Finding the Best BMW Car Insurance
With one of the highest vehicle taxation systems globally, the cost of car ownership in Singapore starts at a high baseline. This environment has notably favoured luxury car brands, with a sentiment of "if I'm paying a premium, I might as well go all out." BMW has effectively capitalized on this trend, now ranking among the top 3 selling brands in Singapore.
However, does this translate into a wider array of insurance options for consumers, in terms of pricing and benefits? Our team conducted a comprehensive comparison of insurance premiums for a BMW X1 (1.5L) across 11 insurance companies. We assessed a spectrum that includes authorized dealer partners, leading motor insurers, and direct insurers, focusing on comprehensive coverage with essential add-ons like loss of use and courtesy car benefits.
Our analysis utilized a profile of a 40-year-old male driver with 10 years of driving experience, no claims in the past 3 years, and a 50% No Claim Discount (NCD).
Cheapest Premium: Ergo and Income consistently emerged as the most economical options. However, affordability does not compromise basic benefits, making these insurers ideal for value-conscious buyers.
Best Excess: Ergo stands out with the lowest excess of $500, further sweetened by an in-car camera excess waiver that reduces the excess to $0 with footage of the accident. AIG and Liberty also offer a $600 excess with a similar in-car camera waiver, enhancing flexibility for policyholders.
Best for Young Drivers: Ergo is notably accommodating to young drivers, with the lowest additional excess for young and inexperienced drivers starting under 22 years old, followed closely by AIG at 23 years old. Other insurers typically begin at 27 years old on average.
Best Loss of Use / Courtesy Car: AIG sets a precedent with an impressive 30-day courtesy car policy, surpassing competitors. This is preferred over loss of use allowances, which often fall short in covering the full rental costs of $100 to $200 per day.
New for Old: AIG offers the longest new-for-old replacement car coverage, extending up to 36 months. This benefit ensures that if your newly purchased vehicle is deemed irreparable within the initial 36 months, the insurer will replace it with a brand new car.
Medical / Personal Accident: Etiqa and Liberty provide extensive medical coverage with up to $1,000 for medical expenses and a $100,000 personal accident coverage, demonstrating a robust commitment to policyholder well-being.
This comparison provides a comprehensive overview of insurance options available for BMW X1 owners in Singapore, ensuring informed decisions based on both affordability and comprehensive coverage benefits.
Benefits of Any Workshop Plans
Benefits of Authorised Workshop plans
*The Competition Commission of Singapore (CCS) has clarified that your warranty is still valid if you repair your car at independent workshops.
*Premiums are accurate as of 5th August 2024.