Driving a car is an important aspect of modern life in Singapore, but it also comes with its own set of risks. In 2019, the fatality rate of a car accident in Singapore is 2.07 per 100,000 people, which means you have a 0.00207% chance of getting killed. While the risk of getting in a car accident is really low, it does help to ensure your loved ones that if a case of an accident, your family would have insurance to cover your finances.
Even the most careful and experienced drivers can get into accidents or face unforeseen situations on the road. That’s why having car insurance is essential to protect yourself and your vehicle from any damage, theft, or third-party liabilities.
What to Pick?
With so many car insurance providers in Singapore, choosing the right one can be a daunting task. But don’t worry, we’ve got you covered. In this article, we’ll take a closer look at the best car insurance options available in Singapore to help you make an informed decision.
So, let’s get started!
Top Car Insurance Options in Singapore
When it comes to car insurance in Singapore, there are a plethora of options available. Each provider offers different types of coverage, benefits, and costs. To help you choose the best car insurance in Singapore to get, we have compiled a list of the top options available:
1. DirectAsia
DirectAsia is one of the most popular car insurance providers in Singapore, offering comprehensive coverage at affordable rates. Their policies cover all types of accidents, theft, and third-party liabilities. DirectAsia also provides a range of additional benefits, such as:
- Free 24-hour emergency towing
- Free windscreen cover
- No-claim discount protection
- Personal accident coverage for the driver and passengers
2. NTUC Income
NTUC Income is another top car insurance provider in Singapore, known for its comprehensive coverage and affordable premiums. They offer several types of car insurance policies, including third-party, fire, and theft; third-party only; and comprehensive coverage. NTUC Income also provides additional benefits, such as:
- Free 24-hour breakdown assistance
- Loss of use benefit
- Personal accident coverage for the driver and passengers
- No-claim discount protection
3. FWD Insurance
FWD Insurance is a new entrant to the car insurance market in Singapore but has quickly gained popularity for its innovative products and competitive prices. Their car insurance policies provide comprehensive coverage and come with several benefits, including:
- Free 24-hour emergency towing
- Free car rental during repairs
- Personal accident coverage for the driver and passengers
- No-claim discount protection
Factors to Consider When Choosing Car Insurance
Choosing the best car insurance in Singapore to get involves more than just comparing premiums and benefits. It’s important to consider several factors to ensure that you choose a policy that best fits your needs. Here are some factors to consider when choosing car insurance in Singapore:
1. Coverage
The first and foremost factor to consider is the coverage provided by the insurance policy. Make sure to read the policy terms and conditions carefully and check what is covered and what is not. Some policies may exclude certain types of accidents or damages, so it’s important to choose a policy that covers all possible scenarios.
2. Premiums
The premiums for car insurance in Singapore can vary widely depending on several factors, including the type of coverage, the car’s make and model, the driver’s age and driving experience, and the insurer’s policy. It’s important to compare premiums from different insurers and choose one that fits your budget without compromising on coverage.
3. Deductibles
A deductible is an amount that the policyholder has to pay out of pocket before the insurance coverage kicks in. Some policies have high deductibles, which can result in lower premiums, while others have low deductibles, which can result in higher premiums. It’s important to choose a deductible that you can afford to pay in case of an accident.
4. No-Claim Discount (NCD)
No-claim discount (NCD) is a discount on the insurance premium that is given to policyholders who do not make any claims during the policy period. NCD can range from 10% to 50% and can significantly reduce the cost of insurance premiums. It’s important to choose an insurer that offers NCD protection so that you can maintain your discount even if you make a claim.
5. Customer Service
Customer service is an important factor to consider when choosing any insurance in Singapore. You want to choose an insurer that has a good reputation for customer service and is easy to contact in case of an emergency or a claim. Look for an insurer that provides 24/7 customer support and has a dedicated claims department to ensure a smooth claims process.
FAQs About Car Insurance in Singapore
Is it mandatory to have car insurance in Singapore?
Yes, it is mandatory to have car insurance in Singapore under the Motor Vehicles (Third-Party Risks and Compensation) Act. The minimum coverage required is third-party coverage, which covers the policyholder’s liabilities for any damage or injury caused to a third party in an accident.
What is comprehensive car insurance?
Comprehensive car insurance is a type of car insurance policy that provides coverage for damage to the policyholder’s car, as well as third-party liabilities. Comprehensive car insurance policies can also provide additional benefits, such as coverage for theft, fire, and personal accident.
What is a no-claim discount (NCD)?
No-claim discount (NCD) is a discount on the insurance premium that is given to policyholders who do not make any claims during the policy period. NCD can range from 10% to 50% and can significantly reduce the cost of insurance premiums.
Can I transfer my NCD to another car or insurer?
Yes, you can transfer your NCD to another car or insurer, as long as you meet the eligibility criteria set by the insurer. It’s important to check with your insurer before transferring your NCD to ensure that you meet the requirements.
How can I lower my car insurance premiums?
There are several ways to lower the premiums in Singapore, including:
Choosing a higher deductible
Maintaining a good driving record
Installing safety features in your car
Comparing premiums from different insurers
Renewing your policy before it expires to avoid a lapse in coverage
Conclusion
Choosing the best car insurance in Singapore to get can be a daunting task, but it’s an important decision that can have a significant impact on your driving experience. By considering the factors mentioned above and exploring the top car insurance options in Singapore, you can choose a policy that provides comprehensive coverage, affordable pricing, and excellent customer service. Remember to always read the fine print and understand the policy details before making a decision.
When it comes to getting an insurance, it’s always better to be safe than sorry. Accidents can happen at any time, and having the right coverage can give you peace of mind and financial protection. Take the time to research and compare different options provided in Singapore to find the best one for your needs and budget.
Before you make any financial plans, you may also want to consider talking to a financial advisor on any personal finance detail.
