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Best Electric Car Insurance Providers in Singapore 2024

electric car insurance
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Electric car owners are becoming increasingly common in Singapore, and with good reason, too. Electric vehicles make perfect sense in a congested, stop-start city with more than 2,000 traffic lights – and with petrol costs rising and the number of electric vehicle charging stations set to double by 2030, owning a cost-saving electric car has never been more convenient.

Add to that the fact that only electric cars and cleaner-energy models will be allowed for registration in the years ahead, and the reasons for switching from conventional cars to an electric car model like a Toyota Prius or a Nissan Leaf are clear. There are many benefits on offer.

That said, every electric car requires an electric car insurance policy – and there are a number of important things you’ll want to know about electric car insurance in Singapore before you insure your new electric car. Keep reading to learn more.

Also: Compare The Best Car Loans in Singapore and Find out which car insurance plans has the most benefit for you.

What Electric Vehicle Drivers Should Know About Electric Car Insurance

Trying to insure an electric car compared to conventional cars comes with a few added challenges. Before you go hunting for your perfect electric car insurance policy, you’ll want to be aware of the following five things:

1. Electric Car Insurance Policy Options in Singapore are Limited

At the time of writing, only a handful of insurers offer electric vehicle insurance in Singapore – the rest are still prioritising regular car insurance products for their gas powered counterparts. This makes comparing the market to get the best electric car insurance premium a bit challenging, though still possible. 

2. Your Electric Vehicle Insurance Premium Cost Depends on Electric Car Make and Model

Next up, most insurance companies price their EV insurance based on several factors and sub-factors, including the make and model of your new electric car. A luxury or premium model will typically cost more, while standard rules apply and your age, no claim discount, accident record and more will still affect the overall cost insurers will charge you when buying insurance.

3. “Standard Rules Apply” Isn’t True for All Electric Car Insurance in Singapore

Frustratingly, despite the lower tailpipe emissions and other benefits over fossil fuels not every EV insurance premium will include the same coverage on an electric car as you might expect with regular petrol or diesel cars. For example, you might need to pay extra or add on an additional maintenance package to get coverage for things like battery failure, malfunctions, and other repair related issues you might expect regular comprehensive insurance to cover.

4. Usage Based Insurance Services May Help You Save Money

Electric car insurance in Singapore can often be purchased as Usage Based Insurance (UBI). This is great news for electric car owners who intend to use their car on only a handful of occasions as opposed to every day. With UBI insurance, a distance tracking device is fitted to cars to provide accurate data to insurers, and you’ll pay an agreed rate per km rather than an annual insurance premium. That said, while some insurers offer this service, other insurers may not.

5. You Might Need a Tesla Policy to Provide Coverage for Some Electric Car Features

Luxury electric cars like the Tesla Model S or Tesla Model 3 are remarkably popular in Singapore, but not every EV insurance policy will cover Tesla-specific features. For example, while Tesla autopilot provides a super-cool driving experience, an autopilot-related accident might be excluded from coverage, as may a Tesla charging accident. You should always check the policy wording carefully before buying insurance just to be 100% aware of what you might have to pay out.

Top Electric Car Insurance Providers and Coverage in Singapore

Now you know what to expect of EV insurance coverage, let’s look at some of the best electric car insurers in Singapore right now and what kind of EV insurance policy financial products they offer:

1. AXA Car Insurance – Best for Transparent, Straightforward Costs

  • AXA offers insurance on all kinds of private electric cars in Singapore, with transparent annual prices and cover for the likes of third party property damage liability, accidents and more. Prices will vary depending on make and model.
  • Best for: Drivers seeking regular coverage for electric cars with easy-to-follow costs.

2. NTUC Income Drivo Electric Car Insurance – Best for Usage Based Insurance

  • Anyone looking to save money with a Usage Based Insurance Policy should opt for NTUC Income Drivo, which will insure several popular new car EV brands starting from $0.06 per km. Traditional annual price structures are also available and coverage is broad, though you may need to add on a maintenance package to cover certain car parts.
  • Best for: Any driver seeking UBI coverage with reasonable costs.

3. Liberty Insurance – Best for Comprehensive Tesla Model S or 3 Coverage

  • Offering a unique InsureMyTesla package, Liberty Insurance is without doubt the best choice for Tesla drivers. On top of standard third party property damage liability, Liberty Insurance InsureMyTesla services stretch to cover bodily injury, medical expenses, repair costs to Tesla Model S or Tesla Model 3 car parts, and much more.
  • Best for: Tesla drivers looking for the best possible coverage for Tesla car parts.

4. Allianz Electric Motor Protect – Best for Comprehensive Electric Car Insurance

  • Any person looking for comprehensive coverage for their EV new car will not be disappointed with Allianz Electric Motor Protect, which offers electronic components cover, a lifetime EV repair warranty, complimentary roadside assistance, and a whole lot more. You might even save money if you’re a female driver, too.
  • Best for: Drivers who want fully comprehensive EV insurance.

5. G&M Electric Vehicle and Tesla Insurance – Best for No Claim Discount Protection

  • If protecting your no claims record is top priority for you as a driver, G&M will ensure your NCD is unaffected by “act of God” incidents and throw in a free NCD Protector when you buy their car insurance, too. You’ll also get solar film cover and new for old replacement included with your car insurance policy.
  • Best for: Any person who wants to maintain their NCD record

Electric Car Insurance Options for Electric Vehicles Compared

Right now, the top five electric car insurance products in Singapore, are: AXA Car Insurance, NTUC Income Drivo Electric, Liberty Insurance, Allianz Electric Motor Protect and G&M Electric Vehicle and Tesla Insurance. But each of these providers offers different perks – which is best for you? Let’s review how these policies compare in key categories:

  Top Policy Benefits Typical Premium Prices Types of Electric Cars Insured Promotions and Special Offers

AXA Car Insurance

  • Third party property damage and accidents covered

Visit website for quote

All EV cars


NTUC Income Drivo Electric

  • UBI costs starting from $0.06 / km
  • Insure several popular EV brands / models

From $0.06 / km for UBI

Audi, BMW, BYD, Honda, Hyundai, Kia, MG, Mini, Nissan, Renault, Tesla


Liberty Insurance

  • Comprehensive Tesla coverage with InsureMyTesla
  • Personal accidents benefit
  • Tesla glass roof covered

Visit website for quote

Tesla only

Get 24 months new-for-old replacement vehicle benefit

Allianz Electric Motor Protect

  • Lifetime EV repair warranty
  • Complimentary roadside assistance

Visit website for quote

All EV cars

Promotional rates available

G&M Electric Vehicle and Tesla Insurance

  • New for old replacement
  • Solar film cover

Visit website for quote

Various EV cars, including Tesla

Free NCD Protector for new customers

Ultimately, which insurance provider is the best fit for you will depend on a number of important individual factors, including your age, driving experience, what type of electric car you own and what exactly you require from an insurance policy. Be sure to think carefully about these factors before you start shopping around and comparing the market.

Plugged in charger into an electric car at charge station

Frequently Asked Questions (FAQs) About Electric Vehicles and Car Insurance

1. Is An Electric Vehicle More Expensive to Insure?

Yes – an electric car will usually cost more to insure than a vehicle with a traditional combustion engine. The amount you’ll ultimately pay can depend on various factors, including your age, driving experience and the make and model of EV you are driving.

2. Why Are the Costs of Car Insurance for Electric Vehicles so High?

Electric vehicle car insurance is usually costlier than regular car insurance due to the scarcity of electric car insurance policies in Singapore, as well as the more expensive costs of replacement electric vehicle parts. That said, safe drivers and Singaporeans with a good NCD record might be able to access better prices than other motorists. Comprehensive car insurances do not differ much despite the price, but as you go up the price scale, more benefits and perks are available

3. Are Electric Cars Better on Insurance Costs? What Should I Expect to Pay?

Ordinarily, you’ll need to pay a little more for electric car insurance than you might for an insurance policy covering a traditional car that burns fossil fuels like petrol or diesel. A typical policy can range anywhere from $900 to $6,000 with most insurance companies in Singapore.

4. Is Car Insurance Compulsory if I Have an Electric Car in Singapore?

Yes, car insurance is always compulsory in the city-state. As a bare minimum, you will always need at least third party car insurance.

5. How Much Does an Electric Vehicle Cost in Singapore?

There is a huge variation between different electric car prices in Singapore depending on the make, model, and specification you require. A basic Toyota Prius or Nissan Leaf can start from around $135,000 while a high-end BMW or Tesla could potentially cost you $200,000 or more and inevitably attract higher insurance premiums, too.

6. Are Electric Cars Cheaper to Run Than Petrol or Diesel Ones?

The typical running costs of electric cars can vary greatly. Generally speaking, the cost of keeping an electric car going is cheaper than filling the tank of an old-fashioned petrol or diesel car in Singapore.

7. Why Are Electric Cars Not Currently Popular in Singapore?

Mass adoption of electric cars is hotly anticipated in the years ahead, but for the time being, customers typically cite the scarcity of charging points and the short range of vehicles as their key reasons for not buying an electric vehicle just yet. That said, the number of Singaporean public charging stations is forecast to double by 2030, and manufacturers continue to make technological improvements that enable immensely better range.

How to Find the Right Electric Car Insurance for Your Electric Vehicle

Electric car insurance in Singapore doesn’t come cheap, but it’s entirely possible to save cash by shopping around, comparing the market and approaching each authorised broker directly for a tailored quote. But before you pay for EV insurance in Singapore, don’t forget that:

  • Electric vehicle insurance options are limited, which means you don’t have so many options as when comparing regular car insurance.
  • Certain things (and certain vehicles) may not be covered by all EV insurance products, which means you may need to check policy wording carefully and liaise with your authorised broker closely to ensure their policy covers everything you need before you pay.
  • Owning an electric car will become the norm within a few years’ time, with new petrol and diesel car registrations being phased out and only cleaner-energy models allowed from 2030. It’s important to ensure you are prepared and properly insured in good time.

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