Compare Auto Insurance – We analyzed hundreds of car insurance quotes and benefits from dozens of insurance companies in Singapore to find which plan gives families the best value for their money. Compare and shop our top picks based on your budget, family unit size, and type of insurance you need.
While it may be tempting to apply for cheap car insurance, you need to make sure you have adequate coverage because you’re not only insuring yourself but also your children. The following car insurance plans fit every budget, reduce out-of-pocket expenses, and protect every member of your family.
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If your family unit includes adults (i.e. living partners and elderly relatives), Budget Direct car insurance is a good choice not only because of the lower premiums but also because of the types of coverage and plans. When we analyzed the quotes, we found that Budget Direct’s premiums were about 40% cheaper than average for married couples.
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Budget Direct offers two driver plans to choose from: Named Driver Plan and Authorized Driver Plan. The named drive plan includes only the primary driver and the person you added as a named driver. An authorized driver plan covers the policyholder, the primary driver (if not the policyholder), and anyone you allow to drive your vehicle. Although the official driver plan is 15% more expensive, your premium is the cheapest plan on the market and can work to your advantage if your car is shared by more than one relative.
The downside of Budget Direct is the basic cover; That’s why we recommend it for experienced, safe drivers who don’t need to protect young passengers and who don’t need comprehensive medical, accident or property insurance. Budget Direct mainly covers damage to your vehicle, tow truck and third party damage; so if you want medical, personal accident, accessory coverage or roadside assistance, you’ll have to pay extra.
If you want to maximize protection for your family, FWD’s Classic plan has competitive premiums and accident-focused coverage. Premiums for married insureds are 15-25% cheaper than average, and you can choose to adjust your standard excess based on your comfort level and budget. Additionally, if you have a 50% no-claims discount, you will be entitled to a 50% lifetime NCD warranty.
If you want to insure your young driver, you can also choose to waive the Young/Experienced Driver Exemption (YIDR) of S$2,500. While this may increase your premium slightly, it could save you around S$2,000 in out-of-pocket expenses if your child has an accident while driving your car. Moreover, you do not need to name your driver; FWD insures everyone who uses your vehicle at no extra cost.
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FWD Classic coverage includes medical cover of S$1,000 per passenger, a one-off payment for the driver and passenger in case of death or permanent disability, and a payment of S$250,000 in the event of a catastrophic accident that leaves your children behind. itself. This benefit is in addition to covering towing costs, temporary transportation and vehicle spare parts. The only downside is that there are no covers for child car seats, so if you have children who need it, you’ll have to pay for any damages out of pocket. However, for a price increase of around 15%, you can opt for the FWD Executive plan, which adds personal items cover worth S$1,000 and up to three months of free spare car in case your car is totaled; This is a good deal that offers valuable protection. and convenience.
If you have children, the Aviva Prestige comprehensive car insurance plan may be right for you, offering family-friendly cover at competitive prices. We found their premiums for married policyholders to be average compared to other top-tier comprehensive plans; So while it’s not the cheapest plan on the market, it does offer family-friendly benefits rarely seen from other insurance companies. This includes spare vehicle allowance for vehicles up to 24 months old, additional young/experienced driver exemption and S$250 child seat allowance, and more.
Aviva also offers peace of mind advantages such as accident repair services to help you in the event of an accident, free transportation services to help you reach your home after the accident, 24/7 roadside assistance, medical and personal accident coverage. Another benefit is Aviva’s two-year plan option, which saves an extra 5% on your premium. Overall, Aviva is a good choice for new families expecting their first child or families with multiple children due to its comprehensive range of family-friendly products.
If you own more than one car or your family car is a luxury vehicle, you will greatly benefit from Direct Asia’s competitive prices, matching coverage and 10% premium discount on your second car. We found Direct Asia’s Value plan to be one of the cheapest options for experienced drivers of luxury vehicles such as BMW, Audi or Mercedes, with premiums 20% lower than average. It is one of the cheapest plans on the market for new drivers purchasing luxury cars only, and has a premium cost of 0% lower than average for drivers who do not claim any deductibles.
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The fewer people you trust with your car, the more expensive it will be; The Nilai plan saves you money by limiting the number of additional named drivers to 4, 2 of which must be your young driver (under 30). Unlike most plans that limit your ability to trade in a car to 12 months, DirectAsia offers the option to extend this period up to 24 months, which is a great idea for luxury car owners.
In terms of coverage, Direct Asia has comprehensive accident and damage cover, insuring you against everything from fire or vandalism to floods and natural disasters. They also offer a range of benefits that you can add to your plan to make your policy better suited to your needs. If you already have a reliable garage, you can choose to authorize any workshop for repairs, add cover for driving outside Singapore and get up to S$500,000 in personal accident cover. You can also add coverage for spare parts, medical expenses, and loss of use.
We collected quote and benefits data from 12 car insurance companies in Singapore and average premium rates for married men and women over 45 to find the best car insurance rates for families. One of the main patterns we see is that generally if you are married, you will see lower premiums if your policy states that you are single. We found that while married men receive higher premiums than married women, the price difference is less than single policy holders. We then segment the plans based on the benefits they offer to suit different family profile plans. However, keep in mind that your premium will vary depending on your age, driving experience, vehicle and the number of people you choose to insure.
Anastasia is a Senior Research Analyst in Singapore, evaluating insurance products for clients based on quantitative and qualitative financial analysis. She has a degree in Economics and International Business Management and her previous work experience includes work in the capital markets sector. His analysis of insurance, healthcare, international relations and personal finance has been published in AsiaOne, Business Insider, DW, Vice, Dunya Har, Asia Insurance Review, Australian Institute of International Affairs and many other publications.
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