Is It Possible to Get Affordable Car Insurance in Singapore?

Obtaining good protection for your vehicle has become much more prevalent these past few years with the introduction of newer internal combustion engine (ICE) and electric cars. As such, many people are wondering if they can get affordable car insurance in Singapore.

To answer the question: Yes, finding an affordable car insurance plan in Singapore is possible. There are certain factors you must consider before comparing options, but with the right help, you will be able to find an excellent plan in no time.

Why Do You Need Car Insurance?

As mentioned before, car insurance has become a need due to the introduction of newer car models, especially electric cars. Even if you get a used vehicle, getting car insurance may protect you from any problems you may have in the future.

Some of these benefits include:

Damage to the Car: You will get insurance protection if your vehicle is damaged due to an accident, fire, or other. Moreover, most insurance plans also cover burglary, theft, terrorism, and other cases.

Personal Injuries: Some car insurance plans offer personal injury protection against permanent total disability or death.

Garage Network: Depending on the insurance plan, you may get access to a wide network of garages to fix your car with the help of your coverage.

Third-Party Liability: If your vehicle caused any accident that caused damage to a third party’s property, some car insurance plans would cover a part of the expenses. Some insurance plans also offer protection against any legal liability for personal injuries or death of the third party.

What Are the Different Types of Car Insurance You Can Get?

You may choose from the following insurance plans available in Singapore:

Comprehensive Car Insurance: The plan will cover repairs, replacements, and other details. This is the most common type of insurance plan requested in Singapore.

Third-Party-Only Car Insurance: As the name suggests, this insurance plan only covers damage to third parties and/or their property. Unfortunately, this plan doesn’t cover any damages caused to your vehicle.

Third-Party, Fire, and Theft Car Insurance: Aside from offering everything the previous TPO car insurance offers, this one also covers loss, theft, or fire damage caused to your car. Although it still doesn’t fully cover your vehicle, it offers some additional protection than the previous option.

How Much Can You Expect to Pay on Car Insurance?

It depends on the plan and your vehicle. In most cases, car insurance in Singapore can cost from $700 to $1,000 per year. Most insurers consider some of the following factors when determining your premium:

  • Age
  • Gender
  • Occupation
  • Driving Experience
  • Marital Status
  • Type of Car
  • Claims History
  • Certificate of Merit

The case is slightly different with electric cars. Here, you may have to pay based on a pay-per-kilometre or usage-based insurance plan instead of an annual premium. Moreover, taking a quote for insurance with an electric car may take longer since these quotes are tailored to your specific needs.

How Can You Find Affordable Car Insurance?

Contrary to popular belief, it is entirely possible to find affordable but reliable car insurance; you just need to look at the right places. Some of the things you can do to make things easier include:

  • Not auto-renewing your current insurance plan
  • Increasing your policy excess
  • Comparing at least three different car insurance quotes

The last part is especially important since, that way, you will be able to find something that best suits your needs instead of going for the first option you see, which will probably not give you what you want.

How Can MoneySmart Help You Find Affordable Car Insurance?

MoneySmart is known for helping people in Singapore find the right insurance plans, especially when it comes to car insurance plans. When you seek guidance from this team, you will gain access to more choices, no paperwork, and claims support, which might make your life much easier.

Moreover, MoneySmart works with all major insurance providers in the country, so it will be much easier for you to find great plans that will fit your needs. In essence, car insurance is indispensable these days, and having a team that can help you compare different plans is something you can consider to have.


Wow! I can't believe we finally got to meet in person. You probably remember me from class or an event, and that's why this profile is so interesting - it traces my journey from student-athlete at the University of California Davis into a successful entrepreneur with multiple ventures under her belt by age 25

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