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Compare the Best Car Insurance Plans in Singapore

Getting car insurance is an essential step in your car ownership journey. Without it, you won’t be able to drive your new car. But, finding the best car insurance plan is not as easy as it seems. There’s a lot for you think about. To name a few, there’s the annual premiums, type of coverage and different clauses in the different plans.

For any driver, experienced or not, this whole process of choosing the right insurance policy can be really draining and confusing. It’s not as straightforward and simple as finding the cheapest car insurance plan. There’s a lot more to it. Luckily, there are a lot of car insurance guides you can find online from trusted sources.

If you’re still confused after doing your own research, don’t worry! We’ve come up with a comprehensive list of car insurance policies to help you compare the best car insurance plans in Singapore!

The Best Car Insurance Plan

Personally, we don’t think there’s such a thing as “the best car insurance plan” because everyone has different needs. Additionally, just like a personal insurance policy, your profile affects the policy premiums. This means that everyone will have different requirements to meet and prices to pay.

For this article, we’ll be comparing car insurance policies from five key players.

NTUC Income Drivo Premium

Great for new cars and drivers who aren’t heavy road users

If you decide on NTUC Income for your car insurance, the Orange Force will be at your disposal if you get into an accident. We’re sure you’ve seen them around, a first-aid trained rider who will provide assistance and ensure your safety. It’s certainly a really unique benefit that many other companies do not offer. For this alone, we feel that it’s an excellent choice for your car insurance as it guarantees you total peace of mind during accidents.

Apart from the Orange Force, the Drivo Premium plan allows you to visit any workshop whenever the need arises. There’s an option for you to purchase extra coverage to waive the standard $600 excess too! NTUC also offers additional schemes like FlexiMileage and NTUC Drive Master program. These schemes allow you to offset your annual premiums if you meet their requirements.

However, we feel that this car insurance plan is certainly more beneficial for new cars that are still under warranty and drivers who aren’t heavy road users. These will allow you to maximise your policy.

Etiqa Comprehensive Insurance

Perfect for seasoned drivers or the budget-conscious

With only one plan in their arsenal, Etiqa offers a comprehensive no-nonsense plan for drivers. While many other companies cap their limits for young and inexperienced driver excess, Etiqa offers one of the youngest limits at just 24 years old. But of course, the caveat is that the excess charge is really high at $4,000. Another unique option that will surely appeal to owners of cars with a sun or moon roof. Etiqa offers an option for you to cover and claim for this part of your car for repairs. And the best part is, it won’t affect your NCD!

With personal accident coverage at $50,000, Etiqa offers a comprehensive plan with relatively high coverage. Additionally, if you happen to get into an accident, the company will even provide transport allowance, which is an awesome perk to have! If you decide to take up a car insurance policy from Etiqa, make sure you look out for their promotions (which happens almost every week).

FWD Classic Insurance

Probably the best car insurance plan for families

Ask anyone about FWD insurance, and it’s likely that they’ll tell you the same thing; car insurance plans from FWD are perfect for families.

Why? It’s simple, really. FWD’s plans emphasize heavily on personal accident coverage, so you know that you won’t be hit too hard financially.

Additionally, FWD offers a one-time payment for children if both parents are permanently disabled or in case of their demise due to a car accident. These will assure you and give you peace of mind, knowing that you won’t have to burden your family if anything happens.

Furthermore, there are a lot of benefits when you sign up with FWD. For instance, all their plans come with transport allowance and they’ll even provide you with a replacement car.

While one of FWD’s requirements is that you can only visit their authorised workshops, it’s actually not that bad of a thing. When you visit one of their authorised workshops, you will receive an extended workmanship guarantee until your car turns 10. It’s a really good value-added service to have in your car insurance plan.

The best part of FWD’s car insurance plan? Their Classic plan is usually 30 – 40% cheaper than the average, which provides good value for money.

Aviva Lite Insurance

Good for drivers aged between 25 and 30

Remember the Aviva insurance plan you signed up for while serving your National Service?

If you happen to still be a policyholder, we’ve got some good news for you! You’ll be able to enjoy preferential rates if you choose to sign up for Aviva car insurance. Yay to discounts!

Also, you’ll be able to save even more money if you opt for a dual year plan. Opting for this will save you an additional 5% on your premium!

Aviva also offers one of the youngest limits for young and inexperienced driver excess at 24 years old. So, if you’re a driver that fits the bill (younger than 24 years old or less than 2 years of driving experience), you should seriously consider getting your car insurance from Aviva.

Especially their Aviva Lite plan which is cost-efficient, making it perfect for younger drivers.

Budget Direct Comprehensive Car Insurance

For the cheapest possible car insurance

If you’re looking for a basic and cheap car insurance plan, Budget Direct’s Comprehensive plan is what you should get. Depending on the driver and his record, their plans can go up to 40% below market average. Which helps you save a whole lot more on your annual premiums.

Even though you’ll have to pay extra for medical, personal accident and roadside support coverage, Budget Direct’s plan is quite good. It’s highly customizable, allowing you to pick and choose different options that best suits you.

No One Size Fits All Plan

To us, there’s no such thing as a one size fits all insurance policy that can be crowned as the “best”. Cheap doesn’t necessarily mean good and expensive plans don’t mean that it will fit your needs.

There are too many variables, considerations and requirements for you to think about. Which is exactly why finding car insurance can be quite a chore!

So how do you make it easier for yourself?

With CARRO’s sister company, Genie Financial Services, this troublesome task will become a whole lot easier! Through a hassle-free digital experience, you can select a car insurance policy from a list of trusted insurers, all from the comfort of your home.

Through a fast and easy process, you can sit back and relax while Genie takes over your application. You don’t even need to handle the paperwork (urgh) yourself!

You’re guaranteed to enjoy only the best deals for your plan! Getting your car insurance is now hassle-free!

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CARRO & NTUC Income’s Usage-Based Insurance For Car Subscription: All You Need to Know

In partnership with NTUC Income, CARRO has launched Singapore’s First True Usage-Based Insurance (UBI) program bundled exclusively into their car subscription service. The new initiative, which is backed by tech and data analytics, aims to lower the costs of driving in Singapore through its pay-as-you-drive model. This means that the less you drive, the less you’ll pay, allowing drivers to save more for the better things in life.

With the program being the first of its kind in Singapore, here’s what you’ll need to know about the UBI model, the technology behind it, as well as the benefits for consumers.

How is Usage-Based Insurance Different?

Traditional auto insurance charges an annual premium based on the type of coverage you choose.

The annual fees are also determined by the profile of the driver, as well as personal details like driving experience and claim history. Additionally, insurance companies take into consideration the type of car you drive, its engine capacity and age.

To reward those who have not made any claims over the past year, drivers will receive a no-claim discount (NCD) of 10% off their annual premiums. Your NCD bonus multiplies year-on-year, as long as you don’t make a claim, and is capped at a 50% bonus.

While traditional auto insurance uses a discount model based on a driver’s profile and history, UBI is a true usage-based offering – your monthly premiums are charged based on the exact distance driven. So, the lesser you drive, the lesser you pay.

In this way, rather than offering you a discount that will only take effect during renewal, UBI offers more value to drivers as it allows them to maximise savings every month.

The Technology behind UBI

The key behind UBI is Vehicular Telematics. This technology tracks your mileage and sends that data to a backend server to calculate your insurance premium for the month.

While the use of telematics is nothing new to auto insurance, the joint offering from CARRO and NTUC Income is designed with the intention of maximising technology and data analytics to give back to consumers through higher savings.

Currently, insurers are using telematics to reward safe drivers by assessing a driver’s risks through tracking driving behaviours like speeding and sudden braking. Discounts are only given after drivers have proven that they are safe drivers through the data tracked via telematics devices.

On a secondary level, telematics has also been used to track how far a driver has driven. However, the huge difference is that these existing telematics products tie their discounts to tiers or distance brackets – below 5,000km, between 5,000km – 9,000km or above 9,000km – while UBI does not.

With UBI, you’ll find the first-in-the-market policy to charge you based on the exact distance travelled, calculated right down to the kilometre.

The Benefits

The biggest benefits that UBI offers are cost-efficiency and flexibility.

As the policy charges you based on how far you’ve driven, this will be ideal for drivers with unpredictable schedules or those who only drive short distances each time. For example, a parent who only drives when she needs to drop off or pick up her kids from school.

Traditionally, how much you use (or don’t use) your car won’t affect your insurance premiums. But with UBI, you will most certainly benefit from your unpredictable schedule. You’ll simply pay for how much you use your car and will save more each month.

Enhanced Flexibility

As of now, the offering is exclusive to our Car Subscription plans, where you’ll get to enjoy even more flexibility, cut even more costs and enjoy amazing rebates when you drive less!

The monthly subscription fee covers the UBI premium and comes with a monthly cap of 1,500 kilometres. If the distance you’ve covered for the month falls under this cap, you will receive rebates to offset your monthly fee. The rebates will be automatically deducted in your next billing. This gives you a truly convenient and flexible car ownership experience.

Whatsmore, these rebates can amount to over $800 a year, further driving down your expenditure and maximising your savings! The enhanced flexibility you’ll enjoy is just another reason for you to switch from owning a car to subscribing to one.

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CARRO PARTNERS WITH NTUC INCOME TO LAUNCH SINGAPORE’S FIRST PAY-AS-YOU-DRIVE INSURANCE

He added, “We are confident that our usage-based insurance will allow many drivers to enjoy savings, convenience and hassle-free experience through a trusted platform. Carro is proud to work with NTUC Income to extend this scheme to the wider pool of Singaporean car owners.”

Peter Tay, Chief Digital Officer at Income said: “Innovating with leading digital partners has enabled Income to continually reimagine insurance and bring even more value to consumers in Singapore. Our collaboration with Carro has equipped us with invaluable customer insights which empowered customisation of insurance solutions. We believe our customer-centric approach to innovation will allow us to bring even more products to Carro’s customers and Singapore car owners at large.”

Drivers that have an existing subscription plan with Carro will automatically benefit from this usage-based insurance offering. Their savings will be reflected in the next billing cycle.

Carro’s subscription model, first of its kind introduced in Singapore – offers all-in flat monthly charges starting at S$1,399 that covers insurance, road tax, regular maintenance and 24-hour assistance.

Through Carro’s flexible subscription-based service, currently available in three plans – Daily, Roomy, and Fancy – users no longer have to stick with the same type of car for the full period of ten years. Users can choose to return the car anytime, forget about the need to sell the car after using – a truly hassle-free car ownership experience.

Carro is transforming car ownership through its 360-degree approach which includes buying and selling, financing, insurance, warranty, workshop and roadside assistance. To date, Carro’s forays across Southeast Asia include Singapore, Thailand and Indonesia. The company is the region’s largest automotive marketplace – having transacted over US$500 million worth of cars in 2018.

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