Insurers in Singapore use a “rating system” that considers the below factors when setting Motor Insurance premiums:

(i) Make and model of vehicle,
(ii) Engine capacity,
(iii) Age of vehicle,
(iv) Age, sex and occupation of drivers,
(v) Driving experience of drivers,
(vi) Claims history of drivers,
(vii) Type of cover

Insurers will give each factor a different weighting, according to available statistics and company’s claim profile.