Average Price For Comprehensive Car Insurance – We researched hundreds of car insurance quotes and benefits from dozens of insurers in Singapore to find out which plans will offer families the best value for money. Compare and shop from our best picks based on your budget, the size of your family unit and the type of coverage you need.
Although it can be tempting to shop around for the cheapest car insurance, you need to make sure you have enough coverage because you will not only be insuring yourself, but your children as well. The following car insurance plans are affordable for all budgets, reducing out-of-pocket expenses and protecting every member of your family.
Average Price For Comprehensive Car Insurance
If your family unit is made up of adults (i.e. couples living with elderly parents), Budget Direct car insurance may be a good choice not only because of its unbeatable rates but also because of its coverage and the types of plans offered. When we analyzed the statistics, we found that Budget Direct’s fees are around 40% cheaper than the average couple’s.
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Budget Direct offers two driver plans to choose from: the Named Driver Plan and the Authorized Driver Plan. The named driver program only includes the senior driver and people you added as named drivers. The Authorized Driver Plan covers the policyholder, the main driver (if not the policyholder) and any other person you let drive your car. Although the Authorized Driver plan is 15% more expensive, your rate will be one of the cheapest on the market and can be advantageous if several families wish to share your car.
The bottom line from Budget Direct is basic coverage, which is why we recommend it to reliable, professional drivers who don’t need to protect young passengers and don’t need comprehensive, accident or baggage coverage. . Budget Direct offers coverage for damage, towing, and third-party damage caused by your car, so if you want medical care, personal accident, towing accessories, or roadside assistance, you’ll have to pay more.
If you want to improve your family’s protection, the FWD Classic Series offers great value and comprehensive accident-focused coverage. The average premium for a wedding policyholder is 15-25% cheaper than average and you can choose to adjust the standard excess according to your comfort level and budget. Plus, if you get a 50% discount, you’ll be entitled to a 50% lifetime MNT guarantee.
If you want to insure your young drivers, you can waive the S$2,500 excess limit for young/experienced drivers (YIDR). Although this will increase your premium slightly, it can save you around S$2,000 in costs if your child has an accident while driving your car. Plus, you don’t need to name your drivers: FWD will insure everyone who drives your car at no extra cost.
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FWD Classic Passengers includes medical coverage of S$1,000 for each passenger, a one-off payment for drivers and passengers in the event of death or permanent disability and a payment of S$250,000 in the event of a serious accident where you are left behind with your children. themselves. These benefits are in addition to coverage for towing costs, temporary transportation and automobile accessories. The only downside is that there is no coverage for child car seats, so if you have children who need them, you will have to pay any compensation out of pocket. However, for a price increase of around 15%, you can opt for the FWD Executive Plan, which adds S$1,000 worth of personal baggage and a free replacement car for three months if your car is totaled: a bargain that protects important and easy protection.
If you have young children, Aviva’s Prestige comprehensive insurance policy may be a good choice as it offers family cover at a competitive price. We found that its premiums for married policyholders are average compared to other high-quality plans, so while it’s not the cheapest plan on the market, it offers rarely seen family benefits with other insurers. This includes a car replacement allowance for vehicles up to 24 months old, a young/experienced driver allowance and a child seat allowance of S$250 with a package of extras.
Additionally, Aviva offers many peace of mind benefits, including repair service to help you during an accident, free transportation service to get you home after the accident, 24-hour roadside assistance hours a day, 7 days a week, and a photo-taking and personal service. Another handy benefit is Aviva’s two-year plan option which saves an extra 5% on your premium. Overall, Aviva is a great choice for new families expecting their first child or families with multiple children because of its comprehensive, family-friendly coverage.
If you own multiple cars or your family car is a luxury vehicle, you’ll benefit even more from competitive Asian direct pricing, special coverage and a 10% discount on your second car. We found that the Direct Asia pricing program is one of the cheapest options for professional drivers of luxury cars such as BMW, Audi or Mercedes, with rates around 20% lower than average. It’s also one of the cheapest plans on the market for new drivers who have just purchased a luxury car, with premiums 16% lower than average for drivers with 0% and no excess.
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Because you can entrust your most expensive car to fewer people, the Value plan saves you money by limiting the number of additional named drivers to 4, 2 of which can be your junior drivers (under 30). ). Plus, unlike most plans that limit your ability to get a replacement car to 12 months, Direct Asia offers the option to extend this period to 24 months, great peace of mind for luxury car owners .
In terms of coverage, Direct Asia offers comprehensive accident and damage cover, protecting you from everything from fire or vandalism to floods and natural disasters. It also offers a variety of benefits to add to your plan to make your policy better suited to your needs. If you already have an approved garage, you can choose to use any workshop for repairs, add protection for driving outside Singapore and get up to S$500,000 of personal protection against accidents. You can also add coverage for accessories, medical expenses and loss of use.
To find the best car insurance rates for families, we collected quotes and benefits from 12 car insurers in Singapore and calculated rates for married men and women aged 45. Another important trend we’ve seen is that in general, if you’re married, you’ll receive less income than if you claim to be single in your plan. We also found that although married men earned more money than single women, price inequality was lower than that of married policyholders. We then divided the plans according to the criteria provided to adapt the plans to different family profiles. Please note, however, that your rate will vary depending on your age, driving experience, make of car and the number of people you choose to insure.
Anastassia is a Senior Research Analyst in Singapore, evaluating consumer insurance products based on their cost-effectiveness and value. She holds a degree in Economics and International Business Management and her previous professional experience includes the capital markets sector. His analysis of insurance, healthcare, international business and private finance has been featured in AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs and others.
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We strive to have the most current information on our site, but users should check with the appropriate financial institutions if they have any questions, including eligibility to purchase financial products. Under no circumstances will it be considered as participating or participating in the distribution or sale of any financial product or as assuming any risk or assuming any liability in relation to any financial product. The website does not review or include all companies or products available. We’ve all heard that car insurance premiums tend to increase as cars age. But is this a universal truth? If you have an older vehicle, would another insurer be better for you in the long run? And what type of policy have you taken out? Our team compares the cost of comprehensive, third party, fire and theft and automobile insurance only.
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