You may be a safe driver, but others aren’t as careful. In the first half of 2022, traffic accidents resulting in injuries and fatalities increased by 4.92% according to Singapore Police. With the constant threat of dangers on the road, it is only smart to take out car insurance to protect you and your family from financial losses.
The Singapore government mandates that car insurance must cover financial losses incurred by the third-party resulting from the accident, including damage, death of, or bodily injury to another person. Thankfully, there are plenty of car insurance plans in Singapore that come with great features at affordable prices.
Worried about the cost of a good car insurance policy? Car insurance in Singapore may range from S$700 to S$1,000 per year. With an average cost of around S$862, any motor insurance plan that costs below that amount is considered cheap. Of course, the exact annual car insurance premiums will vary depending on several factors, such as the age and driving experience of the driver.
What Does Car Insurance Cover?
Just like any type of insurance, car insurance will help compensate for a specified set of losses. You simply have to pay an annual car insurance premium and you’ll be protected from financial strains in case something unfortunate happens while on the road.
Good car insurance provides protection for:
- Property: This includes any costs incurred from car repairs for your car or for a third party’s vehicle as a result of an accident, theft, or fire.
- Liability: When something unfortunate happens due to your actions, car insurance will protect you from financial losses should a third party demand compensation for any costs, damages, or bodily injury incurred.
- Medical Costs: Most importantly, car insurance plans will help you with medical expenses incurred as a result of a traffic accident.
Here are some of the most basic car insurance coverage you can expect from credible and reliable car insurance providers:
- Loss or damage due to a car accident
- Loss or damage to the car by fire and/or theft only
- Towing costs / 24/7 roadside assistance
- Authorized repair limit
- Damage to third-party property
- Death or injury to third-party
- Personal accident coverage
- Medical expenses
7 Best Car Insurance Providers for Cheap & Basic Coverage
FWD is a trusted insurance provider in Singapore. Its car insurance plan is an excellent choice – whether you are a young driver or a safe driver looking to insure a family car. It combines affordability with exceptional coverage.
Why we picked FWD Car Insurance:
- Easily purchase the car insurance plan online
- Provides lifetime NCD (No Claims Discount) benefit once you achieve 50%
- Coverage extends to unnamed drivers
Annual premium starts from S$794.73
- FWD Car Insurance Plan
- FWD Car Executive Plan
- FWD Car Prestige
How to Apply
You can apply online or via the FWD SG App. You can also find out about their other financial products through a financial adviser.
How to Claim
- Download FWD SG App on the App Store or Google Play
- Submit your claims within minutes with the FWD SG App
- Their dedicated claims assessor will get in touch with you to support you every step of the way
Allianz Motor Protect Car Insurance provides a lifetime warranty on repairs. On top of that, it also offers a complimentary courtesy car while your vehicle is undergoing repairs – up to 10 days per accident or breakdown.
If you’re looking for a third-party only plan, then Allianz Motor Protect Car Insurance offers coverage of up to S$5,000,000 for damages to third-party property as well as unlimited coverage for death or injury to third-party.
Why we picked Allianz Motor Protect Car Insurance:
- Lifetime warranty on repairs
- Complimentary replacement car while your car is being repaired
- Excellent third-party coverage (damages, death, or injury)
Starts from S$641.49 (Third-Party Only Plan)
- Third-Party Only
- Third-Party Fire & Theft Only
How to Apply:
Eligibility and Document Requirements
- Must have a valid Singapore Identification document, such as NRIC, Employment Pass, Work Permit, and others
- Must have a valid driver’s license
How to Claim:
- Report the loss, damage, or accident within 24 hours or by the next working day at one of the authorized workshops
- Submit the claims form found on the Allianz Website.
MSIG is one of the most reputable insurance providers in Singapore. It is also a long-standing car insurance company with over 30 authorized workshops. One of the key highlights of MSIG is its car loan protection benefit wherein if the car owner passes away, MSIG will pay off the loan. With this coverage, the surviving family members will not have to worry about debt.
Why we picked MSIG Private Motor Car Insurance:
- Comprehensive coverage against accidental loss or damage
- Medical expenses coverage for policyholders, authorized driver, and/or passenger
- Car loan protection of S$100,000 in the event of death (available for MotorMax Plus plan)
Starts from S$825.24
- MotorMax Plan
- MotorMax Plus Plan
How to Apply:
- Visit MSIG website
- Answer the questions to get an online MotorMax Quotation
- Get a quote
- Choose a plan
- Provide all the necessary personal and vehicle information
- Review and pay
How to Claim:
- Notify relevant parties. Dial 995 for an ambulance or 999 for the police. Do not remove the vehicles unless you need to rescue the injured parties.
- Collect information, such as photographs of the accident scene. Don’t forget to get the information of the third party involved.
- Report the accident and bring your accident vehicle to MSIG’s authorized workshops within 24 hours or by the next working day.
- Find more information here.
Singtel Car Protect is underwritten by Great Eastern General Insurance Limited. This car insurance plan provides comprehensive coverage at an affordable cost. One of its key features is the default accident towing coverage. You can claim up to S$300 for towing charges in case of an accident. Other promotions include S$200 petrol vouchers when you sign up for any Singtel Car Protect plan and an S$80 discount on a set of 4 new tires/rims at Hock Seng Wah Tyres Trading.
Why we picked Singtel Car Protect:
- Includes accident towing charges
- Underwritten by Great Eastern Life, a reputable insurance provider in Singapore
- Additional rewards when you sign up or refer a friend
Starts from S$648
How to Apply:
Visit the Singtel website to get a quote or inquire via their toll free number (1800 248 2888) to speak with a financial adviser.
How to Claim:
- Make an accident report with Singtel’s authorized workshop within 24 hours after the accident.
- Call their 24-Hours Towing Helpline at +65 6535 0511 for towing service if required
- Document the accident
- File a report at the authorized motor accident reporting center
- For more details, visit here.
Tiq by Etiqa is a digital insurance company that provides a quick and hassle-free buying and claiming experience. They offer unlimited windscreen cover, up to a S$200 towing fee to repairers or places of safety due to an accident, as well as personal accident cover of up to S$50,000 for the policyholder in case of a car accident (for Comprehensive Car Insurance plan).
Why we picked Tiq by Etiqa Car Insurance:
- Adjustable excess for better pricing
- Low age limit (24) for young and inexperienced drivers
- A unique add-on called Drive Less Save More wherein drivers can save up to 30% yearly in cash rebates depending on how much they drive in a year.
Starts from S$835.26 for Third-Party Only Plan
- Third-Party Only
- Third-Party Only, Fire & Theft
- Comprehensive Car Insurance Plan
How to Apply:
You can purchase the insurance policy through the Tiq by Etiqa App
How to Claim:
- Simply log into your TiqConnect (online self-service) account to submit your claims.
- If you don’t have one, you may register for an account – this is only applicable to policy owners.
- Another option is to contact Etiqa Customer Care via WhatsApp or phone call at +65 6887 8777 or email them at email@example.com for assistance.
Cheap premiums don’t always equate to less coverage. With Direct Asia, you can enjoy affordable premiums and comprehensive coverage. This insurance provider allows policyholders to personalize their plan with any one of their 3 Driver Plans. Direct Asia Car Insurance also provides a lifetime repair warranty at their authorized workshops.
Why we picked Direct Asia Car Insurance:
- 24-hour roadside assistance in case of accidents or breakdowns
- NCD Protector Plus – protects current NCD and gets the next NCD discount even with 1 at-fault claim
- Lifetime repair warranty for car repairs at authorized workshops
Car insurance premium starts at approximately S$688.14.
- Value Plan
- Value Plus Plan
- Flexible Plan
How to Apply:
- Fill in a simple online form
- Speak with their insurance specialist
- Apply and purchase your car insurance
How to Claim:
- Report to DirectAsia within 24 hours of the accident
- Take damage and accident scene photos. Don’t forget to get the third-party’s contact details
- Avoid moving the vehicle
- Submit claim report to DirectAsia
- Get your vehicle fixed at any DirectAsia authorized workshop
AIG is one of the most reputable insurance companies in the world. It is also a go-to car insurance provider in Singapore. One of their best plans is the Collision-Only plan which provides excellent coverage for collision-based accidents, damages from the hit-and-run, and fire protection. If you’re looking for more comprehensive protection, AIG also offers Car Insurance Complete plan with coverage from theft, flood, windscreen/windows, and riots.
Why we picked AIG Insurance:
- Unlimited windscreen/window cover
- Cover for third-party property damage of up to S$5,000,000.
- Towing service up to S$500 if your vehicle is involved in an accident with another vehicle
Starts from S$1,056.07 for Collision-only plan
- Car Insurance Collision-Only Plan
- Car Insurance Complete Plan
How to Apply:
- Answer a questionnaire online
- Speak to their insurance specialist
- Apply and purchase your chosen car insurance plan
How to Make a Claim:
- Exchange information and particulars with the other parties involved
- If you need advice, towing service, or other assistance, call AIG’s 24-hour Auto Assist hotline at 6338 6200.
- Report the accident within 24 hours of the occurrence or by the next working day.
|Insurance Company||Key Features||Costs|
|FWD Car Insurance||Easily purchase onlineProvides lifetime NCD benefit at 50%Coverage extends to unnamed drivers||Annual premium starts from S$794.73|
|Allianz Motor Protect Car Insurance||Lifetime warranty on repairsComplimentary replacement car during repairsExcellent third-party coverage||Starts from S$641.49 (Third-Party Only Plan)|
|MSIG Private Motor Car Insurance||Comprehensive coverage against accidental loss or damageMedical expenses coverage for policyholders, authorized driver, and/or passengerCar loan protection of S$100,000 in the event of death (available for MotorMax Plus plan)||Starts from S$825.24|
|Singtel Car Protect||Includes accident towing chargesUnderwritten by Great Eastern LifeAdditional rewards when you sign up or refer a friend||Starts from S$648|
|Tiq by Etiqa Car Insurance||Adjustable excess for better pricingLow age limit for young driversUnique add-on “Drive Less Save More”||Starts from S$835.26 (Third-Party Only Plan)|
|Direct Asia Car Insurance||24-hour roadside assistanceNCD Protector PlusLifetime repair warranty at authorized workshops||Car insurance premium starts at approximately S$688.14|
|AIG Car Insurance||Unlimited windscreen/window coverCover for third-party property damage of up to S$5,000,000Towing service up to S$500 if your vehicle is involved in an accident with another vehicle||Starts from S$1,056.07 (Collision-only plan)|
What Is the Best and Cheapest Insurance for a Car?
Choosing the best and cheapest car insurance will depend on your specific needs and circumstances. Additionally, the car insurance premiums quoted by insurance providers will also vary depending on several factors, including the type of coverage, model of your car, policyholder’s driving history and age, and more.
Based on the list above, the cheapest starting annual premium is offered by Singtel Car Protect, starting from S$648. But before you choose to purchase car insurance from them, make sure that they are offering the coverage you need.
Remember, the cheapest option is not always the best, and you should ensure that any policy you choose provides the coverage you need for your specific situation. Take your time comparing different car insurance policies to find one that best suits you.
Singapore offers a range of car insurance providers that balance affordability with basic, yet comprehensive coverage. These companies cater to a variety of needs and preferences, ensuring that drivers can secure the essential protection they need without breaking the bank.
- Affordability doesn’t compromise coverage – providers offer a range of plans with varying levels of protection to suit diverse needs.
- There are unique benefits offered by each company that can greatly enhance value, such as lifetime warranty on repairs, NCD benefits, and additional rewards.
- The cheapest option may not always be the best one, so consider factors like specific coverage, customer service reputation, and the claim process alongside cost.
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