Best car insurance policies in Singapore for 2020

Which insurers offer the best car insurance plans most suitable for you?

With a variety of product offerings available from a significant number of different insurers, it can be difficult to choose a specific plan, especially if you don't want to dive into the nitty gritty details and wade your way through extensive policy details and fine print.

Here, we break down some of the best plans available for different drivers with different needs.

1. Cheapest: Budget Direct comprehensive

For some drivers, especially for young Singaporean drivers with tight budgets, their consideration is very simple - cheapest is best. For such drivers, there is a simple and straightforward option - Budget Direct.

Budget Direct has built its reputation on offering the cheapest car insurance in Singapore. In fact, the company is so confident of this fact that it will give you $100 if your renewal premium with your current insurer is cheaper than its premiums for the same level of cover.

Understandably, a cheap premium will come with some compromises. In this case, the insurance coverage isn't the most comprehensive, with medical and personal accident coverage all optional add on costs.

2. Generous, affordable coverage: FWD Classic

For drivers still looking for an affordable insurance plan but want more generous coverage, FWD's Classic plan offers coverage that features high personal accident, medical and car replacement benefits. FWD also offers roadside assistance for accident and non-accident reasons.

FWD also offers a lifetime No-Claims Discount (NCD) benefit when you reach 50 per cent NCD. This lets you keep your NCD even when you file a claim. Also, FWD gives you the ability to add named drivers at no additional cost. Thus, this plan is suitable for drivers with slightly more years of experience.

3. For young drivers: Aviva Lite

Are you a young and inexperienced driver and buying a used car? You can consider Aviva Lite, a plan that is skewed towards these less experienced drivers.

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It has one of the lowest limits for young and inexperienced driver excess (24-years old compared to the usual 27-years old), and the NCD penalty of just 10 per cent is definitely welcome for young drivers for whom the likelihood of an accident claim is higher.

The plan is also competitively priced, especially so if you are civil servant under MINDEF and MHA, or already are part of Aviva's Public Officers Group Insurance Scheme (POGIS).

Aviva is currently running a 25 per cent discount promotion until the end of August, and MINDEF, MHA and POGIS policyholders can get up to 36 per cent discount.

4. Accident-focused coverage: Income Drivo Premium

Worried about what to do when getting into a car accident? The accident-focused Income Drivo Premium policy might be suitable. It offers generous personal accident coverage for drivers and passengers, covers natural disaster and thefts, and allows you the choice of choosing your workshop.

You also get access to Income's Orange Force, a 24/7 accident response team that offers accident assistance anytime and anywhere in Singapore, including finding alternative transportation and removing vehicles.

There is also the Accident Reporting mobile app that lets you quickly complete and submit accident reports.

5. Comprehensive all-around coverage: FWD Prestige

For drivers looking for comprehensive coverage, the FWD Prestige policy delivers good value for money.

Where are may not be a lot of flexibility or customisation available, there are plenty of core features, offering ample coverage that includes medical, towing, personal belongings and car accessories.

FWD also offers $80 taxi reimbursement after an accident, $80 daily transport allowance while your car is being repaired, and a courtesy car for three months if your car is stolen or written off. Also, you get the lifetime NCD benefit once you hit 50 per cent NCD.

This article was first published in sgCarMart.