Worry Less with
0% Interest Instalment Plans
Split payments on your Car, Motorcycle, Commercial Vehicle or Annual Travel Insurance
Enjoy Interest-free 12-Month Instalment Plans*
At Budget Direct Insurance, we believe in giving you choices — including how you pay for your insurance. Prefer not to pay in one lump sum? Spread your premiums over 12 months of interest-free instalments* for your Car, Motorcycle, Commercial Vehicle, or Annual Travel Insurance.
Instalment plans are available for:
- Customers whose Car, Motorcycle, Commercial Vehicle or Annual Travel Insurance premiums are $100 or more per policy; and
- Customers who pay online or over the phone using a DBS/POSB Mastercard or Visa credit card.
Ready for better value insurance?
Simply get a quote and select the option to pay by 12 interest-free instalments upon checkout.
You can also contact our friendly Customer Care team for a quote and request the 12-month instalment plan if you prefer a more personalised service.
Call 6221 2111. Mondays to Fridays, 9am – 6pm (Closed on weekends and public holidays). Or email [email protected] anytime.
Frequently Asked Questions (FAQ)
Do I have to pay my insurance premiums in one lump sum or can I pay in instalments?
You can choose to pay in one lump sum, or if your annual premium is above S$100 then you can pay in instalments using your DBS/POSB MasterCard or Visa credit card. Simply select your preferred payment method when paying online or over the phone with us. Enjoy a 3% discount when you make a single payment, or spread your premium over 12 interest-free monthly instalments. The choice is yours.
I am paying my insurance premium monthly under an Instalment Payment Plan (IPP). What happens if I cancel my policy before the policy term ends?
We will credit applicable refunds in accordance with the terms of our Product Disclosure Document to the same credit card account (“Refund Credit”). Your IPP with the bank will then terminate. The total outstanding balance under the IPP will be set off against the Refund Credit, and this will be reflected in your credit card statement.
Can I make an early settlement of the IPP by paying the total outstanding balance in one lump sum?
You may do so by contacting the bank. However, please note that administrative fees may be imposed by the bank in accordance with its terms and conditions if the IPP is terminated early (and not due to policy cancellation). For more details, you may wish to check directly with your bank.
Can I cancel the credit card used for the monthly payment under the IPP?
You may do so by contacting the bank. However, please note that the total outstanding balance under the IPP will become payable immediately. Administrative fees may be imposed by the bank in accordance with its terms and conditions if your credit card account is terminated early. For more details, you may wish to check directly with your bank.
I am paying my Motorcycle/Commercial Vehicle Insurance policy premium in monthly instalments under an IPP. What happens if a partial refund of premium is payable to me before the end of the policy period (for example, due to a change in my NCD entitlement from 0% to 20%)?
We will credit the refundable premium to the same credit card account, and this will be reflected in your credit card statement for that billing period. There will be no change to your monthly instalment amount, which will continue to be charged to your credit card each month, until the final instalment.
I am paying my Car Insurance policy premium in monthly instalments under an IPP. What happens if a partial refund of premium is payable to me before the end of the policy period (for example, due to a change in my NCD entitlement from 20% to 50%)?
We will credit the refundable premium to the same credit card account, and this will be reflected in your credit card statement for that billing period. There will be no change to your monthly instalment amount, which will continue to be charged to your credit card each month, until the final instalment.
If I choose to pay my insurance via monthly instalments, what method of payment can I use?
If your premium is above S$100 you can pay in 12 monthly instalments. At the moment this is possible using your DBS/POSB Mastercard or Visa credit cards only. We don't charge you interest for your premium if you wish to pay in instalments.
Do you accept cards other than DBS/POSB Mastercard or Visa credit cards for instalment payment?
At the moment we only accept payment for instalment plans via DBS/POSB Mastercard or Visa credit cards.
In the future we will be bringing in other banks so that our customers have more choice when it comes to paying via instalments. This is currently in the process of being organised. Watch this space!
* IPP Terms and Conditions
- Only vehicles registered in Singapore and only residents of Singapore may be insured under Budget Direct Insurance's Car, Motorcycle, Commercial Vehicle and Annual Travel insurance policies. For other terms and conditions of Budget Direct Insurance's insurance policies, please refer to the Product Disclosure Document for Car, Motorcycle, Commercial Vehicle and Annual Travel insurance policies that are currently published on our website, prior to purchase of such policy.
- This Budget Direct Insurance Instalment Payment Plan ("IPP") is made available to customers (each, an "Eligible Customer"):
- who buy a Car, Motorcycle, Commercial Vehicle or Annual Travel policy ("Policy") from Budget Direct Insurance, and premiums are S$100 or more per policy;
- who pay online or over the phone using a DBS/POSB Mastercard or Visa credit card only; and
- whose insurance application must be accepted by Budget Direct Insurance.
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An Eligible Customer may choose to apply for IPP before payment of the Policy by:
- (if purchasing online) selecting that option to pay the premium by IPP; or
- (if purchasing over the phone) informing the attending Customer Care Executive of their preference to pay the premium by IPP.
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If a Policy which is paid by IPP, is cancelled before the end of the policy term (i.e. early termination):
- the Eligible Customer will receive applicable refunds in accordance with the terms of our Product Disclosure Document credited to the same credit card account ("Refund Credit"). The IPP with the bank will terminate and the balance total outstanding amount under the IPP will be set-off against the Refund Credit and reflected accordingly in the credit card statement.
- the Eligible Customer will need to check with the bank directly on any administrative fees that may be imposed by the bank in accordance with its respective terms and conditions in such event.
- Budget Direct Insurance shall apply their standard underwriting criteria and requirements to all insurance applications and reserves the right, at any time, to reject in full or in part, the Policy purchase if Policy conditions are not satisfied.
- The terms and conditions of the IPP may be amended by Budget Direct Insurance at any time without notice or incurring liability to any party. The decision of Budget Direct Insurance is final. Any updates to these terms and conditions will be published on the website of Budget Direct Insurance at budgetdirect.com.sg.
