Best Car Insurance Singapore | Top Car Insurance Plans 2022 Singapore
Car Insurance | Insuranceby Priyadarshini 24 May 2022
In Singapore, having your car insured is required. When your policy is up for renewal, why not make the most of it by looking for the finest car insurance plan in town? In this blog, we discuss the best car insurance in Singapore for the year 2022.
While it may be tempting to simply renew your current vehicle insurance policy to complete the task, you may be losing out on a better price elsewhere. For starters, you may be able to acquire a substantially lower auto insurance price from another insurer. (Because insurance costs vary depending on the driver’s profile, automobile make and model, you’ll need to seek a quote online.) Many automobile insurance policies now include wonderful features that cater to specific needs, such as personal roadside help, young driver coverage, and a large list of conveniently placed workshops. Don’t pass them up, either.
Here are the finest vehicle insurance policies in Singapore so you can compare them to your current policy.
Best Car Insurance in Singapore
Why it’s good: MSIG is one of Singapore’s oldest car insurance firms, with a well-established network of over 30 authorised workshops. This provider would appeal to more conservative, brand-conscious drivers. Aside from a great reputation, we enjoy that MSIG provides car loan protection. If the car owner dies, MSIG will pay off the loan so that the surviving family is not burdened by the debt. Given the high cost of cars in Singapore, this feature is a must-have.
MSIG offers two car insurance plans: MotorMax and MotorMax Plus. The biggest distinction between them is the workshop policy. If you drive an older car that is no longer under warranty, the cheaper MotorMax plan should suffice, as there are over 30 authorised workshops on the island. To receive features such as debt protection, transportation allowance, and replacement automobile, you must purchase the more expensive MotorMax Plus plan.
Why it’s good: As a wholly digital insurance, FWD works hard to be incredibly user-friendly. On their website, you may get a quote and buy vehicle insurance in only a few minutes. FWD is also the only insurer that offers a lifetime 50% NCD, rewarding all drivers for responsible driving. If your No Claim Discount reaches 50%, you will be able to keep it as long as you renew with FWD.
Customers appreciate the fact that FWD car insurance is relatively flexible. Unlike other insurers, which need you to specify additional drivers in order to avoid paying a larger excess, FWD’s coverage extends to anyone you trust to drive your vehicle. (However, the regular S$2,500 excess for damage caused by a young driver under the age of 27 remains in effect, or you can choose to lessen the excess by paying more.) FWD also offers international coverage, notably in West Malaysia and parts of Thailand.
FWD offers three automobile insurance plans: Classic (the least), Executive, and Prestige (most expensive). They essentially cover the same things, but with different claim limits. So, unless your automobile is extremely pricey, a Classic plan should suffice for the majority of Singaporean drivers.
All of FWD’s car insurance plans include 24-hour roadside assistance, medical expenses coverage in the event of a car accident, and all of the other nice-to-haves, so you can rest certain that your coverage is enough.
Why it’s good: For good reason, NTUC Income is one of Singapore’s most popular vehicle insurance providers. It is well-known for its emergency response team, Orange Force, which will arrive to the accident scene to arrange for medical treatment, vehicle removal, and assistance with insurance claims. This is a big selling factor for drivers who don’t know where to start after an accident. We recommend NTUC Income to drivers who would benefit from this type of assistance, especially if you are worried about the accident.
Personal injury benefits of up to S$50,000 and medical expenses coverage of up to S$1,000 are also available through NTUC Income Drivo. Finally, if you have enjoyed 50 percent NCD with NTUC Income for the past two years, you will be automatically issued a free NCD protector at your next renewal.
The following plans are available: Choose between the NTUC Income Drivo Classic and Premium plans for comprehensive auto insurance.
The biggest distinction between them is the workshop policy. The less expensive Drivo Classic package limits you to (about) 50 NTUC Income-approved workshops around the island, whilst Premium permits you to visit any workshop. Choose the latter if your vehicle is still under warranty and can only be serviced in the dealer’s workshop.
ETIQA – Best Car Insurance in Singapore
Why it’s good: Etiqa (also known as Tiq) is a digital insurer, therefore you can expect a speedy and straightforward purchasing process. They’ve even simplified the claims process. Simply make an online repair claim for up to S$5,000 (only valid for ‘own damage’ claims), and Etiqa will verify and pay it out in as little as 30 minutes.
Etiqa additionally offers customizable excess for the specified driver, allowing you to enjoy better price based on how much you’re willing to pay in excess. Etiqa’s ‘young and inexperienced driver’ threshold is 24 years old, which is good news for drivers in their twenties.
What policies are available: Etiqa offers a single comprehensive vehicle insurance plan. It includes regular accidents, personal accidents, and liability coverage, but not extras like a courtesy car or specialist emergency support employees. However, there is a sensible S$50 daily reward if your automobile is kept in the workshop for more than five days.
By default, you must take your vehicle to one of the 20+ Etiqa-approved workshops. You can buy an add-on to have your automobile fixed in the workshop of your choice, but this may cause your claims to take longer to complete. All of this adds up to a low-cost, but basic, auto insurance policy that is better suited to older vehicles (no longer under warranty) and experienced drivers (who know what to do in an accident).
Why it’s good: Low premiums don’t automatically imply a lack of coverage. Not only does Allianz Motor Protect provide a lifetime warranty on repairs to ensure that the work done to your car is done correctly, but they also provide a complimentary courtesy car for every day your car is in the workshop having repairs, up to ten days per accident or breakdown. These advantages, however, are limited to their full plan.
If you simply need third-party coverage, you can choose the third-party only plan or the third-party, fire and theft-only plan. They provide coverage of up to S$5,000,000 for third-party property damage, unlimited coverage for third-party death or injury, and legal representation and defence coverage of up to S$3,000. There’s also an NCD protector offered as an optional policy at an additional premium across all three policies for drivers with an NCD of 30% or higher.