Car insurance is mandatory in Singapore. So if you wish to drive on the roads, you must have car insurance. Since having car insurance is not optional, you might as well make the most of it. The question is, from which car insurance company in Singapore should you get it?
There are plenty of car insurance companies for cars in the country, after all. It can be confusing to choose which company to buy a car insurance plan from, especially if this is your first time. No need to worry, though. We are here to help you.
Below, we explain the types of car insurance in Singapore, the best car insurance company in Singapore, and tips to find the best car insurance. Ready? Let’s start right away.
Types of Car Insurance in Singapore
Before we get to our car insurance company in Singapore list, let’s get to know about the types of car insurance. There are three types of car insurance plan in Singapore: Third Party Only (TPO), Third Party Fire and Theft (TPFT), and comprehensive.
TPO is the most basic form of coverage that a car insurance company in Singapore offers. Since it is the most basic, it also has the lowest premiums.
This type of insurance plan covers property damage, injury, or death caused to a third party. While TPO meets the requirement for insurance in Singapore, it doesn’t cover the damage to your vehicle.
TPFT offers the same coverage as TPO with the addition of coverage for fire damage or theft of your vehicle. Note that only losses resulting from fire or theft are covered. Other damages to your vehicle are not covered.
The last type of insurance plan is comprehensive. It covers what TPFT covers plus coverage for damages caused by man-made or natural disasters. A comprehensive insurance plan can also include medical expenses and personal accident coverage.
Best Car Insurance Company in Singapore
The first car insurance company on our list is MSIG. Why is MSIG good? There are some reasons why. It is one of the longest-standing car insurance companies in Singapore. Not only that, but MSIG also has a well-established network of over 30 authorized workshops.
Besides its solid reputation, the car insurance company in Singapore also offers a car loan protection benefit. If the car owner dies, MSIG will pay off the loan so the surviving family won’t need to worry about it.
MSIG offers two comprehensive insurance plans: MotorMax and MotorMax Plus. The annual premium of MSIG insurance plans starts from USD586.
The next car insurance company in Singapore is Etiqa or Tiq. If you are looking for a digital insurer, Etiqa is worth checking out. You can expect a quick and hassle-free buying experience from Etiqa. You can submit a repair claim (up to USD 3,550) online and the company will pay it out in as little as 30 minutes.
In addition, depending on how much money you are willing to fork out in excess, Etiqa offers adjustable excess for the additional driver. This, in turn, allows you to get better pricing.
Etiqa only offers a comprehensive car insurance plan, which comes with
- personal accident coverage
- standard accident coverage
- liability coverage
The car insurance company in Singapore annual premium starts from USD 824.45.
3. NTUC Income – Drivo
NTUC Income – Drivo is a very popular car insurance company in Singapore. And for good reason. The company is well-known for its Orange Force, which is an emergency assistance team who will come to the accident scene to arrange for medical assistance, vehicle extraction, as well as help with insurance claims.
NTUC offers personal accident benefits of up to USD 35,506 and medical expenses coverage of up to USD 710. It also offers comprehensive car insurance plans: Drivo Classic with almost 50 approved workshops and Premium, which allows you to visit any workshop. NTUC annual premium starts from USD 712.96
4. Singlife with Aviva
Young and inexperienced drivers are not excluded from car insurance coverage. That said, in most cases, they are subject to a much higher excess in the event of an accident.
This might be discouraging for young and inexperienced drivers who have just got their licenses to buy a plan from a car insurance company in Singapore.
The good news is, some companies are more forgiving. Singlife with Aviva is one such company. The company’s cut-off age is much lower: 24 years old. The car insurance company in Singapore offers three plans: Lite, Standard, and Prestige. The annual premium starts from USD 712.
Perhaps you are looking for a car insurance company in Singapore that offers user-friendly services? In that case, look no further than FWD. You can get a quote from the company and buy a plan on their website within minutes.
Not only that, but FWD also offers 50% NCD for life, which is how the company rewards all drivers who drive safely. This car insurance company in Singapore is also well-known for its flexibility.
The coverage the company offers extends to any person you trust to drive your car. There is also overseas coverage, which keeps you covered when you are driving in West Malaysia and some parts of Thailand.
Tips to Find the Best Car Insurance Price
The following tips can help you secure the lowest price possible for your car insurance plan.
- Before deciding on which insurance plan to buy, compare premiums by getting free quotes online
- Drive safely and improve your NCD
- If you are driving an older car, consider choosing lower coverage
- Maintain a good credit score
- Increase the excess
- Look for discounts
So, which car insurance company in Singapore should you get insurance from? That is for you to decide. But, whether you want to get your first insurance plan or find a more suitable plan than your current one, you want to get it from the best.
Our car insurance company in Singapore list above should help you get started. Don’t choose the first company you land on, however. At least check out several of them, find out about their insurance plans, and compare them. See if you find plans that suit your needs.