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Insurance Rates For Young Male Drivers – Age and gender are the two main factors insurance companies use when determining car insurance premiums. Insurers consider these characteristics valuable information about your driving experience and the likelihood that you will get into an accident. The less likely you are to be in an accident based on these two factors, the lower the cost the company will pay to insure you, and the cheaper the quote you will receive.
But this change makes it somewhat difficult as a potential customer to know if you are being offered a fair rate, or if you are being ripped off. With that in mind, we’ve crunched the numbers to find out the average cost of car insurance in Singapore by your age group and gender. We hope this arms you with the knowledge you need to recognize a good deal when you see one.
Insurance Rates For Young Male Drivers
The team collected quotes from a collection of major insurers in Singapore to see how age affects the cost of car insurance. The rates below assume 5 years of driving experience and a No Claims Discount (NCD) of 0% for consistency, and thus do not take into account the significant discounts you get for more years of driving experience and Available for higher NCDs. For example, for those with clean driving records, their NCD can save them more than 50% on their car insurance premiums.
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Generally speaking, insurance companies in Singapore charge the highest rates for younger drivers, while older drivers get the cheapest rates. We found that drivers in their 20s are charged an average of S$2,165, 36% higher than the average rate for drivers in their 40s (S$1,596). This is because young drivers statistically pose a higher risk of being involved in an accident, due in part to their relatively fewer years of driving experience. In addition to lack of driving experience, rates increase for young drivers because of their tendency to drive recklessly. This is the case when we studied the collected references, in which all drivers had the same driving experience but were of different ages. As further evidence of this, an online survey conducted by AIG Singapore in 2015 found that 63% of respondents aged 18 to 35 admitted to unsafe behavior on the roads.
Drivers in their 20s should also note that in addition to the higher premium, they may be required to pay a young and/or inexperienced driver surcharge (usually in the range of S$2,000 to S$3,000). would have. The mandatory standard excess must be paid when they file a claim. This is something that is very important to pay attention to, as different companies designate different ages under which the fee is applied.
What does that mean? If your insurance policy is more than S$600 standard, and a young and/or inexperienced driver is more than S$2,500, you will have to pay S$3,100 out of pocket every time you have an accident. Get any benefits from your insurance. If you’re in your 20s, we highly recommend you read the fine print closely to see what you’ll be obligated to pay before committing to a project. It may be worth paying a slightly higher premium if the plan comes with a significantly younger and/or inexperienced driver excess, or if you can avoid paying it. To learn more about which insurers offer the best deals to young drivers, you can read our guide to the best car insurance plans in Singapore.
While car insurance premiums drop for both male and female drivers in their 30s and 40s, we found that insurance premiums generally start to rise again when drivers enter their 50s. This is the reason why many insurers consider drivers to be more prone to accidents as they age. We found that drivers in their 50s faced an average rate of S$1,684, a 6% increase over those in their 40s.
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Although some insurers in Singapore continue to increase premiums as drivers age into their 60s, this is not the case for others*. While many of the companies studied for men and women in their 60s compared to men and women in their 50s (AXA, Aviva, Budget Direct, FWD, HL Assurance and Sompo), Etiqa and DirectAsia actually charged low prices for 60 years. old party We strongly advise senior car insurance customers to pay close attention to this as they consider which plan to purchase.
We have seen that male drivers always pay more for their car insurance premiums than female drivers. Drivers in their 20s had the biggest cost gap between genders, with men paying an average of 7.8% more for their car insurance policies than women. The price difference narrows as drivers get older, and in fact, our 2020 data shows that women in their 50s and 60s pay a few dollars more in premiums than their male counterparts.
Men have to pay higher premiums than women in all age groups because insurance companies consider them more prone to accidents and therefore a greater risk. In fact, Aviva’s claims data for 2015 shows that men are 1.4 times more likely to be in an accident than women.
These rates assume 5 years of driving experience and a no-claims discount (NCD) of 0%, and thus do not take into account the significant discounts you get for more years of driving experience and a higher NCD. will meet For example, for those with a clean driving record, their NCD can save them up to 50% on their car premium.
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To arrive at our determination of the average cost of car insurance for Singapore consumers, we collected data and collected quotes from seven leading car insurance providers in Singapore.
To standardize our results, we need to make certain assumptions about the type of plan and level of coverage sought by the average consumer. This study assumes standard comprehensive coverage, as comprehensive coverage is mandatory for owners of vehicles less than 10 years old that are still under financing. Due to the cost of cars in Singapore, this makes it the most common type of insurance plan purchased. In an effort to ensure that the quotes collected reflect a comparable level of coverage, we have standardized medical expense coverage, personal accident benefits and loss of use for all quotes we collect. There are what are generally considered “value” plans that include other “bells and whistles” optional features.
The driver’s profile we used to obtain quotes was consistent across all variables except age and gender. He/she is an unmarried driver of a 2019 Toyota Corolla Altis 1.6, and is a first-time car owner and relatively new driver with 5 years of driving experience, no claims filed, and 0% NCD ( No claim discount). He/she works as a professional at home. The average price reflects the mean of the quotes collected for a male and female driver profile.
References and information used for the purpose of this study were collected from 12 car insurance companies in Singapore. These companies were selected based on their popularity among consumers in Singapore as well as the ease of obtaining quotes and detailed information about their plans.
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*A good example of this is Liberty Insurance, which launched a new motor insurance plan in 2014 in collaboration with the Automobile Association of Singapore (AAS) and the Singapore Optometric Association, specifically for elderly drivers with a good driving record, the AA Senior Motor. Plus policy. .
** Estimates here are alone, and have not been reviewed, approved or otherwise verified by insurance providers.
Anastasia is a senior research analyst in Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her previous work experience includes work in the capital markets sector. His analyzes around insurance, healthcare, international affairs and personal finance have been featured on Asia One, Business Insider, DW, Vice, Her World, Asia Insurance Review, Australian Institute of International Affairs and more.
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