORKSHOP

    50%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    📣 SIGN-UP BONUS

    Receive S$280 petrol vouchers. Plus, receive S$20 petrol voucher and an exclusive chance to win a year's worth of FREE PETROL worth $5,200!

    Valid till 31 Mar 2024. T&Cs apply.

    Dot Pattern
    Handphone

    Ease of Claim

    4.6

    Customer Service

    4.7

    Application Process

    4.9

    "Easy to apply, I like this policy is because even unnamed person..." 5h ago

    Any
    WORKSHOP
    60%
    NCD PROTECTION
    Yes
    24H ROADSIDE ASSISTANCE

    Ease of Claim

    3.9

    Customer Service

    4.2

    Application Process

    4.2

    "[Purchase Process] very friendly easy-to-use system. follow up by customer service was also..." 1mth ago

    Slide 1 of 3

    Income Drivo Classic Plan

    Authorised

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    Income Drivo Premium Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    Income Drivo Prestige Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    "First time getting from NTUC Income for car insurance. Just to highlight..." 9mth ago

    Slide 1 of 3

    FWD Car Classic Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    FWD Car Executive Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    FWD Car Prestige Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    📣 SIGN-UP BONUS

    Get a 20% discount and up to S$120 eCapitaVoucher. Plus, receive S$20 petrol voucher and an exclusive chance to win a year's worth of FREE PETROL worth $5,200!

    Valid till 07 Mar 2024. T&Cs apply.

    Dot Pattern
    Handphone

    "Fast and easy to apply online overall it’s fuss-free. It is also..." 9mth ago

    Authorised
    WORKSHOP
    50%
    NCD PROTECTION
    Yes
    24H ROADSIDE ASSISTANCE

    "Budget Direct is by no means the cheapest in the market for..." 2mth ago

    Any
    WORKSHOP
    50%
    NCD PROTECTION
    No
    24H ROADSIDE ASSISTANCE

    📣 SIGN-UP BONUS

    Get a 20% discount and up to S$300 cashback! Plus, receive S$20 petrol voucher and an exclusive chance to win a year's worth of  FREE PETROL worth $5,200!

    Valid till 31 Mar 2024. T&Cs apply.

    Dot Pattern
    Handphone

    "Tiq Car Insurance Etiqa Private Car Insurance offers pretty comprehensive coverage, alongside attractive..." 3mth ago

    MSIG MotorMax Plan

    Authorised

    WORKSHOP

    50%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    MSIG MotorMax Plus Plan

    Any

    WORKSHOP

    50%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    📣 SIGN-UP BONUS

    Get up to $70 PayNow and up to S$120 e-vouchers when you apply now. Also receive:

    S$20 petrol voucher
    •An exclusive chance to win a year's worth of FREE PETROL worth $5,200!

    Valid till 19 Mar 2024. T&Cs apply.

    Dot Pattern
    Handphone

    "[Customer Service] Great customer service by far. Really efficient and helpful. They could..." 40mth ago

    Authorised
    WORKSHOP
    30%
    NCD PROTECTION
    Yes
    24H ROADSIDE ASSISTANCE

    "[Insurance Coverage] [Hidden Terms] Do read carefully the T&C. "This Policy has no surrender..." 5mth ago

    Slide 1 of 3

    Singlife Lite Plan

    Authorised

    WORKSHOP

    30%

    NCD PROTECTION

    No

    24H ROADSIDE ASSISTANCE

    Singlife Standard Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    No

    24H ROADSIDE ASSISTANCE

    Singlife Prestige Plan

    Any

    WORKSHOP

    30%

    NCD PROTECTION

    Yes

    24H ROADSIDE ASSISTANCE

    📣 SIGN-UP BONUS

    Get 23% off premiums when you use the promo code CAR23 (for new businesses and annual plan only). Plus, receive S$20 petrol voucherv and an exclusive chance to win a year's worth of FREE PETROL worth $5,200!

    Valid till 14 Mar 2024. T&Cs apply.

    Dot Pattern
    Handphone

    "[Claims Experience] It took many months, close to a year to claim a..." 43mth ago

    AIG Car Insurance Complete

    Authorised

    WORKSHOP

    None

    NCD PROTECTION

    No

    24H ROADSIDE ASSISTANCE

    AIG Car Insurance Collision

    Any

    WORKSHOP

    50%

    NCD PROTECTION

    No

    24H ROADSIDE ASSISTANCE

    📣 SIGN-UP BONUS

    Get 5% discount and up to S$200 petrol vouchers. Plus, receive S$20 petrol voucher and an exclusive chance to win a year's worth of FREE PETROL worth $5,200!

    Valid till 31 Mar 2024. T&Cs apply.

    Dot Pattern
    Handphone

    "not as value for money customer service so so only yet to..." 7mth ago

    Guide for the Best Car Insurance in Singapore - 2024

    What is Car Insurance?

    Car insurance is a contract between an individual and their insurance company, that provides financial protection against potential losses arising from unforeseen events that may happen to the insured vehicle. In essence, it serves as a safeguard for the policyholder's financial well-being in the event of accidents, theft, or other covered incidents.

    Here's a breakdown of the key components:

    1. Premiums: Policyholders pay a regular premium to the insurance company, typically monthly or annually.
    2. Coverage: The extent of protection varies based on the type of insurance and the specific policy. Coverage typically includes protection for property damage, liability for injuries to others, and coverage for medical expenses.
    3. Deductibles and Excess: Policyholders may be responsible for a certain amount of expenses before the insurance coverage kicks in.

    How Does Car Insurance in Singapore Work and What Does it Cover?

    Car insurance in Singapore works in the same way as any other type of insurance does – you pay a premium to your insurance company for an assurance of compensation for a specified set of losses. Should anything unfortunate happen on the road, losses generally occur to one of four things: you, your car, a third party, and his/her car.

    To break this down further, motor insurance basically provides protection for:

    1. Property: This would be any costs incurred from car repairs for a third party’s or your car as a result of accidents, fire, or theft
    2. Your liability: When an accident occurs because of your actions, car insurance offers you financial protection from a third party should compensation be demanded of you
    3. Medical costs: Importantly, car insurance can also help with medical expenses for you or a third party as a result of an accident on the road

    Is Car Insurance Mandatory in Singapore?

    Yes, car insurance is mandatory in many places, including Singapore, to legally operate a vehicle on public roads. The specific regulations and required coverage may vary by location. Understanding the terms of a car insurance policy is crucial for making informed decisions about coverage and ensuring financial security on the road.

    Even if you consider yourself a safe driver, others may not be. Considering the constant threat of danger on the road, it is not surprising that car insurance is compulsory if you want to drive a car in Singapore. 

    Take note! This applies to all types of vehicles. No matter what vehicle you operate, you are legally required to purchase motor insurance to utilise your vehicle on public roads.

    Additionally, as mandated by the government, your motor insurance must at least cover third-party related financial losses incurred from accidents. This includes damage or death of, or bodily injury to, any person arising out of the use of that vehicle on the road. This is the most basic coverage required. 

    Moreover, a vehicle is a big-ticket expense that you want to protect, and that’s why we highly recommend that you get car insurance. It’s a necessity that can help pay for repairs to your vehicle after an accident, depending on what kind of coverage you select. Like other types of insurance, getting the cheapest car insurance should not be the only priority for car owners. You'll need to think about how easy claims can be processed and how much actual coverage you're getting for the amount you pay.

    What Are The Different Types of Car Insurances?

    Car Insurance Coverage Plan Types

    Amount of Coverage

    Considerations

    Third-Party Only (TPO)

    • Damage to other people's car
    • Financial losses from death or bodily injury to others
    • The minimum legal requirement
    • Most basic & affordable type of car insurance in Singapore
    • For drivers who rarely drive or have very old cars, with expiring COE

    Third-Party, Fire & Theft (TPFT)

    • Upgraded version of TPO
    • Covers your vehicle as well as financial losses in the event of damages or losses to your vehicle from fire and theft 
    • More coverage than TPO
    • Suitable for older cars

    Comprehensive Coverage

    • Comprehensive coverage insurance offers the most extensive protection.
    • Covered for most things, including car repairs and replacement costs
    • Best for everyone
    • Covers the most possible to give you peace of mind
    • Good for new drivers, families with young children, or new car owners
    • Most expensive

    Types of Car Insurance and Recommendations

    What Is the Best Car Insurance For You?

    There are a few major car insurance providers in Singapore. The more popular ones are:

    Recommended For

    Insurer

    Affordability

    Family Oriented

    Young & Beginner Drivers

    Adult/Mature Drivers

    Safe Drivers

    Car is Life

    Peace of Mind (in case of accidents)

    Senior Drivers

    Lonpac Insurance

    (insures drivers up to 80 years old!)

    For drivers with prior accident records

    (For drivers who've had multiple accidents)

    Best Car Insurance Comparison

    Car Insurance Premium Quotes: All You Need To Know

    How are premiums calculated?

    Your quoted premium is calculated based on the concept of “risk”, that is, how likely you are to get into an accident. Insurers use numerous factors to determine your risk. Hence, the higher your risks, the higher the price of your car insurance premium and vice versa. 

    These are the factors used to assess your risk profile, which ultimately determines your premium: 

    Criteria

    Rationale

    Gender

    • Some companies deem women safer driver than men

    Age

    • Young drivers and elder drivers tend to have more expensive premiums
    • Drivers aged between 30 - 65 are considered the ideal safe driver profile

    Driving Experience

    • The more driving experience you have, the safer you are deemed.
    • Drivers with less than 5 years of experience will be charged higher premiums and excess

    Marital Status

    • Married individuals are seen as more responsible or safer drivers, and hence, can result in lower premiums

    Job / Occupation

    • Usually differentiated between indoor or outdoor jobs
    • Drivers with outdoor jobs are assumed to be more car-reliant and would be charged higher

    Car Make and Model

    • Continental cars, luxury cars and sports cars will have higher premiums
    • Vehicles with higher engine capacity will also be charged more

    Claims History

    • Your claims history shows how safe a driver you are
    • The fewer your claims, the cheaper the premium

    Car Usage

    Off-peak drivers can receive lower premiums as their time spent on the road reduces their probability of accidents

    Criteria for Calculating Car Insurance Premiums

    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:

    Payment Type

    Considerations

    Annual Payments:

    Pros:

    Offers a balance between the convenience of annual payments and more frequent budgeting.

    Cons:

    Policyholders need to remember to make payments twice a year.

    Biannual or Semi-Annual Payments:

    Pros:

    Insurers often provide discounts for policyholders who choose to pay annually.

    Convenience of a single payment for the entire coverage period.

    Cons:

    Requires a larger upfront payment compared to other frequencies.

    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.

    What Is NCD and How Does NCD Work?

    The No Claims Discount (NCD) is an initiative to incentivise safe driving. NCD is rewarded by your insurance provider if no claims have been made under your policy for a year or more with the current/existing insurer.

    The longer you maintain your claim-free record, the higher your NCD, and the more discount you are eligible for.

    Your NCD entitles you to get a discount on your premium the following year. The NCD discount is as follows:

    No Claim Discount Rate for Private Cars:

    Duration with no claims

    Eligible Discount

    1 year, NCD 10

    10%

    2 consecutive years, NCD 20

    20%

    3 consecutive years, NCD 30

    30%

    4 consecutive years, NCD 40

    40%

    5 consecutive years or more, NCD 50

    50%

    Your NCD level and eligible discount goes according to the number of consecutive years you do not make any claims

    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: :

    Current NCD

    NCD after 1 claim made

    NCD after 2 claims made

    50%, NCD50

    20%

    0%

    40%, NCD40

    10%

    0

    30% and below,

    NCD30 and below

    0

    0

    No Claims Discount (NCD) Rates After Making Claims

    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.

    How to Choose the Cheapest Car Insurance?

    When choosing your car insurance, there are several important factors to consider. While they often differ depending on your needs and priorities, here are some factors to remember before purchasing a suitable and cheap car insurance: 

    • No Claim Discount
      Being a safe driver is rewarding! Use your NCD to help you achieve lower premiums.
    • Offense-free Discount
      As a testament to your safe driving, the Singapore Traffic Police will also issue safe drivers who have not had any bad records for the last 3 years a Certificate of Merit. This entitles you to a discount on your car insurance. Additionally, this discount can be applied on top of your NCD.
    • Off-peak Cars
      Car insurance plans usually offer lower premiums for cars that are less utilised.
    • Choose plans that permit repairs Only at Authorised Workshops
      Usually, policies that allow you to use your preferred workshops have higher premiums than those that restrict you to a few authorised workshops only. If you are not particular about going to your favoured workshop, perhaps consider the plan that only covers visits to authorised workshops to save on your premium.
    • Look out for promotions from credit card or from the insurance providers themselves to help you save on costs, this can come in the form of extra complimentary coverage or discounts or waivers on your premiums!

    Existing Car Insurance Promotions in Singapore for 2024

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

    How Do I Apply For Car Insurance?

    With almost everything available online, you can also get your car insurance sorted with a few clicks today. Here are the details you will usually need to get a quote for your car insurance: 

    • Vehicle make and model
    • Engine capacity of your car
    • The year your car was registered
    • Whether your car is under the Off-Peak Car Scheme
    • Gender
    • Marital status
    • Date of Birth
    • Other information: How many years have you been driving? Have you made a claim in the past? What is your No-claim Discount (NCD)? What is your coverage period?

    Have burning questions? Head over to Seedly to share your questions or hear what our community of personal finance enthusiasts, experts, and experienced professionals have to say!

    Car Insurance Guide

    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: 

    Frequently Asked Questions

    What type of insurance coverage is important to you?

    There are three types of car insurance plans: Third Party Only (TPO), Third Party, Fire and Theft (TPFT), Comprehensive coverage. The type and extent of coverage you require is a personal decision that you need to make. TPO car insurance is the most basic car insurance that only covers damages done to a third party. On the other hand, comprehensive car insurance provides extensive coverage albeit at a higher premium. It is recommended to purchase an insurance plan that provides wider coverage, depending on your car's value, make, and age.

    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.

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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