Best Cheap Car Insurance for Luxury Cars 2018

Purchasing a luxury car is a dream come true for many people, so keeping it well protected with comprehensive motor insurance is a must. After analysing benefits and comparing prices from 12 car insurers across Singapore, we have found the best policies for luxury car owners based on price and scope of coverage.

Car Insurance
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Cheapest Car Insurance for Luxury cars

Luxury cars generally exhibit higher premiums due to the higher payouts insurers will have to make in the event of an accident. However, it is possible to find a great car insurance plan that will provide ample coverage without breaking the bank. Below, you will find the cheapest plans on the market for luxury cars.

This graph shows the cheapest car insurance premiums for luxury cars on the Singapore market

Cheapest Car Insurance for Luxury Vehicles: FWD Classic

Consider this if you are a safe and experienced driver with a high NCD

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

With premiums 25% cheaper on average for luxury sedans like Mercedes, BMW and Audi, FWD's Classic plan is a great option for both experienced drivers and first-time car buyers who have no NCD. Its comprehensive and all-encompassing benefits include everything from medical protection to car accessory coverage, making FWD a good choice for new family cars or single drivers.

FWD also rewards safe drivers who reach a 50% NCD discount with their Lifetime No Claim Discount benefit, letting you retain your 50% NCD regardless of the number of at-fault claims you make. Another valuable feature for expensive car owners is that FWD will pay up to the market value of your car, the car's parts, fitting of the parts and transporting the parts back home in the event of an accident in Singapore or overseas. Since some luxury car parts may require custom fitting or importing from abroad, this is a unique cost-saving feature. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$30,000N/AN/A
Personal Accident (Passenger)S$10,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$300N/AN/A
Car Replacement/Temporary TransportS$40/dayN/AN/A
Car AccessoriesS$500N/AN/A
Young Driver ExcessN/AN/AS$2,500
Promotion: 20% off with "BESTCAR" + S$150 CapitaVoucher

Cheapest Car Insurance for Safe Drivers: Budget Direct Comprehensive

Consider this if you are looking for the cheapest 50% NCD plan

Third Party Damage Coverage S$5,000,000
Workshop Type Any
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you are an experienced, safe driver with a high NCD whose only criteria is price, Budget Direct's Comprehensive plan could be a good match. Premiums for luxury cars are around 25% cheaper for 50% NCD drivers compared to the industry average, however, prices increase to about the average for non-NCD drivers. Additionally, if you are looking for medical, personal accident coverage, or roadside assistance, Budget Direct offers them as additional add-ons that cost extra. For these reasons, we recommend Budget Direct for safe drivers who prefer low premiums and only require minimum protection, as inexperienced drivers may not get enough coverage for the price they'll be paying.

Nonetheless, a great perk Budget Direct offers is its low young driver excess of S$500 for drivers under 25, making this insurer a solid option if you are looking to insure a younger driver in your family. Additionally, with two driver plans to choose from (the Named Driver or Authorised Driver), you also have the option of choosing how many people you want to insure— great feature if you have multiple drivers or passengers riding with you on a daily basis. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$20,000S$32.10N/A
Medical CoverageS$500S$21.40N/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayS$53.50N/A
Young/Inexperienced DriversN/AN/AS$500
Promotion: Get S$100 if your current insurer offers cheaper premiums than Budget Direct upon renewal (even if you don't end up purchasing a Budget Direct policy)

Best Car Insurance Promotion: Etiqa Comprehensive

Consider this if you are an experienced driver

Third Party Damage Coverage Unlimited
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you are an experienced driver who is not looking to insure young or inexperienced family members, Etiqa offers solid coverage for prices 15-20% below average for luxury cars, depending on your NCD discount. These prices can be discounted even further by 30% if you are able to utilise all of Etiqa's promotions, which add up to 53% off their premiums. Furthermore, unlike some other motor insurers who sacrifice coverage for cost, Etiqa includes medical and personal coverage in its core plan, where S$5,000 of car accessories coverage can be added for only S$21. However, the reason why we recommend this plan for experienced drivers only is because it has one of the highest young/inexperienced driver excesses of S$4,000 for drivers 23 and younger. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$20,000N/AN/A
Personal Accident (Passenger)N/AN/AN/A
MedicalS$1,000N/AN/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayN/AN/A
Car AccessoriesS$2,000S$85.60 for sun/moon roofsN/A
S$1,000S$21.40 for solar film
Young Driver ExcessN/AN/AS$4,000
Promotion: 20% off + 5% off Fridays + 28% for the first 5 customers

Best for Customisation on a Budget: Direct Asia Value

Consider this if you are looking to customise your coverage

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

For drivers who want to customise their plan to their individual preferences, Direct Asia's Value plan is a strong low-cost option. We found its premiums to be 25% cheaper than the average premiums for luxury vehicles, leaving enough room in your budget to choose from a variety of optional add-ons including roadside assistance, personal accident, medical and car accessories coverage. However, even without the add-ons, Direct Asia has generous personal accident coverage for the main driver and the passengers, each at S$20,000. While this plan only lets you insure named drivers, you can add up to two young/inexperienced drivers at no extra cost. This perk, as well as the Value plan being the cheapest option on the market for non-NCD luxury car drivers, makes Direct Asia a great choice for new drivers who are still figuring out what kind of coverage will suit them best. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlimitedN/AS$100
Personal Accident (Main Driver)S$500,000S$53.50N/A
Medical CoverageS$500S$21.40N/A
TowingS$200N/AN/A
Car Replacement/Temporary TransportS$50/dayS$53.50N/A
Car AccessoriesS$5,000S$21.46N/A
Young/Inexperienced Driver Excess (30 and under)N/AN/AS$2,500
Promotion: Additional 10% off for drivers with 5+ years of 50% NCD; Shell Escape points + Free 24 Hour Breakdown Assistance

Budget-Friendly Accident Protection: Sompo ExcelDrive Focus

Consider this if you want peace of mind without sacrificing your budget

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you are looking for maximum accident protection for your luxury car while being on a budget, Sompo ExcelDrive's Focus plan offers a variety of accident-focused benefits for premiums 25% cheaper than the luxury car average. To maximise savings, you can click the link above and purchase Sompo Focus through our parter, Vouch. Vouch partnered with Sompo to give you the ability to save up to 15% on your premiums through their No-Claim-Rebate. This can save you up to S$200 on your annual premium, provided you don't file an at-fault claim.

The Focus plan also boasts greater than average accident protection coverage for the main driver and your passengers at S$20,000 and S$10,000 respectively, and it has its own emergency response team (MARS). MARS will arrive at the scene in 20 minutes and provide support for towing, alternative transportation and insurance-related queries. For drivers who are committed to protecting their expensive cars from any form of damage, Sompo is also one of the few insurers who covers your car from a variety of events ranging from natural disasters to riots/civil commotion. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlmtdN/AS$100 (S$0 at Sompo workshop)
Personal Accident (Main Driver)S$20,000N/AN/A
Personal Accident (Passenger)S$10,000N/AN/A
MedicalS$300N/AN/A
TowingS$300N/AN/A
AccessoriesVariedS$40-S$800N/A
Young/Inexperienced DriverN/AN/AS$1,500

Most Comprehensive Luxury Car Insurance

If money is no object, the policies below offer the most comprehensive coverage for your vehicle, ranging from excellent accident protection to generous coverage for your most prized car accessories.

Best for Valuables Protection: FWD Prestige

Consider this if you want coverage for expensive belongings and car accessories

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

For luxury car owners who want to maximise coverage, FWD's Prestige plan offers top of the line protection not only for basics like medical and accident protection, but also for car accessories and personal belongings. Since luxury cars often come with high-end accessories to make your drive as comfortable as possible, FWD's S$2,000 of car accessory coverage and S$2,000 of personal belongings coverage ensures your smaller items will be well protected. If something happens to your vehicle and it needs to be repaired, FWD Prestige also offers one of the highest temporary transportation benefits of S$80/day for 10 days and one of the highest main driver and passenger accident coverage (S$75,000 and S$25,000, respectively). What makes this plan even better its below average premiums for luxury cars, making it the best value plan on the market. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlmtdN/AS$100
Personal Accident (Main Driver)S$75,000N/AN/A
Personal Accident (Passenger)S$25,000N/AN/A
MedicalS$5,000N/AN/A
TowingS$500N/AN/A
Personal BelongingsS$2,000N/AN/A
Car AccessoriesS$2,000N/AN/A
Young/Inexperienced DriverN/AN/AS$2,500
Promotion: 20% off with "BESTCAR" + S$150 CapitaVoucher

Best for Affluent Families: Aviva Prestige

Consider this if you are looking for great coverage for the family car

Third Party Damage Coverage S$5,000,000
Workshop Type Any
Coverage for Loss/Damage to Vehicle 100% of Market Value

Aviva's Prestige car insurance plan is a good choice for affluent families who have multiple drivers. Its family-oriented plan includes child seat, car accessories (i.e. satellite navigation, radar detection) and personal belongings coverage at no extra cost, and you have the option to insure an unlimited number of drivers for around S$100 of additional cost. Young families will also appreciate Aviva's competitive premiums for younger drivers (between 25 and 30) and optional add-ons. These add-ons include loss of keys, loss of use (replacement car) and additional personal accident protection. Aviva's generous coverage policy also makes sure your car is covered from natural disasters and provides 24/7 roadside rescue support and eCall tech to help you out in the event of an accident, offering substantial peace of mind, especially if you are travelling with your family. Read our full review.

Aviva PrestigeCoverageExtra CostExcess
Windscreen/Window CoverageUnlimited @ authorised repairerN/AN/A
Personal Accident (Main Driver)S$100,000N/AN/A
Personal Accident (Passenger)S$100,000N/AN/A
MedicalS$5,000N/AN/A
TowingUnlimitedN/AN/A
Car AccessoriesUnlimitedN/AN/A
Young/Inexperienced Driver (25 and under)N/AN/AN/A
Promotion: 15% off Annual Premiums; 15% off for MINDEF/MHA policyholders; S$150 CapitaVoucher for dual-year plans

Best for Accident Protection: NTUC Income Premium

Consider this if you want to maximise accident coverage

Third Party Damage Coverage S$5,000,000
Workshop Type Any
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you prioritise accident protection over any other form of coverage, NTUC Income's Premium car insurance plan can be a good choice with its above average personal accident coverage for the main driver and passengers, dedicated Orange Force response team and the flexibility to use any car workshop. It also covers your car against damage or loss from malicious acts or self-ignition to natural disasters and strikes.

Though NTUC does cost more than the industry average, it has no extra excess for named young or inexperienced drivers, making it a good option for policyholders who want to insure young drivers between 18 and 25 years old. Overall, the protection NTUC's Premium plan offers luxury car owners is dedicated and comprehensive, as it ensures that no matter what kind of damage your car incurs, you will be covered. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlmtdN/AS$100
Personal Accident (Main Driver)S$50,000N/AN/A
Personal Accident (Passenger)S$25,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$500N/AN/A
Loss of UseS$50S$53.50N/A
Car AccessoriesN/AN/AN/A
Young/Inexperienced DriverN/AN/AS$2,500 (S$500 if +1 yr exp)
Promotion: "FP150" for S$150 FairPrice Voucher for cars 0-5 years old and minimum premium S$800

Best for Car Maintenance and Repairs: HL Assurance Comprehensive

Consider this if if you want to save on repairs and maintenance

Third Party Damage Coverage S$5,000,000
Workshop Type Authorised
Coverage for Loss/Damage to Vehicle 100% of Market Value

If you are looking for convenient accident repairs and maintenance services, HL Assurance's Comprehensive plan's may be a good fit. Though its premiums are above average, its coverage is expansive, including loss or damage coverage from a variety of factors including natural disasters, civil unrest and flood, coverage for car accessories, medical expenses, personal accident expenses (for you and your passengers) and minor repairs you do at your discretion. The benefit it provides luxury car drivers who want to save on maintenance are its free car maintenance services, cover for storage, garage and towing after an accident and a daily transportation allowance of S$50/day up to a total of S$1,000. If you carry out repairs at an HL Assurance approved workshop, your excess will be halved, leading you to even more savings. Read our full review.

BenefitsAmountExtra CostExcess
Windscreen/Window CoverageUnlmtdN/AS$100
Personal Accident (Main Driver)S$20,000N/AN/A
Personal Accident (Passenger)S$10,000N/AN/A
MedicalS$1,000N/AN/A
TowingS$500N/AN/A
Loss of UseS$50/dayN/AN/A
Car AccessoriesS$1,000N/AN/A
Young/Inexperienced Driver (27 and under)N/AN/AS$3,000
Promotion: 25% off + Complimentary car servicing (drivers with 30%+ NCD)

Summary of Car Insurance Promotions

The more expensive your car is, the higher your premiums will be so it's always a welcome sight to see car insurers offering discounts. Below, we have some of the top car insurance promotions available on the market, along with their promo codes (if necessary).

  • FWD: 20% off with "BESTCAR" + S$150 CapitaVoucher
  • HL Assurance: 25% off + Complimentary car servicing (drivers with 30%+ NCD)
  • Etiqa: 20% off + 5% off Fridays + 28% off for the first 5 customers daily
  • Aviva: 15% off for MINDEF/MHA policyholders; S$150 CapitaVoucher for dual-year plans
  • Direct Asia: Additional 10% off for drivers with 5+ years of 50% NCD; Shell Escape points + Free 24 Hour Breakdown Assistance
  • Budget Direct: Get S$100 if your current insurer offers cheaper premiums than Budget Direct upon renewal (even if you don't end up purchasing a Budget Direct policy)
  • NTUC Income: "FP150" for S$150 FairPrice Voucher for cars 0-5 years old and minimum premium S$800

Methodology

To arrive at our decision for the most economical or comprehensive car insurance plan for luxury car drivers, we collected data from 12 car insurers in Singapore which included premiums, coverage details, policy wording details and any miscellaneous benefits that were offered. Our premiums were collected using a control driver profile of a 45 year old male with 5 years of experience driving either a BMW 530i, Mercedes E200 or an AudiA6. These cars were chosen because they are currently the most popular luxury vehicles on the Singapore market. The premiums collected were then averaged for both 0% NCD and 50% NCD options in order to see which insurers offered the most competitive rates. We then considered which benefits were most relevant for luxury car owners to find out what insurer would best benefit different types of drivers (for instance, are you insuring a family car or are you a brand new driver?). This means that while price is definitely a factor in a luxury car owner's decision making process, having comprehensive accident coverage, additional accessories and personal belongings benefits and car replacement coverage might take precedence.

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