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Singapore Car Insurance - How Your Car Insurance Premium is Determined

In Singapore, car insurance premiums are priced according to the risk level insurers have to bear. As a consumer, knowing these factors help you navigate around potholes so you can get the most competitive motor insurance in the market -- every time.

In general, the following are major factors that insurers take into consideration:

1. Make and Model of Vehicle, Engine Capacity and Age of vehicle

Generally the more visually attractive and higher-performing cars with high engine capacity will attract the highest car insurance premiums.

2. Nature of Vehicle Usage (private use/corporate use/commercial use/hire, etc.)

Premiums change with different types of vehicle utilization. This is because the exposure to risk is higher for vehicles meant for commercial use or hire.

3. Age, Sex and Occupation of Driver

Insurers are biased - they tend to offer females better rates than males and prefer older drivers under seventy years old than young, inexperienced drivers. For the occupation of the driver, most insurers only classify them according to indoor or outdoor work.

4. Marital Status of Insured

Married drivers are charged less than single ones - sometimes this difference can be as much as 7%.

5. Driver experience (Number of Years)

Most insurers would not even bother to insure drivers who have less than one year’s driving experience and will slap drivers with only a year of driving experience with an exorbitant premium. With more than four years driving experience, you can enjoy better rates than drivers with less.

6. Claims History of Driver

Some insurers decline...

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