Car Insurance Company In Singapore – Electric car ownership is increasingly common in Singapore, and for good reason. Electric vehicles make perfect sense in a congested, stop-start city with over 2,000 traffic lights – and with gas prices rising and the number of EV charging stations expected to double by 2030, owning an electric car has never been more sustainable. was more comfortable.
If you add to this the fact that only electric cars and models with cleaner energy will be allowed to be registered in the coming years, there are clear reasons for switching from conventional cars to electric car models such as the Toyota Prius or Nissan Leaf. Many benefits are offered.
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That said, every electric car requires an electric car insurance policy – and there are several important things you’ll want to know about electric car insurance in Singapore before insuring your new electric car. Continue reading to learn more.
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Also: Compare the best car loans in Singapore and find out which car insurance plans will benefit you the most.
Insuring an electric car comes with some additional challenges compared to conventional cars. Before you go hunting for your perfect electric car insurance policy, here are five things you should know:
At the time of writing, only a handful of insurers offer electric vehicle insurance in Singapore – the rest still favoring conventional car insurance products over their gas-powered counterparts. This makes comparing the market to get the best electric car insurance premium a bit difficult, but still possible.
Next, most insurance companies base their electric vehicle insurance price on a number of factors and sub-factors, including the make and model of your new electric car. A luxury or premium model will usually cost more, while the standard policies and your age, claim allowance, number of accidents and more will still affect the overall cost that insurers pay you when you buy insurance.
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Frustratingly, despite lower tailpipe emissions and other advantages over fossil fuels, not every electric vehicle insurance premium includes the same coverage for an electric car as you would expect for a regular gasoline or diesel car. For example, you may need to pay a premium or add an additional maintenance package to cover things like battery failure, malfunctions and other repair-related issues that you might be expected to cover under standard comprehensive insurance.
Electric car insurance in Singapore can often be purchased as Usage Based Insurance (UBI). This is great news for electric car owners who plan to use their car only occasionally, not every day. With UBI insurance, cars are fitted with a distance tracking device that provides accurate data to insurers, and you pay an agreed mileage rate instead of an annual premium. While some insurers offer this service, others may not.
Luxury electric cars like the Tesla Model S or Tesla Model 3 are remarkably popular in Singapore, but not every EV insurance policy covers Tesla-specific features. For example, while Tesla’s Autopilot makes for a super cool driving experience, an accident involving Autopilot may be excluded from coverage, as can an accident involving Tesla charging. Before buying insurance, you should always check the wording of the insurance policy carefully so that you are 100% aware of what you have to pay out.
Now you know what to expect from EV insurance coverage, let’s take a look at the best electric car insurers in Singapore right now and what EV insurance policy financial products they offer:
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Currently, the top five electric car insurance products in Singapore are: AXA Car Insurance, NTUC Income Drivo Electric, Liberty Insurance, Allianz Electric Motor Protect and G&M Electric Vehicle and Tesla Insurance. But all of these providers offer different perks – which one is best for you? Let’s review how these policies compare in the main categories.
In the end, which insurance provider is best for you depends on a number of important individual factors, including your age, driving experience, what type of electric car you own and exactly what you require from an insurance policy. Be sure to consider these factors carefully before you start shopping and comparing the market.
Frequently Asked Questions (FAQ) about electric vehicles and car insurance 1. Is it more expensive to insure an electric vehicle?
Yes – electric car insurance usually costs more than a traditional internal combustion engine vehicle. The amount you ultimately pay may depend on a variety of factors, including your age, driving experience, and the make and model of the electric vehicle you drive.
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Electric vehicle insurance is usually more expensive than regular car insurance due to the low number of electric car insurance policies in Singapore, as well as the higher cost of electric vehicle spare parts. However, safe drivers and Singaporeans with a good NCD record can get better rates than other drivers. Casco insurance does not differ much regardless of price, but as the price scale goes up, more discounts and benefits are available
You’ll typically pay a little more to insure an electric car than you would for an insurance policy that covers a traditional car that burns fossil fuels such as gasoline or diesel. A typical policy can range from $900 to $6,000 with most insurance companies in Singapore.
Yes, car insurance is always mandatory in a city-state. As a minimum, you will always need at least third party car insurance.
Electric car prices in Singapore vary widely depending on the make, model and specifications you want. A standard Toyota Prius or Nissan Leaf can start at around $135,000, while a top-of-the-line BMW or Tesla can set you back $200,000 or more and inevitably attract higher insurance premiums.
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Typical running costs for electric cars can vary widely. In general, the cost of running an electric car is cheaper than filling up the tank of an old petrol or diesel car in Singapore.
The mass introduction of electric cars is hotly expected in the coming years, but currently customers cite the lack of charging points and short driving range as the main reasons for not buying an electric vehicle yet. Nevertheless, the number of public charging stations in Singapore will double by 2030, and manufacturers will continue to make technological improvements that allow for vastly improved driving ranges.
Electric car insurance in Singapore isn’t cheap, but it’s entirely possible to save money by shopping around, comparing the market and going directly to each authorized broker for a tailored quote. But before paying for EV insurance in Singapore, remember that:
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Submit your details and receive up to three loan offers from top licensed moneylenders selected by Loan Adviso. To find the cheapest car insurance plans, we compared 2020 Toyota Corolla Altis driver insurance premiums from all available car insurers in Singapore. By adjusting variables such as gender, years of driving experience, NCD discounts and car types, we were able to find which car insurers offer the most competitive rates for different types of drivers. While some prefer to keep their premiums as low as possible by offering basic coverage, others balance affordable prices with comprehensive benefits.
To find the cheapest car insurance plans, we compared 2020 Toyota Corolla Altis driver insurance premiums from all available car insurers in Singapore. By adjusting variables such as gender, years of driving experience, NCD discounts and car types, we were able to find which car insurers offer the most competitive rates for different types of drivers. While some prefer to keep their premiums as low as possible by offering basic coverage, others balance affordable prices with comprehensive benefits.
Budget Direct’s comprehensive auto insurance plan is the best choice for sedan and SUV owners who need basic protection and want to pay as little as possible.
The Budget plan is one of the cheapest available, with a typical car insurance quote averaging 48-54% cheaper than the average comprehensive plan for sedan and SUV drivers, regardless of the No Claims Discount (NCD). However, this price reduction comes at a price. Budget Direct’s medical, accident and roadside assistance cover is extra. Even so, the base premium is low enough that drivers can choose the coverage that matters to them and still pay extremely low rates.
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Budget Direct has two options to choose from if you need to insure multiple drivers. A named driver plan includes the base driver and any named drivers you add to your plan. The Authorized Driver package costs 15% more than the Designated Driver package, but it covers anyone you allow to drive your car. Due to the low prices, the Authorized package remains a competitively priced option for drivers who frequently rent out their cars. It can also be accessed by Budget Direct’s low-profile young and inexperienced driver, each exceeding S$500
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