Average Car Insurance
The average car insurance in Singapore issued by many well-known insurance companies such as NTUC Income, Aviva Ltd, AXA Singapore, AIA Singapore, AIG Singapore, MSIG Singapore and much more, usually comes in 3 different types of coverage. The 3 types of coverage are namely, third-party coverage, the third party with fire and theft coverage and comprehensive coverage. On average, the car insurance issued are of comprehensive nature because most people in Singapore opt for higher coverage.
At SingaporeCarInsurance.org, we had compiled a list of information based on our research on the average car insurances in Singapore that we reckon can help you make a clearer purchase for your car insurance. If you need a car insurance urgently or want us to provide you with a quotation do feel free to send us an enquiry, we are glad to serve you.
Average Car Insurance Prices
The average car insurance prices fluctuate due to vehicles’ model, driver experience and other factors. In estimation, the average car insurance prices may range from as little as $600 to $4000 or higher. Here are some of the main factors which affect the average car insurance prices and how they affect the average prices of car insurance.
In Singapore, the term driver’s experience is defined by how long a person holds a certified driver’s license instead of the actual number of years driving. Therefore, it is always good to get a driver’s license early even if you are not driving for the years to come. As the longer you have the driver license, the lower the average car insurance cost becomes. Here is a guideline which you may use:
- 0 years to 1 years - Extremely High Cost
- 1 years to 2 years - High Cost
- 2 years to 4 years - Standard Rate
- More than 4 years - Total average car insurance cost decreases with the inclusion of discounts.
Vehicles’ Make And Model
The vehicles’ make and model can greatly affect the average car insurance cost. When factoring the vehicle make and model, insurance agencies will consider the following elements: type of vehicle, the age of the vehicle, vehicle safety and whether the car is under finance loan.
- Type of Vehicle - Type of vehicle affects the average car insurance premiums because a higher performance car will attract more risks than a lower performance vehicle. For instance, a 2016 Ferrari 488 Spider will have a higher chance for the owner to speed over the limit causing an unlikely accident. This will result in high damage costs for the insurance company. Furthermore, the 2016 Ferrari 488 Spider is a more attractive target for theft and vandals compared to a 2016 Toyota Fortuner.
- Age of Vehicle - Age of the vehicle decreases the average car insurance prices when the vehicle becomes older. This is controversial to many locals in Singapore as they tend to believe their new cars are less likely to break down, therefore the premiums should be lower. However, the insurance companies see a new car as a bigger risk than an older car because if both vehicles were in two separate accidents. The cost of damages will be much greater in the new car compared to the old car considering they are the same make and model.
- Vehicle Safety - Vehicle safety can help reduce the average car insurance cost because the increased safety and durability can prevent excessive damage and also protect the drivers and passengers.
- Vehicle Under Finance - A vehicle under finance will incur higher insurance costs because the bank will require better coverages to protect their investment. Until the owner cleared the loan, the cost of average car insurance will remain high.
Vehicle Engine Capacity
The vehicle engine capacity is the total volume of the cylinders of the engine measured in cubic centimetres (CC). The higher cubic centimetres (CC) engine will result in higher average car insurance prices.
Average Car Insurance Excess
The average car insurance excess ranges from $500 to $800 or higher. However, instances when drivers decide to go for $0 excess as they want to fully protect their cash asset. In such cases, the premium of the car insurance increases.
Average Car Insurance Coverage
The average car insurance covers the repair cost of a damaged windscreen and towing charges of a vehicle resulting from a traffic accident. In addition, if the vehicle is beyond repair, most average car insurance will have a payout for the total loss of the vehicle.
Average Car Insurance Conclusion
While it is possible to do your own research to find the car insurance that best suits your needs, it takes a lot of time and effort. Rather than doing that, you can engage us to help you with the management of your car insurance today.