Car Insurance Price

Car Insurance Price – With the Singapore government’s announcement to phase out petrol and diesel vehicles by 2040, and the number of electric vehicle (EV) charging points to double by 2030, the -EV revolution in our little red place is happening very fast. The cost of petrol is rising as we speak, so is this really a good time to consider switching to an electric car?

Let’s find out the cost of owning an electric car and see if it makes sense to own an electric vehicle compared to a regular petrol car.

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A Primer On The Different Types Of Vehicle Insurance

Apart from the popular Tesla, there are many other models of electric cars available in Singapore, such as those from Nissan, Audi, Honda, to name a few. Here are some of the models currently available and how much they cost. All prices indicated with reference to the latest price lists available (as of August 2022) on SGCarMart.

It is no surprise that these prices may seem a little high, considering that electric cars are still more expensive than their petrol counterparts.

Here’s the real deal: calculate the total cost of ownership of an electric car. However, it varies from EV to EV depending on the car model, the age of the car and many other factors like NCD and so on. 

Let’s say you decide to buy a more affordable model from Honda and it will already cost you around $185,000 (including COE) at the start. In addition to the cost of the vehicle, you will have to consider the following costs: 

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The total cost of owning an EV would be approximately $419,641, assuming you deduct the lowest discount you receive from the VES program and the highest discount you receive for the ARF (using the price of August 2022 Honda car as an example).

There are currently several programs that allow you to save a few thousand dollars or even up to around $40,000 when you switch from a regular gasoline car to an electric one. Furthermore, the cost per km of electric cars is often lower than that of petrol cars.

For electric cars registered from January 2022 to December 2023, the ARF will be reduced to $0, down from the usual $5,000. If you don’t know what ARF is, ARF is a tax levied based on the open market value (OMV) of a car. when the car is registered. So, for starters, you can save $5,000 even before you use your new electric vehicle.

If yours is a fully electric car, you can claim up to 45% off the ARF, up to a maximum of $20,000. This program is called EV Early Adoption Incentive (EEAI) and will be valid from now until December 31, 2023.

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The VES also allows you to get discounts of $15,000 to $25,000 for new cars, taxis and imported used cars registered on 1 January 2021 and beyond.

Let’s say you currently have a regular car that needs 95 octane pump gas at $2.94/gallon and you’re thinking about upgrading to an electric vehicle, then compare the running costs as well. Below is an estimate of the running costs of both an electric car and a petrol car.

There are currently just over 1,600 electric vehicle charging points island-wide and the government intends to install more electric vehicle charging points in HDBs and private car parks.

To be precise, the typical electric car battery is about 60 kWh, so that’s $33 for a full charge. Charges made by electric car charging stations are generally per kWh or per hour. However, estimating the cost can become difficult, since the time required for charging depends on the car model and the speed of the charger: a full charge can take from 30 minutes to 8 hours, and the required charging frequency depends on your phone. “charging range” of the vehicle, i.e. how many kilometers it can travel on a full charge.

What You Should Pay For Car Insurance

There are a wide variety of auto insurance options available for gasoline-powered cars, but not many insurance companies offer coverage for electric vehicles. There are only 4 electric vehicle insurance plans in Singapore, as AXA plans to discontinue its electric car insurance product in 2022, but that doesn’t mean you should skip careful comparison before choosing one.

The cost of car insurance in Singapore ranges from $700 to $1,000 per year, but the exact annual premium is determined on a case-by-case basis. Specific factors such as age, profession, driving experience, accident history and many others are taken into account before determining the premium:

Sometimes you may or may not be quoted a significantly high premium, and this may be due to statistics relating to your car or profile and the way insurers measure risk, for example by using the Risk Factor Rating System (RFRS) to determine your premium.

The RFRS analyzes data about you and your vehicle to calculate the likelihood of having an accident. The higher the RFRS rates of your risk factor, the higher your auto insurance premium will be. It is therefore wise to compare car insurance quotes through a comparison platform such as a broker, as you can find one that is more convenient and fits your budget.

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If you are not sure how to do this, here is an illustrative example. Here’s our roundup of 4 EV insurance options to think about before choosing your preferred insurance plan. Assuming you are a 26 year old single male, with less than 2 years driving experience, who has made no claims, has a 0% no claims discount and is considering a one in two income plan to get both. of the lower 4 EVs.

You may realize that when you compare these 4 electric vehicles, the ones with more premium manufacturing will also carry a higher price for their insurance premiums. So if you’re planning to get an Audi e-tron or a Tesla Model 3, you’ll also have to put aside a lot more for car insurance.

Currently, the open market values ​​(OMVs) of electric cars are still much higher than regular gasoline cars. However, there are still significant fuel savings for electric cars.

Most electric car charging stations charge by the kWh or hour. The typical electric car battery is about 60 kWh, so a full charge costs $33.

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YES. you can claim a discount of up to 45% on the Additional Registration Fee (ARF), capped at $20,000 under the EV Early Adopter Incentive (EEAI) scheme and savings of over $10,000 under the Vehicle Emission Scheme (VES).

If you register your electric car between January 2022 and December 2023, you will not have to pay any ARF, but if it falls outside this period, you will have to pay the usual ARF fee of $5,000.

Many insurance companies use RFRS to analyze data about you and your vehicle and calculate the likelihood of you having an accident. The higher the RFRS rates of your risk factor, the higher your auto insurance premium will be.

Yes and no. Some insurers may quote more competitive premiums just to attract new customers, so it may be wiser to compare quotes through a comparison platform such as or a broker before renewing. If you don’t mind looking at the details and reading the fine print yourself, you can also buy car insurance directly from your preferred insurer. The average insurance for a used car is $1,867 per year or $156 per month. But prices vary. The Honda Odyssey LX can cost up to $922 a year, while a Maserati Quattroporte GT will set you back $6,234 a year.

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Written by Lena Borrelli Lena Borrelli Lena Borrelli is a freelance writer from sunny Tampa Bay who has worked with major industry titans such as Gronk Fitness, Morgan Stanley, Wells Fargo, and Simon Corporation. His work has recently appeared on websites such as TIME, Microsoft News, Bankrate, Investopedia, Fiscal Tiger, The Simple Dollar, ADT, and Home Advisor.

Reviewed by John McCormick John McCormick John is the editorial director of CarInsurance.com, Insurance.com and . Prior to joining QuinStreet, John was deputy editor of the Wall Street Journal and was an editor and reporter at numerous other media outlets covering insurance, personal finance and technology.

Expert opinion by Eliezer Zupnick Eliezer Zupnick Insurance Consultant and founder of East Insurance Group. Go to the comments

At we are committed to providing the timely, accurate and informed information consumers need to make smart insurance decisions. All of our content is written and reviewed by industry professionals and insurance experts. Our team carefully reviews our pricing data to ensure we only provide reliable and up-to-date insurance pricing. We follow the highest editorial standards. Our content is based solely on objective research and data collection. We maintain rigorous editorial independence to ensure unbiased coverage of the insurance industry.

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