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We’ve analyzed hundreds of car insurance quotes and benefits from multiple insurers in Singapore to find out which plans will give families the best value for their money. Compare and shop from our top picks based on your budget, family unit size and the type of cover you need.
While it may be tempting to get the cheapest car insurance, you’ll want to make sure you have enough coverage since you’ll be insuring not only yourself but your children as well. The following auto insurance plans are affordable for any budget, reduce out-of-pocket costs and protect all members of your family.
Cheapest Insurance For Commercial Vehicles
If your family includes seniors (ie a married couple living with elderly relatives), Budget Direct car insurance can be a good choice not only because of the unbeatable premiums but also because of the coverage and types of plans offered. When we analyzed the quotes, we found that Budget Direct’s premiums are about 40% cheaper than the average couple.
How Much Does Car Insurance Cost? (2022 Prices)
Budget Direct offers two driver programs to choose from: the Designated Driver Program and the Authorized Driver Program. The Designated Driver Program covers only the Senior Driver and the individuals listed as Designated Drivers. The Authorized Driver Program includes the policyholder, the main driver (if not the policyholder) and anyone else you allow to drive your vehicle. Although the Authorized Driver program is 15% more expensive, your premiums will still be one of the cheapest on the market and can work in your favor if many relatives tend to share your car.
The only downside to Budget Direct is its basic cover, which is why we recommend it to experienced, safe drivers who don’t need to protect young passengers and who don’t need comprehensive medical, accident or local cover. Budget Direct offers coverage for car damage, towing, and third-party damage, so if you want medical, personal accident, utility or roadside assistance, you’ll have to pay extra.
If you’re looking to increase your family’s protection, the Classic FWD plan has very competitive premiums and strong accident-focused coverage. Premiums for a married policyholder are 15-25% cheaper than the average and you can choose to adjust your standard excess depending on your comfort level and budget. In addition, if you have a 50% no-claims discount, you will be eligible for their 50% NCD lifetime guarantee.
If you are looking to protect your young drivers, you can choose to waive their young/no driver experience (YIDR) S$2,500 more. Although this will slightly increase your premium, it can save you about S$2, 000 in out-of-pocket costs if your child is involved in an accident while driving your car. What’s more, you don’t need to name your drivers – FWD will insure anyone who drives your car at no additional cost.
Best Car Insurance Companies Of July 2022
The FWD Classic cover includes S$1, 000 medical cover per passenger, one-time payments to drivers and passengers due to death or permanent disability and a total payment of S$250, 000 in the unfortunate event of an accident when leaving your children. . themselves. These benefits in addition to covering the cost of towing, temporary transportation and car services. The only downside is that there is no cover for child car seats, so if you have children who need them, you will have to pay for any damage done out of pocket. However, for the 15% price increase you can opt for the FWD Executive plan, which adds S$1,000 of personal property cover and a free replacement car for up to three months if your car breaks down – a good trade-off that provides valuable protection. and be easy.
If you have young children, the Aviva Prestige Comprehensive car insurance plan could be a good fit as it offers family-friendly cover at competitive rates. We found that its premiums for married policyholders are about average compared to other top-tier comprehensive plans, so while it’s not the cheapest plan on the market, it offers family benefits rarely seen in other insurance companies. These include a convertible car benefit for vehicles up to 24 months old, a young/inexperienced driver concession and a S$250 child seat benefit and a host of add-ons.
In addition, Aviva offers many benefits for peace of mind, including an accident repair service to help you during an accident, free transport services to take you home after an accident, 24/7 roadside assistance, and medical and personal accident cover. Another useful benefit is Aviva’s two-year plan option which saves you an extra 5% on your payment. Overall, Aviva is a good choice for new families expecting their first child or families with multiple children due to its family-friendly cover.
If you have multiple cars or your family car is a luxury car, you will benefit greatly from Direct Asia’s competitive prices, customizable cover and a 10% premium discount for a second car. We found Direct Asia’s Value program to be one of the cheapest options for experienced drivers of luxury cars such as BMW, Audi or Mercedes, with premiums around 20% below average. It’s also one of the cheapest plans on the market for new luxury drivers, with premiums costing 16% less than average for drivers with a 0% no-payment discount.
Save Up To 40% When You Drive Less
Since you are likely to trust fewer people with your car as it is more expensive, the Value plan saves you money by limiting the number of additional additional drivers to 4, two of which can be young drivers (under 30 years old). What’s more, unlike most programs that limit your ability to get a new car to 12 months, Direct Asia offers the option to extend this period to 24 months, giving you an added bonus of peace of mind. the mindset of luxury car owners.
In terms of cover, Direct Asia has comprehensive accident and damage coverage, keeping you insured for everything from fire or vandalism to floods and natural disasters. It also offers a variety of benefits that you can add to your plan so that your policy fits your needs. If you already have a trusted garage, you can choose to commission any workshop for repairs, add protection for driving outside Singapore and get up to S$500, 000 of personal accident protection. You can also pay for accessories, medical expenses and loss of use.
To find the best car insurance quotes for families, we collected quote and benefits data from 12 car insurers in Singapore and averaged premium prices for married men and women aged 45. One key pattern we’ve seen is that if you’re married you’ll see lower premiums than if you’re single on your insurance. We also found that although married men saw higher premiums than married women, the price difference was smaller compared to single policyholders. We then categorize the programs based on the benefits offered to match the programs to different family profiles. However, be aware that your premiums will vary based on your age, driving experience, type of vehicle and the number of people you choose to insure.
Anastassia is a Senior Research Analyst in Singapore, evaluating consumer insurance products based on quantitative and qualitative financial analysis. He holds degrees in Economics and International Business Management and his previous work experience includes working in the capital markets sector. His analysis on insurance, healthcare, global affairs and personal finance has appeared in AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs and more.
The 4 Best Commercial Auto Insurance Companies For 2022
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We do our best to have the most up-to-date information on our site, but consumers should check with the appropriate financial institution if they have any questions, including eligibility to purchase financial products. shall not be deemed to be involved in any way in the distribution or sale of any financial product or to assume any risk or liability in relation to any financial product. The site does not review every company or product available. To help drivers find the best cheap auto insurance in North Carolina, our editorial team has collected quotes from the best auto insurance companies in every ZIP code in the state. Minimum coverage rates meet North Carolina’s state requirements of $30,000 in bodily injury liability coverage per person and $60,000 per accident and $25,000 in property damage coverage, as well as uninsured motorist coverage with similar limits.
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