Car insurance in Singapore: All you need to know to get the cheapest rate (2022)

"Woo hoo! It's time to renew my car insurance, I'm so excited," said no one ever. Yes, we may love our cars - but the main reason we buy car insurance is that it's compulsory in Singapore.

Of course, that doesn't mean you should slack off. You should take charge of your car insurance policy, because ultimately you have to know what you paid for, in the event that you have to file a claim. Touch wood. An “indoors” job in an office can get you cheaper premiums. Outdoor or sales-driven jobs suggest heavy car usage, therefore more costly to insure.The fewer car insurance claims made in the past, the cheaper the premium.For every year that you’ve driven and didn’t have to make a claim, you get a 10 per cent discount. You can accumulate your No Claim Discount up to 50 per cent off, i.e. after five claim-free years.

If you have decided on a likely contender, check if your plan can be customised, which insurers like AXA and AIG allow. You may be able to tweak some elements of your plan to get cheaper car insurance premiums:Choose a higher excess for cheaper premiums. But be warned that you will have to pay more up front if you get into an accident! See below for more.If you don’t mind being restricted to a list of authorised workshops, you can get a cheaper rate.

Note that if you add on a perceived "risky" driver - e.g. your kid who's just gotten her driver's license - your insurer might force you to accept an additional young and inexperienced driver excess without any discount on your premium.TPO car insurance is the minimum requirement in Singapore. It's cheaper and only covers damages to other people's cars.

Oh, if you bought the car on a bank loan or if you're still paying the instalments, you might not have a choice. No bank wants to repossess a Subaru from a drain.When you sign a car insurance contract, you are the default "named driver". In other words, figures like the excess pertain to you.

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Source: ChannelNewsAsia - 🏆 6. / 66 Read more »