Like most other countries in the world, car insurance in Singapore is compulsary. You must show proof of insurance every time you renew your road tax.
The cost of car insurance in Singapore obviously varies on the type of car you drive and the type of insurance you choose, but generally, the prices are not much different from most countries in Europe or from the US. There are, however, some things to note:
Due to the relatively high purchase price of cars in Singapore, most people choose comprehensive insurance their car. This brings the price of comprehensive insurance down quite considerably. You will have to take into consideration the excess and other influencing factors such as young driver inclusion and market or agreed value. Do check that the insured value is sufficient since your idea of market value and the insurer's idea of market value may vary (much)
Your No Claim Discount from your home country is taken into consideration when you get insurance here. Do take with you a proof of NCD from your insurance company back home as this can save you a lot of money.
There may occasionaly be very large fluctuations in insurance premiums. If the insurance companies have had a bad year, do not be surprised to find the premium of your (type of) car doubled the next year. This is particularly the case if you own a coupe sports car. Insurance companies charge much higher premiums for sports cars, and many Singapore insurance companies won't even insure your sports car at all!
Your dealer can always help you get car insurance, but you may be better off doing a bit of shopping around. Premiums may vary quite a bit from company to company. Most large international insurance companies have offices in Singapore and there are many respectable local companies too. It's probably a good idea to do some research on the web and call various companies to compare some prices.
You can insure a normal, average, new family car for around $800 - $1000 per year, based on 50% NCD and comprehensive insurance. (Coupe) sports car will be double that amount.
Error processing SSI file
Do you need more info? Leave a message on our expat message board!