Singapore aims to become a smart and green city. Some of the ways the city is preparing for it is to go paperless, but also by limiting the amount of new private vehicles and promoting electric ones via tax rebates on “eco” vehicles. You might, however, have concerns as those types of cars are still a novelty. But if you’re thinking of following the trend, and getting an electric vehicle in Singapore, stay with us as we weigh up the pros and cons of getting one.
Pros of owning an electric vehicle in Singapore
There are quite a few pros of owning an electric vehicle in Singapore. In short, buying and maintaining an electric vehicle in Singapore is costly at the beginning, but cheaper in the long term. However, before we talk about the initial costs, let’s look at the bright side of owning an EV:
- Based on calculations from www.carbuyer.com.sg, electric vehicles can cost up to 6 times less per kilometer, compared with a petrol car. We’re talking about approx SG$ 1,500 of savings a year on charging/fuel costs.
- They are good for the environment, no argument here. Electric cars don’t emit anything from their pipelines, and they help in reducing urban pollution.
The Singapore government will also reward you for driving an environmentally friendly vehicle with special the Vehicle Emissions Scheme (VES) rebates for car registration. - There is a considerably large number of charging points throughout Singapore, meaning that you are very unlikely to be left without power or a charging station.
- Electric vehicles are cheaper to maintain than their petrol counterparts. According to singtech.com, the only servicing that an electric car needs is tire rotation and brake fluid replacement, which doesn’t have to happen often.
- As Singapore is relatively small, the usual range of 200km per charge is not an issue at all. However, going to Malaysia might be problematic, since this country does not have a much-developed grid of charging stations.
Cons of owning an electric vehicle in Singapore
There’s a long list of pros for getting an electric car in Singapore, but there are also some downsides.
- Electric cars are still not as cheap as mainstream gasoline or hybrid vehicles.
- In Singapore, car and road taxes are calculated based on the car’s open market value, which makes motor insurance for electric cars even more expensive than their petrol and hybrid counterparts.
- Even though the city is extending its charging stations, you’ll still need your own charging station, either on your own property or private parking.
- Green vehicles are still not the best option for drivers who need to cover more than 200km a day or for those traveling to Malaysia.
- If you forget to charge your car, you might have to wait on average 2 to 3 hours for a full charge, unless you have access to the fast chargers – this can minimize the charging time to around 1 hour.
Motor insurance for electric cars and motors in Singapore
The most major downside here is that motor insurance for electric cars, in general, can be more expensive than gas, diesel, hybrid or gasoline ones. This is partly because when EVs break or are damaged in an accident, it costs more to repair them. Electric car parts, such as battery systems, are expensive, and to complete the repair you probably need to find specially trained and certified mechanics who will likely charge more for the repairs. Insurance premiums reflect on those costs, making electric car insurance costlier.
There are things you can do to save money on your car insurance premiums, such as buying insurance that offers NCD protection or installing telematics systems in your car.
Have questions about Singapore vehicle insurance? Contact us at Kwiksure, and our insurance advisors will help you choose the right car or motor insurance in Singapore by offering free quotes and plan comparisons!