BEST CAR INSURANCE SINGAPORE (UPDATED SEPTEMBER 2022)

What are the best motor insurance policies available?

With so many motor insurance policies available, how do you choose the one best suited for your needs? This guide will take you through the various policies available, and show you what to look out for.

To help you in your decision-making process, we’ve broken down the best motor insurance policies based on budget, roadside assistance, comprehensiveness — including the latest electric cars (EVs).

Motor insurance is mandatory in Singapore

You must have a valid motor insurance policy to cover third-party liability for bodily injury and deaths. It is compulsory for all vehicles in Singapore to be insured for the whole road tax renewal period.

Get quote

What are the best motor insurance policies available?

With so many motor insurance policies available, how do you choose the one best suited for your needs? This guide will take you through the various policies available, and show you what to look out for.To help you in your decision-making process, we’ve broken down the best motor insurance policies based on budget, roadside assistance, comprehensiveness — including the latest electric cars (EVs).

Motor insurance is mandatory in Singapore

You must have a valid motor insurance policy to cover third-party liability for bodily injury and deaths. It is compulsory for all vehicles in Singapore to be insured for the whole road tax renewal period.

Get quote

 

Budget conscious: Allianz, China Taiping, DirectAsia, MSIG, Income, Singtel
24/7 Roadside Assistance: AIG, Allianz, DirectAsia, FWD, MSIG, Singlife with Aviva
Most comprehensive: Allianz, MSIG, Income
Electric Vehicles (EVs): Allianz, Liberty, Income

Compare Car Insurance

Insurer

Key Features

AIG AutoPlan/ AutoPlus
  • 24/7 roadside assistance
  • Lifetime warranty on repairs
Allianz Motor Protect
  • 24/7 roadside assistance
  • New for old replacement car if your vehicle is irreparable (for new cars up to 2 years old)
  • Lifetime warranty on repairs
  • Complimentary courtesy car
China taiping
  • Free NCD Protection benefit with 10% NCD and above.
  • $50,000 worth of car loan protection for any outstanding car loan if the policyholder passes on in a car accident
  • Personal accident coverage for up to S$50,000
DirectAsia
  • 24/7 roadside assistance
  • Get an extra 10% NCD if you’ve held 50% NCD for at least the last five consecutive years
  • New for old replacement car if your vehicle is irreparable (for new cars up to 3 years old)
FWD
  • 24/7 roadside assistance
  • 50% NCD guarantee if you stay with FWD
  • Complimentary courtesy car
Singlife with Aviva
  • 24/7 accident assistance
  • No additional excess for young and inexperienced drivers
  • New for old replacement in the event your vehicle becomes irreparable after an accident (for new cars)
  • No Claims Discount (NCD) remains intact without upfront excess payment, if the vehicle is damaged through no fault of yours
  • Lowest 10% NCD penalty upon motor insurance claims, opposed to the 30% market rate
MSIG Motor / MotorMax Plus
  • 24/7 roadside assistance
  • New for old replacement car if your vehicle is irreparable (for new cars up to 1 years old)
    S$100,000 worth of car loan protection for outstanding car loan if the policyholder passes on in a car accident
  • NCD protector
Income Drivo
  • Roadside assistance
  • Dedicated motor service center
  • 24/7 hotline for road and medical assistance in West Malaysia
  • Personal accident coverage for up to S$60,000
  • Covers up to S$1,000 for cosmetic reconstructive surgery benefit caused by accidents
  • NCD protector
Singtel Car Protect (Underwritten by Great eastern)

 

  • 24-hour towing helpline for accidents
  • Personal accident coverage for up to S$120,000 for the main driver and S$50,000 for passengers in the event of an accident

Compare Electric vehicles (EVs) Insurance

InsurerKey Features
Income – Drivo
  • Provides coverage for 11 different makes of EVs, including Tesla, BMW, Nissan, Honda, Hyundai, Audi, KIA, Renault, MG, BYD, and Mini
Liberty Insurance
  • Known as the preferred insurer for Teslas owned in Singapore
Allianz Electric Motor Protect
(Solely distributed by Allianz Financial Advisors)
  • Comprehensive coverage for all EVs
  • Private electric car charging station is covered against external damages
  • 24/7 roadside assistance

How do I apply for motor insurance? 

Step 1

Reach out to us with your details and needs.

Step 2

We provide quotations from various insurers. You can also discuss your available options with our specialists.

Step 3

Apply for your desired motor insurance, and proceed with your purchase. All completed via WhatsApp and email.

Get quote

What are the types of motor insurance policies available?

There are three types of motor insurance policies available in Singapore, and they are:

  1. Third-Party Only (TPO)
  2. Third-Party, Fire and Theft (TPFT)
  3. Comprehensive

1. Third-Party Only (TPO)

The Third-Party Only (TPO) policy provides you with the most basic form of motor insurance coverage. It protects the affected third-parties, such as in the case their car has been damaged, or if a pedestrian get injured, in the event that an accident has been proven to be your fault. In other words, the TPO is a liability coverage to protect third-parties, instead of you and your vehicle. Therefore, you will not receive any pay-outs from the insurer if you get into an accident with a TPO policy.

TPO is generally recommended for vehicles reaching the end of their statutory lifespan, since the car owner would usually consider scrapping the car instead of repairing it.

2. Third-Party, Fire and Theft (TPFT)

Similar to TPO, Third-Party, Fire and Theft (TPFT) policy also provides liability coverage. On top of that, TPFT covers any damage or loss caused by fire or theft. However, other damages to your insured vehicle will not be covered. It is also generally a considered option for older cars.

3. Comprehensive

As its name suggests, this policy is the most comprehensive kind of motor insurance you can get. It includes what Third Party, Fire and Theft covers, and provides coverage for repairs or replacements required for accidental damages to your own vehicle. This covers your liabilities as well.

Depending on your chosen policy, there might also be extra features including personal accident coverage for the driver, a courtesy vehicle while your vehicle is undergoing repairs, windscreen replacement coverage, 24-hour roadside assistance during breakdowns, and more.

Main things to look out for when purchasing a motor insurance

When it comes to selecting a motor insurance policy, here are some of the main factors you should bear in mind:

Excess you are willing to pay

An excess is the maximum amount of money paid out of pocket during a claim. However, the excess is only given in the event that you are at fault. For instance, if your motor insurance policy excess is S$1,000 and your claim is for S$3,000, you will only have to pay S$1,000, while your insurer pays the remaining S$2,000. The amount you are willing to pay out-of-pocket for the excess will affect your choice of motor insurance.

Typically, a higher excess will lower the insurance premiums since you are expected to bear higher costs in the event of an accident.

Choices of workshops

Most motor insurance policies recommend that you get your vehicle repaired at one of their authorised workshops.

However, if you prefer to get your vehicle repaired at a workshop of your choice, you will have to look for a plan with this option. Generally, you can expect a higher premium imposed on motor insurance policies that allow for repairs at workshops outside the authorised list.

Back to top

Secondary things to look out for

Don’t forget these additional factors in your search for the right policy.

Roadside assistance

Would you prefer to have 24/7 roadside assistance in the event of an accident? If so, look out for motor insurance policies with this option. This is especially helpful for inexperienced drivers who need assistance during an accident.

Overseas coverage

Do you often drive in and out of Malaysia? If so, you should opt for a policy that provides overseas coverage. However, bear in mind that most insurers provide coverage for the standard geographical areas including West Malaysia and Southern Thailand.

Named driver

Other than yourself, will anyone else be driving your vehicle? If the answer is yes, consider including a ‘named driver’ to your policy, so the other driver will also be insured when driving your vehicle. This additional driver will typically enjoy the same coverage as the primary driver, at an extra cost.

For maximum protection, you can always include more named drivers. However, this will cost more, especially if your additional driver is young and inexperienced.

How is my premium calculated?

When calculating your premium, many insurers adopt a risk factor rating system. This system considers your premium based on several factors, rather than your vehicle’s sticker value.

The risk factors that are taken into account include:

  • Driver(s) profile
  • Vehicle profile
  • Vehicle usage (private/ commercial/ corporate use)
  • Past 3 years claims history
  • Coverage type

In the event that you have an impending claim against you, the insurer may charge a higher premium. However, you can file for a possible refund if you are not deemed liable for the impending claim.

Back to top

How do I apply for motor insurance? 

Step 1

Reach out to us with your details and needs.

Step 2

We provide quotations from various insurers. Discuss your available options with our specialists.   

Step 3

Apply for your desired motor insurance, and proceed with your purchase. All completed via WhatsApp and email.

Get quote

Drive with peace of mind

Motor insurance is important as it provides coverage for personal injury that you may inflict on third parties, loss or damage during an accident, and other costs if you damage someone else’s property. 

With motor insurance, you can drive worry-free, knowing that you are well-protected. In the event that you need to file a claim, rest assured you’re in good hands – we have a dedicated team at Planner Bee to attend to your needs and provide assistance with your claims. 

 

Submit your interest to get a personalised quote