Compare Car Insurance Rates – Comparing auto insurance quotes online is one of the fastest and best ways to make sure you’re properly covered for the best rate.
Car insurance coverage is a wide range of personal car insurance products that cover: cars, boats, cars, convertibles, SUVs,
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), and watercraft, to name a few. Choose the type of auto insurance that best describes the vehicle you want to insure and let us provide you with a free quote and information. Compare auto insurance rates and policies from multiple providers. In most cases, depending on your mode of travel and geographic location, you have the option to activate and start your policy online.
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Most states have auto insurance requirements for most vehicles. Whether you own a car, truck, vintage/vintage car, convertible, SUV or other four-wheeled vehicle – it doesn’t matter how often you drive it! – You need some kind of car or vehicle insurance. While there are lower auto insurance rates for cars and trucks, etc., you’ll want to consider the level of coverage that best suits your lifestyle and coverage period. In order to get the right car insurance rate, you need to make sure that your car insurance rate matches your needs. Age and gender are two main factors that insurance companies use when determining car insurance premiums. Insurers consider these characteristics important information about your driving experience and your chances of getting into an accident. The less likely you are to have an accident based on these two factors, the less the company will have to pay to insure you and the lower the premium you will receive.
But this diversity makes it difficult as a potential customer to know if you are being offered a fair rate or if you are being scammed. With this in mind, we’ve crunched the numbers to find out the average cost of car insurance in Singapore based on your age and gender. Hopefully this will give you the knowledge to recognize a good deal when you see one.
The team collected quotes from a collection of major insurers in Singapore to see how age affects the cost of car insurance. The following rates assume a 0% No Claims Discount (NCD) for 5 years of driving experience and continuity, and do not take into account the significant discounts you will receive for more years of driving experience and a higher NCD. For example, for those with a clean driving record, their NCD can save over 50% on car insurance premiums.
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In general, insurance companies in Singapore charge higher rates for young drivers, while older drivers tend to have lower rates. We found that the average premium for drivers in their 20s was S$2,165, 36% higher than the average premium charged for drivers in their 40s (S$1,596). This is because young drivers statistically present a higher risk of accidents, due to their fewer years of driving experience. In addition to lack of driving experience, rates are rising for young drivers due to reckless driving behavior. This is evident when we read the collected extracts where all the drivers had the same driving experience but were of different ages. As further evidence of this, an online survey conducted by AIG Singapore in 2015 found that 63% of respondents aged 18 to 35 admitted to having unsafe behaviors on the road.
Drivers in their 20s should also note that in addition to the higher premium, they may have to pay extra (usually S$2,000 to S$3,000) for a younger and/or inexperienced driver. They must pay a mandatory surcharge each time they file a claim. This is something that is very important to note, as different companies set different ages below which fees are paid.
What does it mean? If your insurance policy is worth more than S$600, and a young and/or inexperienced driver has more than S$2,500, you will have to pay S$3,100 out of pocket every time you have an accident. Get any benefits from your insurance. If you are in your 20s, we recommend that you read the fine limit carefully to see what you will have to pay before committing to a plan. It may be worth paying a higher premium if the plan comes with very few and/or inexperienced drivers, or if you can avoid paying. To learn more about which insurers offer the best deals for young drivers, you can read our guide to the best car insurance in Singapore.
Although car insurance premiums drop significantly for male and female drivers in their 30s and 40s, we’ve found that premiums typically start to rise again when drivers turn 50. This is because many insurers consider drivers to be more vulnerable to accidents as they age. . We found that drivers in their 50s faced an average fare of S$1,684, a 6% increase compared to those in their 40s.
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While some insurers in Singapore continue to increase premiums as drivers age over 60, this is not the case* for others. Although most companies surveyed charged higher rates to men and women aged 60 than to those aged 50 (AXA, Aviva, Budget Direct, FWD, HL Assurance & Sompo), Etiqa and DirectAsia charged lower rates more for the 60s. Seniors We strongly advise senior car insurance customers to consider this issue closely when considering which plan to buy.
We have found that male drivers always pay more in car insurance premiums than female drivers. Drivers in their 20s had the biggest cost gap between the sexes, with men paying an average of 7.8% more for their car insurance than women. The cost gap narrows as drivers age, and in fact, our 2020 data shows that women in their 50s and 60s pay fewer dollars in premiums than their male counterparts.
Men pay higher premiums than women in all age groups because insurance companies see them as more accident prone and therefore higher risk. In fact, Aviva claims that 2015 data shows that men are 1.4 times more likely to be involved in an accident than women.
These rates assume 5 years of driving experience and 0% No Claims Discount (NCD), and therefore do not take into account the huge discounts you get for more years of driving experience and higher NCD. For example, for those with a clean driving record, their NCD can save up to 50% of their car payment.
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To arrive at our determination of the average cost of car insurance for Singaporean consumers, we collected data and collected quotes from seven major car insurance providers in Singapore.
To rationalize our results, we must make some assumptions about the type of plan and level of coverage sought by the average consumer. This study assumes comprehensive coverage is common, as comprehensive coverage is mandatory for owners who drive vehicles less than 10 years old that still do not have financing. Car prices in Singapore make it a common type of insurance plan to buy. To ensure that the collected quotes reflect comparable rates of payment, we set a standardized payment for medical expenses, personal accident benefits and loss of use for all the quotes we collected in a plan that is generally considered to be “price” that does not include “hours and other restrictions.” “. whistle” optional feature.
The driver profile we used held all variables except age and gender constant. He is a single driver of Toyota Corolla Altis 1.6 2019, first time owner and new driver, with 5 years driving experience, no claims, and 0% NCD (no claims). He works inside as a professional. The average cost shows the average of the quotes collected for male and female driver profiles.
Extracts and data used for the purpose of this study were collected from 12 motor insurers in Singapore. These companies were selected based on their popularity with Singaporean consumers as well as ease of access to quotes and detailed information about their plans.
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*A good example of this is Freedom Insurance, which in partnership with the Automobile Association of Singapore (AAS) and the Singapore Optometric Association launched a new car insurance scheme in 2014 specifically designed for older drivers with a good driving record, AA Senior Motor. . Plus Politics. .
**Ratings herein are exclusive, and have not been reviewed, endorsed or otherwise endorsed by insurance carriers.
Anastasia is a Senior Research Analyst in Singapore, evaluating insurance products for clients based on quantitative and qualitative financial analysis. He has a degree in Economics and International Business Management and his
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