Car rental is used by many people for various reasons. As a rule, a car should be rented as a replacement vehicle for a short period of time. Hence, people don't actually rent cars on a regular basis and therefore don't know the ins and outs of renting a car.
In general, when renting a car, you do not need to take out personal car insurance. However, car sharing schemes in Singapore will usually ask if you are interested in taking out insurance for the duration of the car rental.
However, if you already have your own insurance policy, have your agent confirm that you are covered for the car rental. If you are insured, you do not need to take out another policy with the car rental company.
Of course you need a valid driver's license if you want to rent a car. If you don't have a valid driver's license, you can't rent a car. There are also some companies that will book your car with a major credit card, while you can pay cash if you prefer.
Of course, be sure to confirm their rates to see if they are billed hourly, daily, weekly, or monthly. It is always a good choice to shop around and compare several car rental companies to find the best deal and rent the right car. When choosing a car, make sure you bring your personal documents and car policy with you. Read the contract carefully and clarify any doubts before signing the contract.