Average Health Insurance Cost For Married Couple 2020 – Age and gender are two of the main factors that insurance companies use in determining car insurance premiums. Insurers see these characteristics as valuable information about your driving experience and your likelihood of getting into an accident. The less likely you are to get into an accident based on these two factors, the less it costs the company to insure you and the cheaper quote you will receive.
But this change makes it somewhat difficult as a potential customer to know if you are being offered a fair price or being ripped off. With that in mind, we’ve crunched the numbers to find the average cost of car insurance in Singapore based on your age group and gender. We hope this equips you with the knowledge you need to spot that good deal.
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The team collected quotes from major insurance companies in Singapore to see how age affects the price of car insurance. The following rates assume 5 years driving experience and 0% No Claims Discount (NCD) for consistency and as such do not take into account the significant discounts you will receive for longer driving experience and higher NCDs. For example, for those with a clean driving record, their NSB can save them over 50% on their car insurance premiums.
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In general, insurance companies in Singapore charge the highest rates for young drivers, while generally older drivers (up to mid-50s) tend to have much cheaper rates.
We found that drivers in their 20s were charged an average premium of S$223, about 36% higher than the average price charged to drivers in their 40s (S$1,637). This is because young drivers are statistically at a much higher risk of being involved in a car accident, in part due to their relatively less driving experience. In addition to a lack of driving experience, rates are higher for young drivers because of their tendency to drive recklessly. This is evident when we look at the quotes we collected where the drivers all had the same driving experience but were of different ages.
Drivers in their 20s should also note that in addition to higher premiums, they may be required to pay a young and/or inexperienced driver excess (usually between S$2,000 and S$3,000). the mandatory standard excess they must pay when they make a claim. This is something that is very important to be aware of, as different companies have different age limits for young and/or inexperienced drivers to be charged.
What does this mean if I belong to the “Young and/or inexperienced driver” age category? If your standard insurance policy is over $600 and the young and/or inexperienced driver is over $2,500, you will have to pay $3,100 out of pocket every time you are involved in an accident in front of you. you receive any benefits from your insurer.
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If you’re in your 20s, we recommend reading the fine print to see what you’re liable to pay before committing to a car insurance plan. It may be worth paying a slightly higher premium if the plan comes with a significantly lower excess for young and/or inexperienced drivers.
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While auto insurance premiums drop significantly for both male and female drivers in their 30s and 40s, we found that premiums generally start to rise again when drivers hit their 50s. This is because many insurance companies believe that drivers are more prone to accidents as they age. We found that the average premium for drivers over 50 is S$1,784 or 9% more than drivers over 40.
Most insurance companies charged higher rates for men and women in their 60s than for men and women in their 50s. We strongly advise senior car insurance customers to pay close attention to this when considering which plan to purchase.
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We found that male drivers typically pay more for their auto insurance than female drivers. Drivers in their 20s had the biggest gap in premium costs between the sexes, with men paying an average of 12% more for car insurance policies than women. Our 2024 data showed that men in their 50s and 60s continue to pay premiums slightly higher than their female counterparts by a few dollars.
Men of all age groups have to pay higher premiums than women because insurance companies consider them to be much more accident prone and therefore a higher risk. These rates assume 5 years driving experience and 0% No Claims Discount (NCD) and as such do not take into account the significant discounts you will receive for longer driving experience and higher NSBs. For example, for those with a clean driving record, their NCD can save up to 50% on their car premium.
** Based on one male/female driving a 2020 Toyota Corolla Altis 1.6 (0% NCD, 5 years driving experience).
To come up with our determinations of the average cost of car insurance for Singapore consumers, we collected data and collected quotes from leading car insurance providers in Singapore.
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To standardize our results, we had to make some assumptions about the type of plan and level of coverage the average consumer is looking for. This study assumes standard comprehensive coverage, as comprehensive coverage is mandatory for owners who drive vehicles less than 10 years old and are still being financed. Due to the high cost of cars in Singapore, this makes it the most common type of insurance plan to buy. To ensure quotes reflect comparable levels of coverage, we’ve standardized by selecting entry-level comprehensive policies, generally considered a “value” plan that excludes other optional “bells and whistles” features.
The driver profile we used to get quotes on all variables except age and gender. He is a single (unmarried) 2020 Toyota Corolla Altis 1.6 driver and first time car owner and relatively new driver with 5 years driving experience, no claims and 0% NCD (No Claims Discount). Works indoors like a pro. Average costs reflect the average price of bids collected for a male and female driver profile.
The quotes and information used for this research were collected from five car insurance companies in Singapore. These companies were selected based on their popularity among consumers in Singapore, as well as the ease of obtaining quotes and detailed information about their plans.
Consumers should make informed and calculated decisions by gathering more information about the product, considering all the facts and making reasonable comparisons.
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Compare the best car insurance plans to find the perfect amount of coverage at the right price for you. If you are looking for more comparisons of other insurance products, be sure to visit PolicyPal for more information.
This content is for informational purposes only, you should not construe such information or other materials as legal, tax, investment, financial or other advice. Nothing contained on our site constitutes a solicitation, recommendation or endorsement by AMTD PolicyPal Group in this or any other jurisdiction where such solicitation or recommendation would be unlawful under the securities laws of that jurisdiction.
Within AMTD Digital, the AMTD PolicyPal Group consists of PolicyPal Pte. Ltd., Baoxianbaobao Pte. Ltd., PolicyPal Tech Pte. LLC and .Employer-sponsored insurance covers nearly 153 million non-elderly people1. Conducts an annual survey of three or more employees of private and non-federal public employers to provide a current picture of employer-sponsored health benefits. This is the 25th Employer Health Benefits Survey (EHBS) and reflects employer-sponsored health benefits in 2023. The research was conducted in the period from January to July 2023.
The average annual premium for employer-sponsored health insurance in 2023 is $8,435 for single coverage and $23,968 for family coverage. The average annual single premium and the average annual family premium each grew by 7% compared to last year. In comparison, a 5.2% increase in workers’ wages was recorded, and inflation was 5.8%2. Single and family premiums rose faster than last year (2% vs. 7% and 1% vs. 7%, respectively).
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Over the past five years, the average family insurance premium has risen 22%, compared to 27% for workers’ compensation and 21% for inflation [Chart A].
The average premium for insured workers per coverage is higher for small firms than for large firms ($8,722 vs. $8,321). Average premiums for family coverage are comparable for insured workers at small and large companies ($23,621 vs. $24,104). Average premiums for employees covered by a savings option (HDHP/SO) are lower than the overall average premiums for individual coverage ($7,753) and family coverage ($22,344) [Figure B]. In contrast, average premiums for insured employees enrolled in PPOs are higher than the overall average premiums for single ($8,906) and family coverage ($25,228). For an average premium
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