Automobile Insurance Cost – The two main factors that insurance companies use when determining car insurance rates are age and gender. Insurers consider these characteristics valuable information about your driving experience and chances of getting into an accident. The more likely you are to be in an accident based on these two factors, the less money the company pays out through your insurance and the less money you get.
But this difference makes it a little difficult to know if you’re getting a fair price as a potential customer or if you’re being ripped off. With this in mind, we’ve crunched the numbers to find the average cost of car insurance in Singapore based on your age and gender. We hope this gives you the knowledge to recognize a good deal when you see one.
Automobile Insurance Cost
The team collected quotes from major insurers in Singapore to see how age affects the price of car insurance. The following rates are inclusive of 0% No Claims Discount (NCD) for 5 years of driving experience and continuity and do not take into account the significant discount you get for more years of driving experience and higher NCD effect. For example, for someone with a clean driving record, their NCD can save them more than 50% on their car insurance premiums.
Age And Motor Insurance
Generally, insurance companies in Singapore charge higher rates for young drivers, while all older drivers (in their mid-50s) get much lower rates.
We found that drivers in their 20s charged an average fare of S$2,223, which was 36% higher than the average fare of drivers in their 40s (S$1,637). This is because young drivers are statistically more likely to crash because they have less driving experience. The lack of driving experience and the tendency of young drivers to drive recklessly increase the rates. This is an example when we study collected segments, where all drivers have the same driving experience but their age is different.
Drivers in their 20s should also note that in addition to higher premiums, they will also have to pay a mandatory standard excess for youth and/or driver success (usually between S$2,000 and S$3,000). Pay whenever they claim. This is important to note as different companies show different age definitions for young and/or inexperienced drivers under which fees are ordered.
What does it mean if I fall into the “young and/or untrained driver” age category? If your insurance policy covers more than S$600 and a young and/or disabled driver covers S$2,500, you will have to pay S$3,100 out of your own pocket for each accident before you get any benefits from your insurer.
Does Singapore Have The Highest Car Insurance Premiums In The World?
If you’re in your 20s, we strongly recommend that you read the fine print carefully to find out what you’ll be forced to pay before you take out a car insurance plan. If the plan comes with very young children and/or ineligible driver qualifications, it may be worth paying a slightly higher premium.
Related: Best car insurance for novice drivers 2024 Average car insurance prices for drivers in their 30s to 50s
While car insurance costs drop significantly for male and female drivers in their 30s and 40s, we see overall insurance premiums rise again as drivers enter their 50s. This is because many insurers believe that drivers are more prone to accidents as they age. We found that drivers in their 50s saw an average premium increase of S$1,784 or 9% compared to those in their 40s.
Many insurance companies charge higher rates for men and women in their 60s than for men and women in their 50s. We advise senior car insurance customers to pay attention to this when considering which plan to purchase.
Average Cost Of Car Insurance (2024)
We found that male drivers pay more for their car insurance premiums than females. Drivers in their 20s have the largest premium cost gap between the sexes, with men paying an average of 12% more for their car insurance policies than women. Our 2024 data shows that men in their 50s and 60s are paying a few dollars more than their female counterparts.
Men pay higher premiums than women of all ages because insurance companies are more prone to accidents and therefore more risky. These rates are inclusive of 5 years of driving experience and 0% No Claim Discount (NCD) and do not take into account the significant discounts you get for more years of driving experience and higher NCD. For example, for those with a clean driving record, their NCD can save up to 50% of their car premium.
** Based on male/female driver 2020 Toyota Corolla Altis 1.6 (0% NCD, 5 years driving experience).
To come to our conclusions about the average cost of car insurance for Singapore consumers, we collected data and obtained quotes from car insurance providers in Singapore.
How Much You’ll Pay For Car Insurance For Your Age & Gender
To measure our results, we need to make certain assumptions about the type of plan and level of coverage the average customer wants. This study assumes standard comprehensive coverage as comprehensive coverage is mandatory for owners of vehicles less than 10 years old that are still under financing. Due to the cost of cars in Singapore, this has become the most common insurance plan you can buy. In an effort to ensure that citations reflect a comparable level of coverage, we strike a balance by selecting basic comprehensive approaches that are a “standard” system that excludes other optional “bells and whistles” features.
A driver profile is used to obtain regular citations across all variables except age and gender. He/she is a single driver (unmarried) of Toyota Corolla Altis 1.6 2020, and part-time car owner and new driver, 5 years driving experience, no claims and 0% NCD (no concession rights). She works professionally at home. The average value reflects the average of citations received for male and female driver profiles.
The quotes and data used for this study were collected from five car owners in Singapore. These companies are selected based on their popularity among Singaporean customers along with getting quotes and detailed information about their plans.
Consumers should make conscious and informed decisions by getting more information about a product, looking at all the facts and making intelligent comparisons.
Oc] Car Insurance Prices Top Latest Cpi Report
Compare the best car insurance plans to find the perfect amount of coverage for you at the right price. If you are looking for more comparisons of other insurance products, visit PolicyPal for more information.
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One of the most frequent questions we get from new and used car buyers is, “How much does it cost to insure my ride?” Unfortunately, there is no easy answer to this question.
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Some consumer advocates point to ratings for guidance. According to a report by the National Association of Insurance Commissioners, the average cost of a “comprehensive” insurance policy (one that offers liability, comprehensive and accident coverage—more of some) was $1,062 in 2021 ( new data from NAIC ).
These figures give you a rough idea of how much you can pay for an insurance policy. But they are averages—actually, averages of extremes. That means they are not better than expected. Costs vary from state to state, county to county, and insurance provider to insurance provider. So you should choose the provider wisely.
Only the insurance company you choose—whether it’s Allstate, Progressive, USAA, Farmers, GEICO, or another—says “how much?” can answer that. Precision questions. Each factor and formula is listed to assess risk and determine your annual tax.
However, regardless of the carrier, there are some standard factors you should consider when deciding how much to pay. We’ve broken them down into three categories: you, your car, and the type of coverage you want to buy. Here’s how each price affects the equation.
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There are different “factors” that companies look at when focusing on your risk
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