A move to Singapore for work or a personal relocation will have to consider the cost and potential options for getting a practical car insurance policy. Car Insurance in Singapore is essential for any car, and can be acquired from a range of providers depending on your individual needs. However, before taking out a policy, you should think about the wider costs associated with owning and running a car.
A driver in Singapore will require a Certificate of Entitlement for different vehicle types, and will also require a specific Singapore driving license. You will also have to pass a theory test if residing in the island country for more than a year. When driving on the roads, you will similarly need to contribute towards electronic road pricing tariffs. In this way, the cost of driving is significantly higher in Singapore than many parts of the world. These costs partly reflect the need to reduce congestion and improve road safety.
Insurance forms an essential part of this process. It is required in order to pay road tax, and can be acquired either through a personal cover, or through forms of comprehensive and third party liability policies. Many providers are available to suit different needs, while it is always important to compare as many different companies as possible.
Organisations like the Automobile Association of Singapore can be used to arrange policies and find the best deal. Most policies will average out at about $1000 dollars a year, with additional costs required for insuring sports cars.
There are some options for reducing both insurance premiums and the general costs associated with driving in Singapore. You can seek advice from the Land Transport Authority on insurance, as well as on car registration and taxation. Expatriates moving into Singapore may also be eligible for company benefits on insurance. This can incorporate car allowances into wider medical and personal injury benefits, and can often allow you to claim lower tax rates.
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