Have trouble finding the best auto insurance quotes. Our auto insurance experts will walk you through a step-by-step process to compare and choose the most appropriate plan for your automobile, from the common internal combustion engine (ICE) vehicles to the newer electric ones. Here are details to get you going when finding the best car insurance quote.
In Singapore, How Much Does Car Insurance Cost?
The price of auto insurance in Singapore ranges from $700 to $1,000 yearly. Still, the precise amount is determined case-by-case as it largely depends on your age, occupation, driving history, and other criteria.
Your auto insurance premium is based on the following factors:
· Age and gender
· Marital status
· Driving experience
· Claims history and No Claims Discount (NCD)
· Certificate of Merit (COM) discount
· Type of car, car model, age of the car, and car usage
If you receive a quote for a very high premium, don’t take it personally. No matter how skilled a driver you are, this can occasionally happen because of your vehicle or profile statistics. Take advantage of the chance to compare rates from several insurers because they all calculate risk differently.
To avoid breaking the bank, the team at MoneySmart have carefully selected a killer guide to getting cheaper vehicle insurance premiums in Singapore.
What Is the Average Cost of Electric Car Insurance?
Fewer insurance companies offer coverage for electric vehicles than for vehicles with conventional internal combustion engines (ICE), despite the broad range of options available for ICE-powered vehicles (EV). There are now only four EV insurance plans in Singapore as AXA intends to end its EV auto insurance product in 2022. However, this does not excuse you from doing your research and carefully comparing your options.
We can assist you in comparison shopping if you’re unsure how to proceed. Here is our list of the four EV insurance options to help you get started on your search for the best EV insurance policy.
In contrast to typical car insurance quotes for ICE, where you can get an almost immediate estimation of your premiums on most car insurance websites, it takes much longer (often up to a few working days) to get your EV insurance quote, as each quote is customised to specifically suit your needs. Currently, some EV insurance providers offer the pay-per-kilometre or Usage-Based Insurance (UBI) scheme.
Requirements to Quote a Car Insurance
Most insurance providers typically require user registration or personal information from you in order to provide you with a quote. Only a few details about the car, such as its brand and type, as well as a few personal details about the driver, such as their age, will be requested by our comparator.
The vital information you must consider in most quotes is:
· Car brand
· Date of purchase
· Vehicle type
· Use (personal or commercial)
What Type of Car Insurance Is Cheaper?
If you need car insurance but have a limited budget, consider getting third-party insurance. This third-party insurance will have varied features and rates depending on your chosen insurance provider. It is, however, always the most affordable and basic package you can get.
Overall, you are protected by this insurance if you unintentionally harm someone or their property. This means that the insurance provider will cover your costs if you cause an accident that results in someone getting hurt or having their car or other property damaged. If you were engaged in an accident where people were wounded, your car insurance would save you from paying a considerable sum of money like medical bills.
Why Choose MoneySmart?
In Singapore, MoneySmart has partnerships with major insurance companies. With many insurers available, choosing the right coverage may be challenging and time-consuming. By finding the best quotations and streamlining the application process, we perform the legwork for you.