Your renewal notice has arrived, and the premium isn't quite what you remember. This guide is for car owners in Singapore deciding whether to stay with the same insurer or move.
We'll cover what to re-check on your current policy, and when a plan is worth keeping. We'll also explain how switching works, what a gap in cover means, and what to have ready before you compare.
Re-read your renewal notice line by line
It's easy to just pay the renewal and forget about it. But a lot can change in a year. Here's what to check.
- Type of cover. Comprehensive cover pays for damage to your own car from accidents, fire and theft. It also covers injury to other people and damage to their property. Third party cover only pays for damage you do to others, so it tends to suit older, cheaper cars. As your car ages, ask which one still fits.
- The excess. This is what you pay towards each claim for damage to your own car. Check if it has changed. Young or new drivers often pay a higher one.
- Named drivers. Drivers who aren't named on the policy may not be covered, depending on its terms. If your spouse or newly licensed child now borrows the car for the weekend market run, check they are on it.
- How you use the car. Private hire is excluded. If you've started driving for a ride-hailing app, a private-use policy won't fit.
- The extras you rely on. These include windscreen repair or replacement, personal accident cover for the driver, and 24-hour roadside help and towing. Check they are still there and unchanged.
Before you look at a single price, write down anything that has changed since last year.
Check your No Claim Discount
Your No Claim Discount (NCD) is often the biggest single factor in what you pay. It goes up by 10% for each year without a claim, up to 50% after five years. One at-fault claim usually cuts it by 20 to 30 points. So a claim can raise your premium for several renewals, not just the next one.
- Check the figure. Make sure the NCD on your renewal notice matches your own record.
- Remember who owns it. Your NCD belongs to you, not the car. It moves with you to a new insurer.
- Ask about protection. Some plans protect your NCD after one claim. Check if yours does, and if the plans you're comparing do.
- Think about recent claims. If you claimed this year, expect a lower NCD. Our Claims page explains how claims work.
Note your exact NCD percentage. You'll need it for every quote.
Decide whether your current plan is worth keeping
Staying isn't always lazy, and switching isn't always smart. Here are both sides.
Reasons to stay:
- You know how they handle claims. If you made a claim and it went smoothly, that's worth something.
- A workshop arrangement that suits you. Some plans send you to the insurer's authorised workshops. Others let you choose. If yours works for you, count that in.
- Less admin. Renewing takes fewer steps than setting up a new policy.
Reasons to look around:
- The price has crept up. A renewal quote is one price from one insurer. You only know if it's a fair price by comparing.
- The terms have changed. A different excess or a dropped feature can matter more than the premium.
- Your situation has changed. A new driver, an older car or a change in how you use it may suit a different plan.
Treat your renewal quote as one of several quotes, not the default.
Know how switching works
Switching is less work than most people expect. Here's how it works on the car insurance comparison page.
- Get your quotes. Answer the questions about your car, your driving record and the main driver, all on one page. You'll then see prices from the insurers on our panel.
- Buy on the insurer's site. When you pick a plan, you finish buying on the insurer's own site, with your answers already filled in.
- Match the dates. Set the new policy to start when your current one ends.
- Check for automatic renewal. If your current policy renews on its own, tell your insurer you're not renewing.
One thing to know about our comparison prices: they assume comprehensive cover for private use, a main driver aged 25 to 70 and no other named drivers. The insurer confirms these when you apply. If you add drivers, your full quote will differ.
Avoid a gap in cover
A gap is any time between your old policy ending and your new one starting. During that time, neither policy covers you. If something happens, you pay for it yourself, including harm to other people and their property.
- Check the expiry date. It is on your policy schedule and renewal notice.
- Don't leave it to the last day. A full quote involves more questions, and the insurer has to confirm your details.
- Ask how a break is treated. If there has been a gap, ask the new insurer if it affects your quote or your NCD.
- Keep the car parked until cover is confirmed. If you're unsure, leave it in the HDB carpark and take the MRT.
Put the expiry date in your calendar now, with a reminder well before it.
Have these in hand before you compare
Comparing is faster, and the quotes more accurate, when you have these ready.
- Your current policy schedule. Cover type, excess, named drivers and expiry date.
- Your NCD. The exact percentage from your renewal notice.
- Car details. Make, model and age of the car.
- Driver details. Everyone who will drive it, with their age and years of driving.
- Claims history. Any claims you've made, and whether you were at fault.
- Your workshop preference. Whether you want an authorised workshop or your own choice.
For an idea of typical prices, see the example profiles for a Toyota Corolla Altis with 50% NCD, a Honda Vezel with 20% NCD and a BMW 3 Series with 50% NCD. More are on the prices page.
What you don't need to worry about
- Losing your NCD by switching. It belongs to you and moves with you.
- Typing everything twice. Your answers carry over to the insurer's site.
- Surprises at the end. The insurer confirms the final price on its own site before you pay.
- Finding cover for breakdowns. Car insurance here doesn't cover wear and tear or mechanical breakdown. Servicing is still your job.
The bottom line
Renewal is a good time to check your cover still fits how you drive now. Confirm your NCD, your named drivers and your excess, then compare your renewal price against fresh quotes on the car insurance page. If you switch, line up the dates so there is no gap.