MoneySmart Financial is an Exempt Financial Adviser and Registered Insurance Broker licensed by Monetary Authority of Singapore ("MAS").
Your premium is what you pay yearly to keep your policy active. Excess is what you pay only when making a claim. You can often choose a higher excess to lower your annual premium.
When you file a claim, excess almost always applies. If your excess is $600 and repairs cost $3,000, you pay $600 and your insurer covers $2,400. Even if you're not at fault, you'll typically pay excess upfront when claiming under your own policy—though you can recover it later from the at-fault driver's insurer.
Two critical points:
If a young, unnamed driver crashes your car, you could pay young driver excess and unnamed driver excess on top of the standard amount.
After an accident, you'll report it to your insurer and get the car assessed at an authorised workshop. The excess is paid to the workshop directly or deducted before your insurer settles the bill.
| Type of car insurance excess | Definition | Estimated excess range | Car insurance plans | Stackable? |
|---|---|---|---|---|
| Standard (Compulsory) Excess | Fixed amount set by insurer, payable for most claims | $500–$1,000 |
|
Yes, base excess that other types add to |
| Voluntary Excess | Chosen by you to reduce premium; paid in addition to standard excess | $200–$1,000+ |
|
Yes, adds to standard excess |
| Young Driver Excess | Extra excess if driver is below a set age (often 24–25) | $1,000–$2,500 |
|
Yes, adds to standard and voluntary excess |
| Unnamed Driver Excess | Additional excess if claim arises from a driver not named in policy | $500–$1,500 |
|
Yes, adds to standard and voluntary excess |
| Windscreen Excess | For repairs / replacement of windscreen or glass | $100–$200 |
|
No, applies only to windscreen / glass damage claims |
| Theft Excess | Payable for theft of, or serious vandalism to, the vehicle | $500–$1,000 |
|
No, applies only to theft and/or vandalism claims (separate from accident excess) |
| Zero Excess | Some policies/promo add-ons let you pay no excess for claims | N/A |
|
No, waives / reduces excess at approved workshops (replaces standard excess) |
| Criteria | Car rental excess | Car-sharing excess |
|---|---|---|
| Who sets it | The rental company | The car-sharing platform / insurer |
| Typical range | $2,000–$6,600 | Varies by platform; scales with car type and usage |
| Key factors | Vehicle class (luxury vs standard), driver's age and experience | Type of car shared, duration of use, driver's record, booking frequency |
| Can you reduce it? | Yes, via Zero Excess or Reduced Excess add-ons (CDW) | Sometimes; select platforms offer add-on insurance similar to rental CDW |
| Cost to reduce | ~5%–10% of booking price | Varies by platform; not always available |
| ⭐ Best for | Short-term renters wanting predictable costs | Regular users booking premium cars for longer durations |
Meet our insurance specialists Drive with the right protection at the right price. Our specialists don't just push one-size-fits-all policies. We help you navigate the car insurance market to compare coverage, maximise your savings, and ensure your plan is tailored to your specific driving needs. Meet our qualified team specialising in car insurance. |
|
⭐️⭐️⭐️⭐️⭐️ Great experience with the team! They were very helpful, responsive, and made the car insurance renewal process smooth and hassle-free. They helped me find a better deal and save on my car insurance. Special thanks to Mr. Ken Chew for his excellent service, patience, and professionalism. Really appreciate his help throughout the whole process. Highly recommended! 👍
Good experience dealing with Ken from moneysmart on car insurance. Quick response on queries. Professional done. Will use moneysmart again in the future.
Ashley is an excellent customer service staff at MoneySmart. When my car insurance was due to expire next month, I sent a request for quotations via MoneySmart’s WhatsApp. Within a few minutes, Ashley responded with three insurance quotations. I decided to proceed with HLAS for my car insurance renewal. However, I made some mistakes when filling in my car details. Ashley not only spotted the errors but also took the initiative to contact HLAS to correct the information, allowing me to resubmit my application smoothly. She even assisted me on 1 May, which was a public holiday and her rest day. This truly reflects her strong commitment to her work and her genuine care for customers.
It's the service that truly differentiate MoneySmart from other players. Really like to give my heartfelt thanks to Arvin Curia, who promptly and diligently follow up with me on my car insurance application for the entire process. Even though there were minor hiccups along the way, he took the effort to check what went wrong and assisted me to the end. Thank you Arvin!!
Buying my car insurance from MoneySmart's Arvin has to be my best decision I have ever made in my experience over the course of the past 2 to 3 weeks. Arvin has the best recommendations of insurance choices for my needs and his after sales service is really Top Notch! I will definitely come back and buy from Arvin again once my policy ends.
Used MoneySmart to get car insurance. Agent Arvin Curia assisted me with the options and recommendation. When I got the insurance there was a few hiccups. However, it got rectified by the Agent! Good efficient service by the Agent.
Great experience with Arvin for my car insurance. He is proactive and prompt. Will work with him again.
The experience with Moneysmart for the purchase of car insurance had been seamless. The team was able to recommend best value for money options after considering my requirements. Kudos to Moneysmart team, and I hope my next renewal will be as seamless and pleasant!
Fast response by Ken chew and manage to find a good deal for my car insurance.
Happy with the assistance provided by Ken. It helped to get my car insurance conveniently and also saved me money by getting most affordable quote.
