Cheapest Car and Motor Insurance Plans in Singapore to Purchase in 2025

Auto insurance is mandatory in Singapore. It’s a good thing, then, that there’s a slew of different providers offering plenty of choices for drivers to choose from.

Just like with other types of insurance, there’s always the danger of buying more insurance than you need. This means you’ll simply be wasting your money on needlessly expensive premiums.

To help you cover your car insurance needs and avoid high premiums (because I mean, how expensive are cars nowadays?), we’ve put together a list of five of the most affordable car insurance policies with comprehensive coverage that should suit the needs of most drivers.

* Comparison profile: 43 years old, single, male driver of Suzuki Swift 1.5 registered in 2018, two years’ driving experience with clean driving record, NCD 20% and selected excess S$600, going for comprehensive coverage. The Annual Premiums are rounded up to the nearest dollar. The Monthly Premiums are based on the Annual Premium figures.

* Comparison profile: 43 years old, single, male driver of Suzuki Swift 1.5 registered in 2018, two years’ driving experience with clean driving record, NCD 20% and selected excess S$600, going for comprehensive coverage. The Annual Premiums are rounded up to the nearest dollar. The Monthly Premiums are based on the Annual Premium figures.

Designed for those who want an affordable car insurance plan that’s ‘just enough’, Allianz Motor Protect goes for a stripped-down approach, focusing on covering the most common scenarios that average drivers are likely to encounter. That said, you’ll have to pay extra for NCD protector. 

The Comprehensive plan is, of course, the most holistic Allianz Motor Protect plan there is though it is important to note that additional premium applies to optional cover for personal accident and medical expenses and choice of repair workshop, too. 

A benefit that’s rarely seen but worth mentioning is the no-additional-premium, Agreed Value Payout at Total Loss benefit exclusive to the Comprehensive plan. This benefit pays you the value agreed at the start of the policy year, in the event of total loss of your car. In short, it helps preserve the value of your car against monthly depreciation! You can read more about it in our Allianz Motor Protect car insurance review here.

This low-cost car insurance is ideal for drivers who want adequate coverage without having to pay for extra perks that may only be situationally useful. The flexibility afforded in designing their own preferred coverage is a prized one amongst drivers.

What makes Singlife Car Insurance (Prestige) so attractive is the waiver of excess for windshield repairs (normally S$100) and for young and inexperienced drivers (S$2,500 to S$3,000) - this already provides instant potential savings in case of an accident. 

Additionally, whereas other insurers deduct up to 30% of your NCD for ‘at-fault’ claims, Singlife deducts just 10%. Don’t underestimate the effect of this difference - by imposing a less harsh deduction, you not only save money, but will also find it easier to get back to the maximum 50% discount. 

Another notable advantage is the 24-month eligibility period for getting a brand-new replacement for your car. Other insurers limit this to just 12 months.

Looking for cheap car insurance? Etiqa Third Party Only Private Car Insurance ranks as our cheapest in the list.  

What makes this plan attractive is that you can choose your own level of excess for any ‘at fault’ claims. Choosing a higher excess will lower your premiums, helping you save more money. 

However, if you do get into an accident and are found to be at fault, you’ll need to cough up the higher excess. Hence, be sure to hedge your risk by choosing an excess level you can comfortably afford.

Further savings offered by this plan comes in the form of the vulnerable driver excess, which is set at S$2,000 (compared to S$2,500 or more for other insurers).

While this lower excess presents potential savings, do note that the definition is broader than most - it also includes elderly drivers, in addition to the conventional young and inexperienced classifications.  

If you don't drive regularly, you could consider Etiqa's Drive Less Save More add-on as it could potentially help you save up to 30% in cash rebates yearly. To enjoy these rebates, simply upload a photo of your odometer and vehicle number, and upload them to Tiq by Etiqa app. However, do note that this add-on is only valid for new businesses.

MSIG MotorMax Plus isn’t the cheapest motor insurance plan.

However, it’s not very much more expensive than its peers, but offers amongst the highest benefits for personal accident, loan protection and damages.

The policyholder will gain S$100,000 coverage for personal accidents, while any authorised drivers and passengers are covered for S$50,000.

There is also a loan protection benefit of up to S$100,000, which is useful for paying off any remaining car loans should you become unable to do so.

And if your insured vehicle is less than 12 months old, you are also entitled to a new-for-old replacement of up to S$100,000 in case of extensive car damage.

Having these benefits can allow you to cover crucial gaps in your finances.

Unlike most other car insurance plans, HLAS Car Insurance doesn’t try to lock you into using only authorised workshops for repairs and maintenance.

Instead, you have complete freedom to choose any workshop you want, but you can get a 50% discount on your applicable excess, should you choose an authorised workshop. 

Combine this with the freedom to set the excess you want for claims, and you have a affordable car insurance policy that can help you save money when it matters.

You can save on your premiums by setting a higher excess. Then, when the need arises, send your car for repairs at an authorised workshop to pay only half of your excess. That’s a win-win for you.

Don't just settle for the first car insurance quote you receive. Instead, compare quotes from several different insurers to see which one offers the most affordable rates that also suit your unique needs and profile. You can use SingSaver’s online comparison tools to easily compare quotes side-by-side.

Many insurers offer discounts that can help lower your premiums. These discounts may be based on factors such as your age, driving experience, occupation, or even your vehicle's safety features. Be sure to ask your insurer about any available discounts to squeeze in those savings.

Major life changes, such as getting married, buying a house, or having a child, can sometimes affect your car insurance premiums. Be sure to inform your insurer of any significant life events, as you may be eligible for a discount.

The age of your car plays a significant role in determining your premiums. Newer cars generally cost more to insure due to their higher value and repair costs. Older cars, on the other hand, may have lower premiums, especially if they have a good safety record.

Your driving history is a key factor that insurers consider when calculating your premiums. Drivers with a clean driving record and more experience are generally seen as lower risk and may be eligible for lower premiums. Conversely, drivers with a history of accidents or traffic violations may face higher premiums.

Age is another important factor that influences car insurance premiums. Young and inexperienced drivers typically pay higher premiums due to their higher risk of accidents. As drivers gain experience and maintain a clean driving record, their premiums may gradually decrease.

Statistically, male drivers are more likely to be involved in accidents than female drivers. As a result, male drivers may face slightly higher premiums compared to female drivers of the same age and driving experience. Find out more about the common factors that affect car insurance premiums and see where you might be able to save on your plan.

While it's tempting to opt for the cheapest motor insurance available, it's important to ensure that the policy provides adequate coverage for your needs. Some cheap plans may have limited coverage or high deductibles, leaving you with significant out-of-pocket expenses in the event of an accident.

At SingSaver, we carefully curate the insurance partners we work with to ensure they offer cheap car insurance that maximises value for money. This means you can find affordable car insurance plans in Singapore  without compromising on essential coverage.

To sum up, finding cheaper car insurance in Singapore requires careful consideration of various factors, including your driving profile, coverage needs, and budget.

While opting for the cheapest car insurance plan might be a priority for many, that shouldn't always be the most important factor when your financial future might be affected.

By comparing quotes from multiple insurers, asking for discounts, and understanding the factors that affect premiums, you can secure the most affordable car insurance without compromising on essential coverage. You should always get a plan that fits your needs in terms of coverage, and choose one with an excess amount that you're comfortable paying for, in the unfortunate case of an accident.

Ultimately, it depends on you to weigh your options and strike a balance between budget and coverage because at the end of the day, you won't want to purchase cheaper car insurance only to find out that you're not covered sufficiently when you try to make a claim.

Shop around for the best car and motor insurance plans on SingSaver!