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Please spend some time to explore this website.
You could get Car Insurance Quotes Online here.
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You could even appeal for your parking fines from the links.
More useful links will be added along the way, so do come back and check out the website along the way.
About Car Insurance in Singapore
Car Insurance / Motor Insurance is MANDATORY and required by law for all vehicles in Singapore.
To be able to drive on Singapore road, a vehicle has to have a minimum 3rd Party Only aka TPO car insurance.
Since Car Insurance / Motor Insurance are renewable on a yearly basis, so getting the LOWEST Car Insurance Quotes / Motor Insurance Quotes is necessary.
Before Car Insurance Quotes / Motor Insurance Quotes can be compared, quotations has to be obtained from various Insurer.
Traditionally, a car owner will have to give the required information to the insurer and wait for the quote. Then do likewise with another insurer and so on and so on. This whole process can be quite tedious and time consuming.
Now all the above can be replaced by ONE SINGLE step to obtain FREE Car Insurance Quotes / Motor Insurance Quotes which can be compared easily.
are renewable on a yearly basis, so getting the LOWEST Car Insurance Quotes / Motor Insurance Quotes is necessary.
There is basically 3 types of Motor Insurance in Singapore :
- Comprehensive
- 3rd Party, Fire & Theft
- 3rd Party Only
Comprehensive (aka COMP)
- This is the most common product line for Motor Insurance in Singapore
- Covers Own Damage repair on insured own vehicle
- Covers 3rd Party Damage repair on 3rd party's vehicle
- Excess / Deductibles usually applies
- In the event of Total Loss (Due to serious Accident or Theft) the insurance company will pay out the Market Value of the vehicle AT the time of Loss
- This is getting more common with the recent constant increase in Motor Insurance Premium in Singapore
- This is subject to the approval of the finance company of the car
- Covers 3rd Party Damage repair on 3rd party's vehicle ONLY
- Excess / Deductibles usually DO NOT applies
- In the event of Total Loss (Due to serious Accident or Theft), the insurance company will pay out the Market Value of the vehicle AT the time of Loss
- This is also getting more common in the mist of increasing vehicle insurance in Singapore
- This is subject to the approval of the finance company of the car
- Covers 3rd Party Damage repair on 3rd party's vehicle ONLY
Factors affecting premiums when renewing / taking up Motor Insurance / Car Insurance
- Profile of Insured / Registered Owner of the car
- Make & Model of the car
- Claims history
- No Claim Discount (NCD) / No Claim Bonus (NCB)
- Certificate of Merit (COM aka "White Card")
- Age
- Gender
- Driving Experience
- Occupation
This is the one time where it pays to be older. Generally, if an insured person is older, the premium will generally be lower. But this is only true up to 69yrs old.
Once a person crosses into 70yrs old, most insurer will not want to take up the risk.
So for drivers who is <26yrs old or > 70yrs old, premium are generally higher due to higher risk.
2. Gender
There is a remark which people generally pass when comes to driving and gender, that is, "Woman are bad drivers".
Apparently, this is not so true based on motor insurance statistics since generally motor insurance / car insurance premium are cheaper for female for most insurer in Singapore.
3. Driving Experience
Basically, since there are no other benchmarks on driving experience, the insurer will base it on the Date when the Singapore driving license are obtained.
Due to the increasing population of Expatriates, Employment Pass holders & Permanant Residents population in Singapore, some insurer DO take into consideration the driving license which the person has obtained from their home country.
This generally helps lower the motor insurnace premium that needs to be paid by them.
4. Occupation
As for occupation, the broadest definition would be "Indoor" & "Outdoor".
Indoor - Office worker / work in the company's premises.
Outdoor - People who needs to travel from place to place in the vehicle they owned.
So those with "Indoor" occupation will pay a lower Motor Insurance Premium than those with "Outdoor" occupation.
But further classification of occupation are still being practised by many insurer in Singapore.
Make & Model of the car
The rule of the thumb would be that the premium will be lower for those Make & Model which has better claim experience.
Another possibility could be also due to a larger brand share of a particular Make & Model which reduces the risk undertake by the insurer.
Below are some general Motor Insurance Premium price band by Brand
(Premium indication below excludes Turbocharged / Supercharged / High Performance vehicle / Coupes / Cabriolets / High valued vehicle)
NOTE : Information below are correct as on Jan 2010
Low Premium - Toyota, Nissan, Hyundai, Chevrolet & KIA
Medium Premium - Honda, Lexus, BMWs, Mercedes, Audi, Volkwagon & Renault
High Premium - Subaru & Mitsubishi
Disclaimer : Above are estimates correct as on Jan 2010 but information above are solely for reference purposes and :
We shall NOT be liable for any gains / losses that may arises from the above information.
We shall NOT be responsible for any reference link that may refer you to us.
Claims history
This is the part which may cause HUGE increase in Motor Insurance Premium.
Car Insurance has increased about almost 50% over the last 3yrs due to escalating claims.
Claims record in Singapore stays with a person for 3 years. Therefore, to keep your premium low, careful driving without claims is one of the best way.
Due to the huge claims suffered by insurer in recent years, once a person has :
- 1 claim of > $30K in the last 3 years
- 2 claims of any amount in the last 3 years
What is NCD / NCB?
NCD - No Claim Discount
NCB - No Claim Bonus
No Claim Discounts [NCDs] are discounts provided by insurance companies to offset against motor insurance premium. They are typically employed to reward policy holders for good driving records. This is being adopted by all motors insurance companies in Singapore.
When there is a change in insurer for the motor vehicle insurance, NCDs can also be transferred. For policy holders to continue to enjoy the NCD with the new insurer, insurance companies have to exchange information on policy holders’ NCD records.
