Finding the Best Mercedes Car Insurance
Singapore ranks among the world’s most expensive locations to own a vehicle. In particular, owning a Mercedes requires a substantial financial commitment, with high upfront costs, along with ongoing maintenance and repair expenses.
Protecting your vehicle with the right Mercedes insurance is crucial to serve as a critical financial safeguard against potential catastrophic losses, with its comprehensive protection tailored to the unique characteristics of luxury vehicles.
This guide will help you navigate the complex landscape of Mercedes car insurance highlighting the key considerations and the available Mercedes Benz motor insurance providers in Singapore.
Car Insurance Comparison
Our analysis utilized a specific driver 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).
Insurance Pricing Analysis
Most Affordable Premium
For drivers seeking for cost-effective coverages, China Taiping and Ergo stands out the most with its affordable options for Any Workshop plans – offering premiums around $1,000 or lower. For drivers who are willing to use authorized workshops only, they can get budget-friendly options from Etiqa and Ergo starting at $700.
Lowest Excess Providers
When you purchase car insurance, the provider will set a basic excess amount, which is the portion you’ll need to pay in the event of a claim. For example, if you have an accident resulting in a $1,500 claim and a $500 excess, you will pay the first $500, while the insurance company would cover the remaining $1,000.
Choosing a lower excess for Mercedes car insurances will mean reducing out-of-pocket expenses with a significant trade-off of higher insurance premiums with higher coverage protection. China Taiping, EQ and Ergo are the insurance providers with the lowest excess of $500. Drivers can lower their excess to $0 by having repairs done at an authorized workshop with China Taiping, or by providing in-car camera footage of the accident with Ergo.
Best For Young Drivers
Due to the higher risk associated with young drivers' age and limited experience on the road, insurance premiums and rates for them are typically higher. This is further amplified when driving a premium car like a Mercedes.
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. The other insurers typically begin at 27 years old on average.
Best Loss Of Use / Courtesy Cars
In the event of an accident, your Mercedes insurance may cover compensation for loss of use or provide a courtesy (replacement) car while your vehicle is being repaired. AIG delivers the top courtesy car benefit, offering a replacement vehicle for up to 30 days while Ergo offers the best loss of use benefit, providing $100 per day for up to 10 days.
New For Old Replacement
With new-for-old car replacement, the insurance provider will replace your car with one of similar age, mileage, and model if it's deemed beyond repair. AIG and Allianz offer the longest new-for-old replacement coverage, with 36 months for AIG and 24 months for Allianz. This benefit ensures that if your newly purchased car is declared irreparable within the coverage period, the insurer will replace it with a brand-new vehicle.
Medical & Personal Accident
In today’s fast-paced world, accident can happen anytime and anywhere. Having a well-rounded policy that prioritise driver’s health and safety is essential as a consideration when deciding on your Mercedes Benz motor insurance. Etiqa and MSIG 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.
Benefits of Any Workshop Plans
Insurer | Premium (inclu GST) | Excess/Excess Waiver | Young & Inexperience Driver& Excess Applicable | Loss of Use/Courtesy Car | New for Old | Medical/Personal Accident |
China Taiping | $945 | $500 / $0 If Authorised Workshop | ≤25 Years Old, <1Y Driving Experience / $3,500 | $50/day (10 Days) | - | $300 / $20,000 |
Ergo | $1,003 | $500 / $0 If In-car Camera | <22 Years Old, <2Y Driving Experience / $3,000 | $100/day (10 Days) | 12 months | $1,000 / $50,000 |
Allianz | $1,094 | $600 | <27 Years Old, <1Y Driving Experience / $2,500 | $50/day (10 Days) | 24 months | - |
MSIG | $1,135 | $600 | <27 Years Old, <2Y Driving Experience / $3,000 | $50/day (10 Days) | 12 months | $1,000 / $100,000 |
Etiqa | $1,141 | $800 | <24 Years Old, <2Y Driving Experience / $4,500 | Courtesy Car (10 Days) | - | $1,000 / $100,000 |
EQ | $1,164 | $500 / $200 If Authorised Workshop | <26 Years Old, <2Y Driving Experience / $3,000 | $70/day (7 Days) | - | $500 / $100,000 |
Direct Asia | $1,406 | $1,000 | Included Drivers Only | $50/day (10 Days) | - | N.A |
Income | $1,456 | $600 | <27 Years Old, <1Y Driving Experience / $2,500 | $50/day (7 Days) | - | $1,000 / $50,000 |
Tokio Marine | $1,618 | $800 / $0 If Authorised Workshop | <26 Years Old, <2Y Driving Experience / $3,500 | $40/day (10 Days) | - | $1,000 / $50,000 |
Liberty | $1,637 | $600 / $0 If Authorised Workshop | <27 Years Old, <1Y Driving Experience / $2,500 | Courtesy Car (5 Days) | - | $1,000 / $20,000 |
AIG | $1,700 | $600 / $0 If In-car Camera | <23 Years Old, <2Y Driving Experience / $3,000 | Courtesy Car (30 Days) | 36 months | $500 / $100,000 |
Benefits of Authorised Workshop Plans
Insurer | Premium (inclu GST) | Excess/Excess Waiver | Young & Inexperience Driver& Excess Applicable | Loss of Use/Courtesy Car | New for Old | Medical/Personal Accident |
Etiqa | $741 | $800 | <24 Years Old, <2Y Driving Experience / $2,500 | $50/day (5 Days) | - | $1,000 / $50,000 |
Ergo | $754 | $500 / $0 If In-car Camera | <22 Years Old, <2Y Driving Experience / $3,000 | $100/day (10 Days) | 12 months | $1,000 / $50,000 |
Allianz | $835 | $600 | <27 Years Old, <1Y Driving Experience / $2,500 | $50/day (10 Days) | 24 months | N.A |
EQ | $970 | $500 / $200 If Authorised Workshop | <26 Years Old, <2Y Driving Experience / $3,000 | $50/day (7 Days) | - | $500 / $50,000 |
China Taiping | $982 | $500 / $0 If Authorised Workshop | <27 Years Old, <1Y Driving Experience / $2,500 | $50/day (10 Days) | - | $300 / $20,000 |
MSIG | $987 | $600 | <27 Years Old, <2Y Driving Experience / $3,500 | $50/day (10 Days) | 12 months | $1,000 |
Income | $1,065 | $600 | <27 Years Old, <1Y Driving Experience / $2,500 | $50/day (7 Days) | - | $1,000 / $50,000 |
Direct Asia | $1,156 | $1,000 | Included Drivers Only | $50/day (10 Days) | - | N.A |
Liberty | $1,211 | $600 / $0 If Authorised Workshop | <27 Years Old, <1Y Driving Experience / $2,500 | Courtesy Car (5 Days) | - | $1,000 / $20,000 |
Tokio Marine | $1,294 | $800 / $0 If Authorised Workshop | <26 Years Old, <2Y Driving Experience / $3,500 | $40/day (10 Days) | - | $1,000 / $50,000 |
AIG | $1,588 | $600 / $0 If In-car Camera | <23 Years Old, <2Y Driving Experience / $3,000 | Courtesy Car (30 Days) | 36 months | $500 / $100,000 |
*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 23rd January 2025.
Choosing the right Mercedes car insurance in Singapore is not merely a regulatory requirement but a critical financial and strategic decision. By understanding the nuanced insurance landscape, Mercedes owners can secure coverage that provides peace of mind, financial protection, and an optimal ownership experience.
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