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Compare and Buy Car Insurance in Singapore

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We are not just a regular Car Insurance comparison platform. On Insurance Market we stop the confusion and create “zen” by showing you exactly which policy provides you best value for money based on your personalised needs. On top of that, we help you with your admin. We do that by storing your new policy in your own online account, available to you any time anywhere. This account can also be used for other policies you buy through us. This way we create a neat policy overview and enable you to keep your personal details up-to-date, which will come in handy next time you book a policy, saving you from having to endlessly input the same information.

all insurance promotions are included in our prices
 

Personalised Choice

All of us are different and have our own personalised needs. Suitable Car Insurance for one person may not necessarily be the best policy for another. Insurance Market recommends the best Car Insurance policies, based on your personal requirements and preferences.

Best Value for Money

A cheap policy may turn out not providing the level of cover you need and may cost you a lot at the end of the day. We compare insurers not only on price but use sophisticated algorithms to give you a quick score that makes the quality of their coverage comparable. So you have all the info you need to choose.

Unbiased Advice

We look at policies clinically and without bias. We apply our rating models and analysis when we compare across different types of Car Insurance policies in Singapore. We gather all the important information and then recommend the best policies for you to choose from.


 Testimonial Car Insurance Robert

What our customers say…

“When I bought my car I also got my insurance at the dealer. When I had to renew I checked out several sites. I found just what I needed to insure my car via Insurance Market.”
Robert

 

Available Car Insurance Policies

Currently, Insurance Market has the following Car Insurance Policies available to compare and buy directly online:

 
Buy Liberty Private Car Insurance

Liberty Private Car

Private Car with Third Party from S$482

Buy Liberty
Private Car
Buy Liberty Private Car Insurance

Sompo Third Party

Private Car with Third Party from S$386

Buy Liberty
Private Car
Compare Car Insurance Plans

Compare Plans

EQ Insurance Classic Plan, China Taiping Autoexcel, China Taiping Autosave, AXA Insurance Essential or SmartDrive & MSIG Insurance MotorMax (Plus)
Compare other Plans
 
Compare Car Insurance Plans

Compare Plans

Direct Asia Flexible or Value Plan, NTUC Income Drivo Classic or Premim & Aviva Motor Car Policy
Compare other Plans
 
 
 

Cover and Benefits

Insurers offer three main types of motor insurance policies;

  • Comprehensive Cover covers repair or replacement of your vehicle if it is damaged or lost as a result of theft, accident, vandalism or weather-related damage. It also covers accidental loss or damage to your car, its spare parts and accessories and liability of claims from third parties for damage to property and people. Comprehensive coverage differs significantly from one insurer to another. You must purchase this policy if your car is financed. We recommend you also buy this policy if you don’t have enough savings to replace the car, or are economically dependent on it.
  • Third Party, Fire and Theft Cover covers injury and damage caused by your vehicle to another party’s vehicle or property, it also covers your vehicle if it is stolen or damaged by fire. To purchase this policy, you must not have any loan financing your car. You should also make sure you have enough savings to replace the car, especially if you are economically dependent on it. For newer cars it is better to get comprehensive insurance.
  • Third Party Cover covers liability claims from third parties for injury and damage to their vehicle or property caused by your vehicle. To purchase this policy, you must not have any loan financing your car. You should also make sure you have enough savings to replace the car, especially if you are economically dependent on it. For newer cars, it is better to get comprehensive insurance.
In Singapore, there are two types of motor insurance scheme. Authorised Workshop or Any Workshop. An authorised workshop is one that has an arrangement with the insurer and hence the scheme has a lower premium because the insurer has control of the repair cost.

A reason for people to choose the “any workshop” scheme is because they have a certain model car which can only be fixed in designated workshops

NCD


If you have not made any claims for a year or more, you are entitled to a No-Claim Discount (NCD)). The NCD reduces the policy premium for the following year. This is your insurer’s way to recognize you for being a careful driver. The following table shows how the NCD is set by all insurers across the industry.

Period of insurance with no claim Discount on renewal
1 year 10%
2 year 20%
3 year 30%
4 year 40%
5 years or longer 50%

 

In principle, your NCD applies to you and not to your vehicle. For example, if you sell your vehicle and buy another one, you will retain your NCD. However, if you own more than one vehicle, you might have a different NCD for each vehicle. You should check the details with your insurer, but generally your NCD can be transferred to another vehicle owned by you, but it can’t be applied to more than one vehicle at any point in time. Your NCD cannot be transferred to another person.
Not necessarily. All insurers in Singapore use a guide called the Barometer of Liability Agreement (BOLA) to determine how much each party is liable in an accident. The BOLA is designed to speed up claims processing. It does not diminish your right to contest liability under the law. Under the BOLA, your NCD will not be affected if your liability is 20% or less in an accident involving an identified vehicle. In all other cases, your NCD may be affected.
Most insurers in Singapore will allow you to keep your NCD should there be a break in ownership for up to 24 months. Some insurers set the timeframe at 12 months. You should contact your insurer for details.
Some insurers may allow you to buy protection against the loss of the discount. By paying a small amount of extra premium (add-on), you can make one claim during the year, and still have the discount fully protected. Please check on our site whether NCD cover is available.

General & Eligibility

Insurance premiums change constantly and insurers will compete for different profiles of drivers in order to balance their risk portfolio. Therefore, your current insurer might not be able to give you the best premium. Insurance Market helps you to save money or get better terms on your motor insurance through comparing quotes instantly.
1 to 1.5 months in advance will be good, so that you have ample time to renew your Road Tax and get your car inspected and passed, if you need to.
You will be paying to Insurance Market Pte Ltd. Insurance Market is a licensed by the Monetary Authority of Singapore to collect premiums on behalf of insurance companies.
You can choose to renew it through Online Banking, Automobile Association, AXS machine, or Singapore Post Office.
Excess, also called deductible, is to the first amount of the claim which the insured has bear. If the insured has an excess of S$750 and the total repair costs S$3,000, then the insured has to pay S$500 while the insurer pays the remaining S$2,250.
The insurer normally imposes some excess as this would serve as a form of co-insurance. With an excess, the insured would tend to be more careful because if a claims occur, the insured also has to be out of pocket and contribute towards the claim. In general, the higher the excess, the more careful would be the insured and hence the lower risk of having a claim, to reduce frivolous (unnecessary and avoidable) claims.
By having a lower excess, the insurance premium payable will be naturally higher. However, certain insurance companies will waive off your excess if you enjoy 40%-50% NCD. Therefore, it depends on the offering of the insurance companies, therefore, should seek for insurer who offer low excess but yet competitive premium.
When the sum insured does not include the COE, the general practice is for insurers to offer a 5% discount off the basic premium computed from the market value of the vehicles.

This is because the sum insured does not impact the premium pricing as much as the public might think. Most insurance claims are for repairs rather than total loss. Therefore,

the weightage given to premium pricing for the COE component is correspondingly lower since the bulk for the premiums charged goes towards paying partial loss.

If anyone has been hurt in the accident, call the police immediately.

Otherwise, a police report should be made within 24 hours of any accident that involves

  1. Damage to a government vehicle or property.
  2. A foreign-registered vehicle
  3. A hit-an-run incident
  • The parties involved should exchange particulars, including their names, identity card numbers, telephone numbers, addresses, insurer and vehicle number. If there are witness, note their contact details.
  • If you have a digital camera or camera phone, take photographs of the accident, the vehicles and the scene.
  • Call your insurers hotline for a tow truck or for further advice on how to handle the accident
  • Report the accident and take your accident vehicle, whether damaged or not, to the approved reporting centre (provided by your insurer) within 24 hours or by the next working day.
  • Take with you the completed Singapore Accident Statement, which contains two forms, if you have it. You can also ask your approved reporting centre or authorised workshop to help you fill up the forms
  • Avoid discussing which party is at fault. Refer all communication from the other drivers or their lawyers to your insurer. Do not authorise any repair work without the consent of your insurer.

Insurance Market Pte Ltd is a MAS approved broker
Our address is Oxley Biz Hub #03-65, 65 Ubi Road 1, Singapore 408729

The above prices are normal non discounted starting off prices. The actually policy premium maybe higher depending on your personal situation and requirements.