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Singapore - Car Tax and Insurance

The car insurance policy you choose will depend on where you plan on driving your car to and how much coverage you need. If you plan on driving a lot to Malaysia and even Thailand, for instance, then ensure that your policy covers these areas. Some do while others only cover around 80km into Thailand, for instance.

The terms and coverage amounts differ between the various insurance companies. Some only cover the damages to your car, for example, while others let you also claim medical bills if there is an accident. Some policies also offer roadside assistance while others do not.

Coverage is often based on the market value of your car instead of the sum that is insured so if you have a total loss you can be reimbursed the full market value. Additional services might include accidental loss, acts of nature, passenger risk and liability, personal accident to the insured, and third party liability.

Most insurance companies require that the insurer be at least 21 years of age, but not older than 70. You must not have made more than 2 claims in the past 3 years and have no more than 12 demerit points or Driver Improvement Points System (DIPS) recorded on your driving licence. In addition, most insurance companies do not want you to have made any modifications to your vehicle, especially if they resulted in changes to the manufacturer’s standard specifications. Lastly, you might have difficulty insuring a vehicle that is over 10 years old.

If you have imported your vehicle from your home country, it must have been approved by the Land Transport Authority (LTA) for use in Singapore and certified that it hasn’t been modified from the manufacturer’s standard specification. When getting a quote for coverage, the vehicle’s make, model and type must appear in the insurance company’s vehicle database in the online quotation system for it to be considered.

Should you have an accident or need repairs, most insurance companies will allow you to use any repairer you want. However, they will not normally guarantee any repairs that are done if they are not a workshop that your insurer has approved and you might find that your excess is as much as doubled. The insurer approved workshop uses genuine manufacturers' parts and normally offer a full 12-month repair warranty which can be an incentive to using them.

When a car is first registered, an Additional Registration Fee (ARF) of 150% of the car's Open Market Value is due. Road tax is another popular tax in Singapore that must be paid. This can be thousands of dollars and once your car is more than ten years old, that amount increases. You can work the cost out for private vehicles here:

Read more about this country

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