Here are seven cheapest car insurance plans in Singapore that provide comprehensive coverage at affordable premiums.
Auto insurance is mandatory in Singapore. It’s a good thing, then, that there’s a slew of different providers offering plenty of choices for drivers to choose from.
Just like with other types of insurance, there’s always the danger of buying more insurance than you need. This means you’ll simply be wasting your money on needlessly expensive premiums.
To help you cover your car insurance needs and avoid high premiums, we’ve put together a list of seven of the most affordable car insurance policies with comprehensive coverage that should suit the needs of most drivers.
At-a-glance: 7 most affordable car insurance plans on the market
Benefits covering vehicle
| Workshops | Standard excess | Cover for car damage, theft or write-off | |
| Allianz (S$1,420) | Any, additional premium applies | – Flexible Excess starting from S$100 to S$2,000
– Unnamed driver excess: S$500 to S$2,500 – S$100 per claim for windshield |
– Up to market value – For cars 2 years or younger and damaged beyond repair: Brand new car replacement – Lifetime warranty on repairs if repaired at an authorised workshop |
| Singlife (S$1,649) | Any | – Windshield: S$0
– Young and inexperienced driver: S$0 |
– Up to market value
– For cars 2 years or younger: Brand new car replacement |
| Etiqa (S$1,870) | Authorised only | – Adjustable excess from S$0 to S$2,500 -S$500 for unnamed driver – S$2,000 for elderly, inexperienced or young driver – S$100 per claim for windshield |
Up to market value |
| NTUC Drivo (S$1,935) | Any | – S$600 per claim
– S$100 per claim for windshield – Unnamed driver excess: S$500 to S$2,500 |
Up to market value |
| MSIG (S$1,962) | Any | – S$500 per claim
– S$100 per claim for windshield – Young/ inexperienced driver: Additional S$3,000 |
– Up to market value
– For cars 12 months or younger: Up to S$100,000 new-for-old replacement |
| HLAS (S$1,979) | Any | – Adjustable excess from S$0 to S$1,200 per claim (halved for authorised workshops)
– S$100 per claim for windshield – S$3,000 excess for damage caused by young drivers |
– Up to market value
– Up to S$1,000 for accessories |
| FWD (S$2,138) | Approved only | – S$750 per claim
– S$100 per claim for windshield – S$2,500 additional excess for damage caused by drivers under 27 |
Repairs or replacement |
* Comparison profile: 43 years old, single, male driver of Suzuki Swift 1.5A registered in 2018, two years’ driving experience with clean driving record, NCD 20% and selected excess S$600, going for comprehensive coverage. The Annual Premiums are rounded up to the nearest dollar.
Benefits covering driver
| NCD protector | Third-party liability | Personal accident cover | |
| Allianz (S$1,420) | Yes, with NCD 30% or above. Additional premium applies | – Property damage: Up to S$5 mil per accident
– Death or injury to third-party: Unlimited – Legal costs: Up to S$3,000 per accident |
– Up to S$50,000 for policyholder and up to S$25,000 for passengers in the event of death or permanent disability, additional premium applies
– Medical expenses: Up to S$1,000, additional premium applies |
| Singlife (S$1,649) | Deduction of 10% per ‘at-fault’ claim (lower than other insurers) | – Property damage: Unlimited
– Death or injury to third-party: Unlimited – Legal costs: Unlimited |
– Up to S$100,000
– Medical expenses: Up to S$5,000 |
| Etiqa (S$1,870) | Yes, with NCD 30% or above and upon renewal | – Property damage: Unlimited
– Death or injury to third-party: Unlimited – Legal costs: S$2,000 |
– Up to S$50,000 for main driver
– Medical expenses: Up to S$1,000 |
| NTUC Drivo (S$1,935) | – Yes, with NCD 30% or above
– Free NCD protection after NCD 50% of 2 consecutive policy years |
– Property damage: Up to S$5 mil
– Death or injury to third-party: Unlimited |
– Up to S$50,000
– Medical expenses: Up to S$1,000 |
| MSIG (S$1,962) | Yes, upon renewal with NCD 30% or above | – Property damage: Up to S$5 mil
– Death or injury to third-party: Unlimited |
– Policyholder: Up to S$100,000
– Authorised driver or passenger: Up to S$50,000 – Medical expenses: Up to S$1,000 |
| HLAS (S$1,979) | Yes, for policyholders with 50% NCD | – Property damage: Up to S$5 mil
– Death or injury to third-party: Unlimited |
– Policyholder: Up to S$20,000
– Authorised driver or passenger: Up to S$10,000 – Medical expenses: Up to S$1,000 |
| FWD (S$2,138) | – Auto enrolment into Lifetime NCD Protector at NCD 50% -Yes, NCD 30% or above |
– Property damage by car: S$5 mil
– Legal costs: S$3,000 |
– Driver: S$30,000
– Passenger: S$10,00 each – Surviving children in case both parents are affected: S$250,000 – Medical expenses: S$1,000 |
* Comparison profile: 43 years old, single, male driver of Suzuki Swift 1.5A registered in 2018, two years’ driving experience with clean driving record, NCD 20% and selected excess S$600, going for comprehensive coverage. The Annual Premiums are rounded up to the nearest dollar.
Allianz Motor Protect (Comprehensive) — covers the needs of the average driver
Allianz Motor Protect shines as the provider with the lowest premium for private car insurance among the seven.
Designed for those who want an adequate car insurance plan that’s ‘just enough’, Allianz Motor Protect goes for a stripped-down approach, focusing on covering the most common scenarios that average drivers are likely to encounter. That said, you’ll have to pay extra for NCD protector.
The Comprehensive plan is, of course, the most holistic Allianz Motor Protect plan there is though it is important to note that additional premium applies to optional cover for personal accident and medical expenses and choice of repair workshop, too.
A benefit that’s rarely seen but worth mentioning is the no-additional-premium, Agreed Value Payout at Total Loss benefit exclusive to the Comprehensive plan. This benefit pays you the value agreed at the start of the policy year, in the event of total loss of your car. In short, it helps preserve the value of your car against monthly depreciation! You can read more about it in our Allianz Motor Protect car insurance review here.
This low-cost car insurance is ideal for drivers who want adequate coverage without having to pay for extra perks that may only be situationally useful. The flexibility afforded in designing their own preferred coverage is a prized one amongst drivers.
Singlife Car Insurance (Prestige) – most affordable overall, 10% NCD deduction, waiver of excess
Singlife Car Insurance stands out as the provider with the second-lowest premium for private car insurance among the seven.
This usually means a corresponding reduction in coverage and benefits, but we were surprised to find this wasn’t the case.
What makes Singlife Car Insurance (Prestige) so attractive is the waiver of excess for windshield repairs (normally S$100) and for young and inexperienced drivers (S$2,500 to S$3,000) – this already provides instant potential savings in case of an accident.
Additionally, whereas other insurers deduct up to 30% of your NCD for ‘at-fault’ claims, Singlife deducts just 10%. Don’t underestimate the effect of this difference – by imposing a less harsh deduction, you not only save money, but will also find it easier to get back to the maximum 50% discount.
Another notable advantage is the 24-month eligibility period for getting a brand new replacement for your car. Other insurers limit this to just 12 months.
Get 28% off premiums when you use promo code CNY28. Valid till 31 Jan 2022. T&Cs apply.
Etiqa Private Car Insurance (Comprehensive) – has adjustable excess for further savings
The auto insurance plan with the third-lowest premium on our list is Etiqa Private Car Insurance (Comprehensive).
What makes this plan attractive is that you can choose your own level of excess for any ‘at fault’ claims. Choosing a higher excess will lower your premiums, helping you save more money.
However, if you do get into an accident and are found to be at fault, you’ll need to cough up the higher excess. Hence, be sure to hedge your risk by choosing an excess level you can comfortably afford.
Further savings offered by this plan comes in the form of the vulnerable driver excess, which is set at S$2,000 (compared to S$2,500 or more for other insurers).
While this lower excess presents potential savings, do note that the definition is broader than most – it also includes elderly drivers, in addition to the conventional young and inexperienced classifications.
NTUC Drivo (Premium) – affordable and comprehensive plan with free NCD protection
NTUC Drivo is among the most popular auto insurance plans among Singaporeans, thanks to its combination of comprehensive coverage, competitive benefits and affordable premiums.
What you’ll get is a well-rounded plan which should cover most of your needs, at low- to mid-range premiums.
Sticking with NTUC will also net you some more savings down the road. If you maintain at least two consecutive years of 50% NCD, you’ll automatically be entitled to free NCD protector on your next renewal.
This means you will no longer need to pay for the NCD protector rider, helping you pare down your premiums even more.
As a bonus, policyholders also gain the services of the vaunted Orange Force, NTUC’s own in-house fleet of highway emergency assistance specialists.
No matter how hardened a driver you are, having the ability to call for on-site help should you get into an accident is surely a comforting prospect.
MSIG (MotorMax Plus) – high personal accident, loan protection coverage
MSIG MotorMax Plus isn’t the cheapest auto insurance plan, ranking fifth on our list.
However, it’s not very much more expensive than its peers, but offers amongst the highest benefits for personal accident, loan protection and damages.
The policyholder will gain S$100,000 coverage for personal accidents, while any authorised drivers and passengers are covered for S$50,000.
There is also a loan protection benefit of up to S$100,000, which is useful for paying off any remaining car loans should you become unable to do so.
And if your insured vehicle is less than 12 months old, you are also entitled to a new-for-old replacement of up to S$100,000 in case of extensive car damage.
Having these benefits can allow you to cover crucial gaps in your finances.
Available promotions: Receive up to S$58 via PayNow and up to S$150 in e-vouchers when you purchase an MSIG car insurance policy through SingSaver (for new MSIG Car Insurance customers only). Valid till 30 Jan 2022. T&Cs apply.
For all purchases made during 24 Jan to 28 Feb 2022, stand a chance to participate in the CNY Festive Campaign by MSIG. T&Cs apply.
HLAS Car Insurance (Comprehensive) – adjustable premiums, flexible workshop choice
Unlike most other car insurance plans, HLAS Car Insurance doesn’t try to lock you into using only authorised workshops for repairs and maintenance.
Instead, you have complete freedom to choose any workshop you want, but you can get a 50% discount on your applicable excess, should you choose an authorised workshop.
Combine this with the freedom to set the excess you want for claims, and you have a car insurance policy that can help you save money when it matters.
You can save on your premiums by setting a higher excess. Then, when the need arises, send your car for repairs at an authorised workshop to pay only half of your excess. That’s a win-win for you.
FWD Car Insurance (Comprehensive) – high legal costs benefits, high one-time payout for surviving children
FWD emerged as the most costly auto insurance plan in our ranking, but that doesn’t mean it’s not worthy of your money.
First off, it’s important to note that premiums for this plan is only S$164 more expensive than the next closest competitor – which works out to barely S$14 per month.
Crucially, the plan provides coverage for all the essentials, with competitive benefit levels that can comfortably match up to its peers.
And it even outshines them at times. Take for example the high legal cost coverage of up to S$3,000 in case of third-party claims – this is the second highest for the benefit on the list.
Also, FWD offers a one-time payout of S$250,000 for surviving children if both parents die or are permanently disabled in a car accident. No other plan on our list offers a similar benefit.
Classic plan: Use promo code CNY to get a 20% discount. Valid till 2 Feb 2022. T&Cs apply.
Executive & Prestige plan: Use promo code CNY to get 25% discount + $100 CapitaVoucher. Valid till 2 Feb 2022. T&Cs apply.
Protected up to specified limits by SDIC.
Note: This is only product information provided. You may wish to seek advice from a qualified adviser before buying the product. If you choose not to seek advice from a qualified adviser, you should consider whether the product is suitable for you. Buying an insurance product that is not suitable for you may impact your ability to finance your car ownership needs.
If you decide that the policy is not suitable after purchasing the policy, you may terminate the policy in accordance with the free-look provision, if any, and the insurer may recover from you any expense incurred by the insurer in underwriting the policy.
Read these next:
3 Most Value-For-Money Cars You Can Get In Singapore
5 Things to Consider Before Buying Car Insurance in Singapore
No Claims Discount (NCD) Protector: Should You Buy Yourself This Car Insurance Rider?
11 Fun (and Lesser-Known) Facts About Car Insurance For You Car Owners
7 Best Car Insurance Plans in Singapore (September 2021)
By Alevin Chan
An ex-Financial Planner with a curiosity about what makes people tick, Alevin’s mission is to help readers understand the psychology of money. He’s also on an ongoing quest to optimise happiness and enjoyment in his life.
