In recent years, Singapore has become one of the most expensive places to own a car. This leaves many people wondering how much is car insurance in Singapore. Well, if you’re a Singaporean and planning to purchase a car but are scared that insuring your car might be high-end, the good news is that car insurance costs in Singapore are still far from being the world’s priciest.
Purchasing car insurance from a reputable motor insurance company is one of the ways to get better deals. Some motor insurance companies allow you to customize your car insurance policy to your needs, which brings you closer to landing better deals.
In this post, you will learn more about car insurance plans in Singapore.
Cost of car insurance in Singapore
Car insurance protects you from being financially liable for any damage you cause to someone’s vehicle or your own or when you injure a person with your car. If you live in Singapore and are planning to buy a car, the very first thing you need to keep in mind is that having car insurance is an obligation. For this reason, it is a good idea to know the cost of car insurance, even before buying a car.
Typically, there are three types of car insurance policies you can buy in Singapore: third-party-only (TPO), third-party & theft (TPFT), and comprehensive car insurance. Apparently, the actual cost will vary depending on the type of car insurance you buy.
With DirectAsia, you can buy car insurance starting from as low as $0.76 per day. Even better, you can customize your car insurance policy to your needs and budget.
Lower your car insurance
It is the goal of everyone to minimize cost in every purchase, and buying a car insurance policy is no different. In Singapore, you can land a better deal, especially if you meet certain criteria. As long as you meet these qualifying criteria, this discount will be automatically applied to your car insurance, particularly if you are an existing customer.
Importantly, naming additional drivers may affect your car insurance premium. Depending on your wishes, you can purchase:
- Value plan – Covers up to 4 additional drivers with a maximum of 2 inexperienced drivers.
- Value plus plan – Covers an unlimited number of experienced drivers and up to 2 inexperienced drivers.
- Flexible plan – Covers an unlimited number of drivers.
Purchasing a car insurance policy is one of the must-do for all Singapore drivers. While there are a lot of factors that go into the actual cost of car insurance in Singapore, you can rest assured that you will get high-quality car insurance products when you buy your car insurance policy from DirectAsia.
If you’re looking to buy car insurance in Singapore, hopefully, this post comprehensively answers how much is car insurance in Singapore. Generally, a third-party car insurance policy is the cheapest plan.
However, this doesn’t mean it is the best for all. The best plan for you will depend on a number of factors, including individual needs.