Singapore is known for its world-class infrastructure and a highly regulated road environment. But owning a car in the Lion City is not just a matter of convenience—it’s a major financial commitment. Beyond the costs of Certificates of Entitlement (COEs), road tax, and maintenance, having a reliable car insurance policy is essential for both compliance and peace of mind.
With so many car insurers competing for your attention, how do you choose the right one? In this comprehensive guide, we’ll delve into the 10 best car insurance companies in Singapore for 2025, comparing their unique strengths, customer service reputation, coverage options, and value for money.
Why Car Insurance Matters in Singapore
In Singapore, all car owners are required by law to have at least Third-Party Only (TPO) insurance before their vehicle can be registered. However, most drivers opt for Comprehensive policies that cover accidental damage, theft, and a wider range of risks.
Car insurance not only protects your vehicle, it safeguards your finances in the event of unexpected incidents—especially given the high cost of medical care, repairs, and liability claims in Singapore.
Evaluation Criteria
When compiling this list, we assessed the insurers based on:
- Coverage Options (Comprehensive, TPO, Third-Party Fire & Theft)
- Claims Process & Efficiency
- Affordability
- Customer Reviews and Reputation
- Add-on Benefits (E.g. 24/7 roadside assistance, courtesy cars, NCD protection)
1. FWD Singapore
Best for Digital Experience and Fast Claims
FWD has quickly carved out a strong presence in Singapore’s insurance market, particularly for tech-savvy drivers. Their claims process is fully digital—many minor claims can be reimbursed within 24 hours.
Key Highlights:
- Comprehensive cover includes damage to your car, theft, fire, natural disasters, and personal accident protection.
- Offers lifetime NCD guarantee as an optional add-on.
- 24/7 emergency assistance.
- Affordable premiums, especially for new drivers.
Why Choose FWD:
Ideal for those who value speed, convenience, and modern digital services.
2. NTUC Income
Best for Reliability and Established Presence
A household name in Singapore, NTUC Income has a long-standing reputation for reliability and excellent customer service. Their Drive Master and FlexiMileage plans offer customisable options for various driver profiles.
Key Highlights:
- Optional add-ons like NCD Protector, excess waiver for young drivers.
- Approved workshops island-wide.
- Safe driver discounts through telematics-based policies.
Why Choose NTUC Income:
For those who want a dependable insurer with a large support network and flexible plans.
3. AXA Insurance (Now part of HSBC Life)
Best for Comprehensive Add-ons
Now operating under HSBC Life, AXA’s motor insurance policies are known for their extensive coverage options. Their plans are particularly attractive to owners of newer or high-value vehicles.
Key Highlights:
- New-for-old car replacement within the first 2 years.
- Unlimited windscreen cover.
- Transport allowance if car is under repair.
- Choice of workshop or authorised repairer.
Why Choose AXA/HSBC Life:
Best for drivers who want high-tier protection and premium benefits.
4. Etiqa Insurance
Best for Affordability with Good Benefits
Etiqa, a subsidiary of Maybank, offers highly competitive pricing with decent coverage. They are popular among budget-conscious drivers who don’t want to compromise too much on benefits.
Key Highlights:
- EzySave policy offers up to 25% off for safe drivers.
- Excess waivers for young and inexperienced drivers.
- 24-hour emergency towing service.
- Claims tracking online and via mobile app.
Why Choose Etiqa:
For value-for-money car insurance without hidden catches.
5. Singlife with Aviva
Best for Usage-Based Drivers
Singlife’s car insurance caters well to part-time drivers through its usage-based “Motor Lite” policy. It’s one of the few insurers in Singapore that charges you based on the distance you drive.
Key Highlights:
- Pay-per-kilometre pricing available.
- Motor Prestige plan includes valet service and unlimited towing.
- Optional electric vehicle (EV) cover.
- Quick and easy quote system online.
Why Choose Singlife:
Perfect for those who drive occasionally or want flexible pricing tied to mileage.
6. MSIG Insurance
Best for Wide Workshop Access
MSIG is known for its strong customer service and comprehensive workshop network. It also offers generous personal accident benefits and medical coverage.
Key Highlights:
- Free courtesy car for repairs lasting over 3 days.
- 24/7 roadside assistance.
- Up to $100,000 personal accident cover.
- Option for open workshop access.
Why Choose MSIG:
Great for those who want the freedom to choose where their car is repaired.
7. Budget Direct Insurance
Best for Customisable Plans
As its name implies, Budget Direct Insurance is focused on giving drivers the most flexibility in building their own plan while keeping costs low.
Key Highlights:
- Optional coverage for windscreen, NCD protection, and roadside assistance.
- Savings for low-mileage drivers.
- No-frills plans with strong core benefits.
- Strong online reviews and transparency.
Why Choose Budget Direct:
Ideal for cost-conscious drivers who prefer a build-your-own approach.
8. Sompo Insurance
Best for Japanese Car Owners
Sompo, with its roots in Japan, provides robust car insurance plans particularly suited to Japanese car models. They offer a premium “ExcelDrive” series with strong customer support.
Key Highlights:
- Towing and accident assistance available 24/7.
- Excess waiver for mature, experienced drivers.
- Emergency cash allowance for serious accidents.
- Special promos for selected models and partners.
Why Choose Sompo:
Especially suitable for Japanese car owners and seasoned drivers.
9. Tokio Marine Insurance
Best for Family-Oriented Policies
Tokio Marine provides family-friendly policies with generous medical and accident benefits for both the driver and passengers.
Key Highlights:
- Up to $50,000 medical reimbursement.
- Waiver of excess for named young drivers.
- Option to use your own workshop.
- 24-hour emergency hotline.
Why Choose Tokio Marine:
Best for family vehicles and those prioritising passenger coverage.
10. HL Assurance
Best for Promotional Offers
Though smaller than the other players, HL Assurance frequently rolls out promotional offers, such as road tax reimbursements and petrol vouchers. Their policies also include a standard set of benefits that are well-suited to most private car owners.
Key Highlights:
- Free roadside assistance with every comprehensive policy.
- Promotions on renewals and first-time signups.
- Up to $100,000 personal accident cover.
- 6-month car replacement for new vehicles.
Why Choose HL Assurance:
A great choice for first-time car owners looking to save on their initial expenses.
Tips When Choosing a Car Insurance Provider in Singapore
- Compare Beyond Premiums:
A lower premium may exclude crucial benefits. Always check what’s included (e.g. towing, medical cover, rental car). - Mind the Excess Clause:
This is the out-of-pocket cost you bear in a claim. Lower excess may mean higher premiums, and vice versa. - Look at the Workshop Policy:
Some plans restrict repairs to authorised workshops. If you have a trusted mechanic, consider open workshop options. - Use Telematics for Discounts:
Insurers like NTUC Income and Etiqa offer discounts based on driving behaviour recorded via mobile apps. - Don’t Forget the No-Claim Discount (NCD):
Your NCD can reach up to 50% in Singapore. Look for policies that offer protection against losing it in the event of a claim.
Final Thoughts
Whether you’re a new driver looking for an affordable plan, a parent needing comprehensive family coverage, or a tech-savvy motorist who prefers managing everything through an app—Singapore offers a wide range of car insurance providers to match your lifestyle and needs.
Choosing the right policy isn’t just about the cheapest rate—it’s about value, reliability, and peace of mind. By understanding the strengths of each insurer listed here, you can make a well-informed decision to protect your vehicle, your passengers, and your finances.
