In this article we will explore the ever growing world of electric vehicles and focus on Singapore – a heavily populated country with many regulations, to see if the rise in Electric car ownership has had any impact on rules, regulations, and of course insurance premiums. This way we can better understand how the rest of the world is going to cope with the rise in electric cars on our road…
Are electric cars popular in Singapore?
In the last decade electric vehicle sales in Singapore have increased from just a few (in 2012 there were three EVs registered for in Singapore), to 6,531 at the end of 2022. Significantly, the number of EVs in Singapore more than doubled from 2020 to 2021—from 1,217 to 2,942—and then more than doubled again in 2022.
How much is car insurance for Electric Vehicles in Singapore?
Essentially, the question here is Why drive electric cars in Singapore. Let us explain why:
Electric car insurance premiums cost around S$3,000 annually, with charging costs of around S$300 per month. There are also variables within this cost depending on how often and far you drive each year, in fact, according to Covered, people driving less than 9,000 kilometers annually can get a whopping 48 percent discount, while 33 percent is given to those driving for less than 12,000 kilometers in the same period. To learn more visit Budget Direct Car Insurance today
Is Electric Vehicle Car insurance more expensive in Singapore?
While in general, it costs more to insure an EV than a petrol car due to the niche market and uncertainties of the performance of EVs, it is still advantageous to get an EV insurance plan as you might find regular car insurance to be lacking or find yourself unable to fully utilise the features of the plan. To learn more visit Budget Direct Car Insurance today
How many Electric Vehicles are there in Singapore?
By the end of 2022, there were 6,531 electric vehicles registered in Singapore, equivalent to 0.65% of all vehicles in the country.
What percentage of cars in Singapore are electric?
EV made up almost 12% of all car sales in Singapore last year, up from almost 4% in 2021, according to the Land Transport Authority.
Are Electric Cars Economical in Singapore?
The short answer is yes! – not only are the running costs cheaper with an electric car, the depreciation of traditional petrol powered cars is much higher so even if you decide to upgrade in a year or 2, you will get a higher return on your electric vehicle than you would with a traditional petrol car. This is why electric cars are more economical in Singapore
While the new rules covering electric cars have gone some way to making them more affordable, the choice for buyers is not always clear-cut. Some buyers will appreciate the smooth acceleration of electric vehicles, their environmental credentials, and being early adopters, while others may prefer to stick with the devil they know (for now).
Some work with a calculator and the specifications may point you in a particular direction, but be aware that hybrids, which combine petrol power with electric, and some of which can be charged like electric vehicles, make that cost comparison much more difficult.
The fact remains that Singapore now has a plan to phase-out petrol-powered vehicles. In the short-term the choice of petrol versus electric remains. In the longer term, expect battery technology, in particular, to improve, and for more choice of electric cars in the market. And that one day, if you want to purchase a car, it will be electric.
Is Singapore ready for Electric Cars?
Building on this, as part of the Singapore Green Plan, every HDB town will be an EV-Ready Town by 2025. To support this transition, around 60,000 EV charging points are expected to be installed in Singapore by 2030.
What is Singapore policy on EV?
EV Early Adoption Incentive (EEAI) from 1 January 2021 to 31 December 2023: Owners who register fully electric cars will receive a rebate of 45 per cent off the Additional Registration Fee (ARF), capped at $20,000.