6 Best Cheapest Car Insurances in Singapore [2024]

Cheapest Car Insurance Singapore

Car insurance is not something that one can afford to ignore. It’s a legal requirement in Singapore, so you’ll need to take it out before you get your car. Car insurance is a necessity in Singapore, and it’s usually one of the cheapest expenditures that you’ll have to make as a car owner.

But which car insurance in Singapore should you go for? There are many options available and choosing the best option will always depend on whether it suits your needs.

The cheapest car insurances available can vary depending on your age, where you live, and what kind of coverage you’re looking for.

In this article, we will discuss the 6 Best Cheapest Car Insurances in Singapore, so that you can find the best plan for your needs!

Let’s get started!

1. Aviva

Key Services	Life & Health Insurance, Investment and Retirement Solutions
Address	4 Shenton Way, #01-01 SGX Centre 1, Singapore 068807
Website	http://www.aviva.com.sg/
Phone	+65 6827 9933
Operating Hours	Monday to Thursday: 8:45 AM–5:30 PM

First on our list is Aviva Car Insurance. It is the company with the second-lowest private automobile insurance premium among the six, according to our data.

Sometimes, this means that your policy may not cover the same things it previously did, and your insurance benefits might be reduced. However, what’s amazing is to discover that this isn’t the case with Aviva.

The major reason why Aviva Car Insurance (Prestige) is so popular is because of the lack of excess for windshield repairs (usually S$100) and for youthful and inexperienced drivers (S$2,500 to S$,3,000), which already provides immediate money savings in the event of an accident.

Not only will your auto insurance be more affordable, but it will also provide you with greater protection.

In addition, while other insurance companies deduct up to 30% of your NCD for ‘at-fault’ claims, Aviva deducts just 10%. Don’t overlook the significance of this difference – by lowering the amount deducted, you will get to save a sum of money!

Another major benefit is that you may claim your car’s expensive and time-consuming repairs within 24 months., while other insurers limit this to just 12 months.

Key Differentiators

• Lowest NCD penalty upon your car insurance claims
• Quick emergency assistance available 24/7
• No additional excess for young and inexperienced drivers

Client’s Testimony

So far so good! Happy with the 2 savings policies I have with Aviva as I feel the returns are competitive. Out of convenience, I also tend to use Aviva for travel insurance whenever I travel – purchase process is very simple and straightforward.

Yvonne Yeo

2. Etiqa

Key Services	Savings, Insurance, Retirement, and Investment Plans
Address	One Raffles Quay, #22-01 North Tower, Singapore 048583
Website	https://www.etiqa.com.sg/
Phone	+65 6887 8777
Email	customer.service@etiqa.com.sg
Operating Hours	Monday – Friday: 8.30 am to 5.30 pm

Etiqa’s strategy is very appealing since you may select your own level of over-insurance for any ‘at fault’ claims. Selecting a higher excess will lower your costs, allowing you to save money.

However, if you are found to be at fault in an accident then you must pay the higher excess. As a result, make sure you hedge your risk by picking a level of excess that you can afford comfortably.

This scheme also provides you with some additional money. For example, inexperienced driver excess is S$2,000, as opposed to S$2,500 or more for other insurers. 

Although this lower excess may provide savings, keep in mind that the standard is broader than most – it also covers elderly drivers and other age groups.

Key Differentiators

• Since 1961 with a range of general insurance solutions
• Great customer care and service
• New Insurance Product of the Year – Singapore, at the Insurance Asia Awards 2021

Client’s Testimony

Is user friendly to purchase policy online!
Product i bought has great benefits n reliable too.
Responsive n friendly customer service

Calvin Koh

3. FWD Insurance

Key Services	Insurances & Investment Plans
Address	6 Temasek Blvd, #18-01 Suntec Tower, Four 038986
Website	https://www.fwd.com.sg/
Phone	+65 6820 8888
Email	contact.sg@fwd.com
Operating Hours	Monday to Friday: 9 AM – 6 PM

To begin, it’s vital to remember that premiums for this plan are only S$164 more than the next highest competitor or about S$14 per month.

The strategy includes everything you need, with affordable benefit levels that may compete favorably against its competitors or any other insurance companies.

It also outperforms other companies on a regular basis. Consider the high legal cost coverage of up to S$3,000 in case of third-party claims, which is the one of the highest benefit on our list.

Not only does it offer support for children in the event of a fatal injury, but FWD also pays out S$250,000 as a one-time payment to surviving kids if both parents are killed or permanently disabled in a vehicle accident. As far as what we know, no other policy provides such assistance.

Key Differentiators

• Installment payments
• Complimentary courtesy car
• 24-hour roadside assistnace for breakdown
• Lifetime 50% NCD guarantee
• Daily transport allowance

Client’s Testimony

I sent an email to FWD with regards to a payment issue and they got back to us very quickly. It’s also obvious that they made an effort to do some checks and made sure they understood the context of the issue very clearly, before contacting us. Irish and Grace also went the extra mile and made sure that the issue can be resolved as quickly as possible. I appreciate how they thought about things from the customer’s perspective and came up with the most convenient and efficient solution for me. Thank you once again! 🙂

Joy Oh

4. sgCarMart

Key Services	Buying and Selling Cars
Address	61 Ubi Ave 2, Automobile Megamart #07-05/06 S(408898)
Website	https://www.sgcarmart.com/
Phone	+65 6744 1514
Email	comms@sgcarmart.com
Operating Hours	Monday to Friday: 10 AM to 6:30 PM Saturday & Sunday: 10:30 AM to 6:30 PM

Customers who are seeking automobile accessories would benefit from sgCarMart. However, they also provide a wide range of low-cost, high-quality vehicle insurance solutions to clients looking for auto supplies at significant savings.

It’s the ideal firm to visit if you’re scared of big insurance firms that provide overwhelming insurance packages.

With a wide range of insurance options to select from, you can rest confident that your requirements will be met and your budget saved.

Despite being one of the cheapest automobile insurance in Singapore, it still provides comprehensive accident coverage as well as third-party protection.

Key Differentiators

• Lowest quotes with good coverage
• Fast 1 day processing
• Free NCD Protector
• Pay by credit card or installment

Client’s Testimony

Highly recommended.Fuss free transaction

Talha Munir

5. Budget Direct Insurance

Key Services	Car, Motorcycle, Travel Insurance
Address	190 Clemenceau Ave, #03-01 Singapore Shopping Centre, Singapore 239924
Website	https://www.budgetdirect.com.sg/
Phone	+65 6221 2111
Email	help@budgetdirect.com.sg
Operating Hours	Monday to Thursday: 8AM–8PM Friday: Tuesday 8AM–3PM

Budget Direct Insurance can provide you with the right auto insurance policy if you want to save money on inexpensive car insurance in Singapore. You may even customize the coverage of the policy to ensure that all of your requirements are met.

It isn’t reliant on middlemen like agents and agencies, so you will save a lot of money. It’s because to this that we consider it one of the least expensive automobile insurance in Singapore!

If you want to protect your vehicle from being driven by other people, you may also opt for multi-driver insurance. This will ensure that everyone who uses your automobile is insured in the event of an accident.

Personal accident coverage, medical charges, roadside assistance, transportation allowance, and a slew of other items are included in their auto insurance policy in Singapore.

They also have a 24/7 emergency hotline that you can reach at any time of day or night.

Key Differentiators

• No agent commission
• 24/7 customer service
• Licensed by MAS

Client’s Testimony

Enquired the car insurance through Daniel who served very professionally, with great attention to details and no pressure to transact. The whole process was simple, convenient and quick. A very happy shopping experience.

Jenny H.

6. Allianz

Key Services	Insurance Company
Address	79 Robinson Rd, #09-01, Singapore 068897
Website	https://www.allianz.sg/
Phone	+65 6297 8802
Operating Hours	Monday to Friday: 9AM–6PM

Last but not the least is Allianz Motor Protect.

It is a basic automobile insurance policy that’s meant for people who just want enough coverage. Allianz Motor Protect takes a minimalist strategy, concentrating on covering the most frequent situations that typical drivers are likely to face.

However, for NCD protection, you’ll have to pay extra.

The Comprehensive plan is, without a doubt, the most comprehensive Allianz Motor Protect policy available, but it’s worth noting that additional premium is charged for optional personal accident and medical expense coverage as well as the selection of a repair facility.

The no-additional-premium, Agreed Value Payout at Total Loss benefit is one that most people don’t know about but should. This benefit pays you the agreed amount at the beginning of the policy year if your vehicle is totally destroyed.

In a nutshell, it assists to prevent the value of your automobile from depreciating monthly!

The point of purchasing low-cost automobile insurance is that you don’t want to spend a lot of money on something that will be utilized only once. With this basic auto insurance, you get the coverage you need at a reasonable price without having to pay for features that may be only marginally useful in certain circumstances.

Meaning, you’ll have the freedom in selecting which ones will be included in your benefits.

Key Differentiators

• Lifetime Warranty On Repairs
• Complimentary Courtesy Car
• “New For Old” Replacement Car

Client’s Testimony

Great performance

SK Kurup

Cheapest Car Insurance Singapore

There you have it! We have compiled a list of the cheapest car insurances in Singapore for you!

We know that choosing the cheapest car insurance can be tricky. If you want to make sure that your family is protected from any unfortunate incidents, it’s important to choose a plan that has the right amount of coverage for what you need and at an affordable price.

It’s also worth checking into if there are discounts or other incentives available on top of the cheapest car insurance in SG – these may include things like roadside assistance, rental reimbursement, and even forgiveness programs!

Looking for more interesting articles to read? Check out some more of our blog posts down below!

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