Just like most other countries in the world, car insurance in Singapore is compulsory. You have to show proof of your car insurance each time when renewing road tax.
The cost of car insurance in Singapore obviously varies on the type of car you drive and the type of insurance you choose. However, in general, the prices are not much different from most countries in Europe or from the US. There are some things you should note:
Third Party liability vs. Comprehensive
Because of the relatively high purchase price of cars in Singapore, most people choose comprehensive insurance. And that makes the price of comprehensive insurance go down quite considerably. You will have to take into consideration the excess and other influencing factors such as young driver inclusion and market or agreed value. Because your idea of market value and the insurer's idea of market value may vary (sometimes may vary much), do check that the insured value is sufficient.
No Claim Discount
Your No Claim Discount from your home country is taken into consideration when you get insurance here. Do take with you a proof of NCD from your insurance company back home as this can save you a lot of money.
Insurance premiums may occasionally have very large fluctuations. If the insurance companies have had a bad year, do not feel surprised if finding the premium of your car doubled the next year. This is particularly the case if you own a coupe sports car. Insurance companies charge much higher premiums for sports cars, and note that many Singapore insurance companies won't even insure your sports car at all.
Where to get car insurance in Singapore?
Your dealer can always help you get car insurance in Singapore, but you had better do a bit of shopping around. Insurance premiums may vary quite a bit from company to company. Most large international insurance companies have offices in Singapore and there are many respectable local companies too. It's probably a better idea to do some research on the internet and call various companies to ask for their price quotes for comparison.