Best Cheap Car Insurance for Used COE Cars 2024

Compare the Best Car Insurance Plans for COE Cars

We analysed hundreds of premiums and benefits from dozens of car insurers in Singapore to find the best TPO/TPFT car insurance plans for your older car.

If you are an experienced driver with a spotless driving record, you could stand to save quite a bit from Budget Direct’s highly competitive TFPT plan. As one of the cheapest options available, its premiums are around 45-50% cheaper than the average TPFT plan regardless of one's NCD level. In addition to the S$500,000 third party damage and unlimited third-party liability coverage, it also provides coverage for windscreen damage and loss of use for an additional fee of S$64.20. For even more protection, there are options to buy personal accident and medical coverage, an NCD protector and roadside assistance benefits.

Budget Direct is also cheapest for TPO plans, costing 40% below average for the average driver and 57% below average for drivers with 50% NCDs. Despite its lower prices, Budget Direct's one of the few insurers that allows you to add on several options to your TPO policy including windscreen, personal accident and medical coverage. This gives Budget Direct's TPO plan quite a value. But depending on the amount of add-ons, you may just end up getting better more out of its TPFT plan as it provides more options like accessories coverage and roadside assistance support.

If you are looking for a TPFT plan that throws in some extra perks, FWD may be a great option with its 6-18% below average premiums for sedan drivers and plethora of added protections. These benefits include a new replacement car if your car was stolen or written off (if car is newer than 12 months), S$3,000 legal cost coverage if someone sues you for damage done by your car and S$300 for towing. If you repair your car at an FWD workshop, you will also be guaranteed a defect-free repair and 24-hour roadside assistance.

FWD's TPO plan is around 10% cheaper than the average Third-Party Only plan for mid-sized sedans and offers a few potentially valuable perks including S$3,000 of legal fee coverage and 24-hour roadside assistance at no extra cost.

If you are a new driver with no NCD or have little experience driving, Citibank’s SmartDrive TPFT Plan could be a good match because it has some of the cheapest premiums for non-NCD drivers, around 15-25% cheaper than average. Not only that, Citi's TPFT plan also offers towing and loss of use coverage of S$50/day at no extra cost. This is a great feature if you don't want to pay for a comprehensive plan but still want accident-related features included in your plan.

While Citibank's TPO plan is just as competitively priced as its TPFT plan with premiums costing around 20% less than the average, it provides only the basic third party damages and liability coverage without any extra protection or optional add-ons. Thus, this plan is better suited for people who have many years of driving experience and won't have expensive repairs, though these drivers could probably find better value with Budget Direct's TPO plan.