Strategies for Finding the Best Car Insurance in Singapore

Whilst price is a primary concern for many consumers, it is important to look at the fine print to understand exactly what you are paying for. In Singapore’s ultra-competitive car insurance market, the price difference between various insurers might be too tight for you to decide. This is when car insurance coverage becomes the determining factor.

Let's examine the most common car insurance offerings from the top motor insurers in Singapore and see how they stack up against one another in terms of coverage and benefits.

For equitable comparison, we looked at the base comprehensive motor insurance plan covering Own Damage and Third-Party Liability. We also chose insurers that allowed policy owners to repair at any workshop of their choice. The benefits are default options without an add-on cost.

Common motor insurance offerings to consider 

1. Loss of use / Courtesy car benefit 

Given the necessity of automobiles for daily commutes, vehicle owners often require a replacement during any downtime. While commonly an add-on, some insurers include this as part of their standard packages.

Best: 

• Ergo and Allianz offer the most generous included benefits, providing a loss of use compensation or a courtesy car at no extra cost, amounting to $100 per day for up to 10 days.
• AIG has the best add-on option, offering a courtesy car for up to 30 days for an additional fee of only $100, surpassing most competitors who typically offer a daily transport allowance of just $50 per day.

2. New-for-Old Replacement

This refers to the insurer providing you with a brand-new vehicle in case of total loss, rather than compensating you with the market value of your vehicle.

Best: 

• AIG with its 36-month new-for-old clause (cars up to 36 months are eligible).
• Allianz comes second with 24-month coverage. Most insurers do not offer this benefit. 

3. Young/Inexperienced driver additional excess

An additional excess fee typically applies if a young or inexperienced driver causes an at-fault accident with your car. This is the amount you'll have to pay out of pocket for your vehicle's repairs.

Best: 

• Allianz and Income with a young and/or inexperienced driver additional excess fee of $2,500. Most insurers have a further excess of $3000 and above.

4. Medical and Personal Accident 

In the case of severe accidents, it's crucial to ensure coverage for your medical bills and personal accident coverage to support you during any period of incapacitation.

Best: 

• MSIG with $1,000 Medical and $100,000 Personal Accident coverage. 
• Notable mentions for Income and Etiqa, who have $1,000 medical and $50,000 Personal accident coverage.

5. Mobile reporting

Time is invaluable, and an accident can worsen an already bad day. It's crucial to avoid the added hassle of driving to a remote location for accident reporting within the mandatory 24-hour period.

Best: 

• AIG, Allianz, Etiqa. For eazy customers, they get access to 24-hour mobile reporting, allowing them to make appointments for reporting at a time and location of their choice. 

6. Excess Waiver

Hate dealing with annoying excess fees? It's the amount you're responsible for in an at-fault accident for your vehicle's repairs. Worry no more, as these insurers offer excess waivers.

Best: 

• AIG and Ergo for their $1,000 excess waiver if you provide in-car camera footage.
• China Taiping and Tokio Marine for full excess waiver if you have your vehicle repaired at their authorised workshop.

Check your motor insurance plan for adequate coverage 

The best is different for everyone. Apart from competitive prices, make sure that your motor insurance plan gives you the coverage you require. Choosing a plan based on cost alone and skipping critical coverage might end up being an expense rather than cost savings. 

At eazy, we can help you find the best car insurance based on your needs, lifestyle, and preferences. Explore our website or contact us to learn more.