Guide To The Types Of Motor Insurance For Cars In Singapore

Motor Insurance For Cars In Singapore

Car insurance is an important decision to make and it can be difficult to know which coverage option is right for you. Are you in the market for car insurance but feeling a bit overwhelmed by the different types on offer? Don’t worry, you’re not alone. It can be daunting to navigate through all of the available insurance options – from comprehensive coverage to third-party liability protection – so understanding how each type works is essential to finding an insurance plan that best suits your needs and budget. You want to ensure you have all the protection without overspending on unnecessary coverage. To help simplify things for you, this article provides a comprehensive guide to the different types of motor insurance for cars in Singapore and highlights their key features to make your search for car insurance coverage an easier process.

1. Comprehensive Car Insurance

Comprehensive car insurance in Singapore is the most popular motor insurance type due to its comprehensive coverage. It protects car owners against financial losses related to their own vehicle’s repairs and replacements, giving them the necessary peace of mind. Comprehensive car insurance also covers your liability for any damage or injury/death caused to others and their property. This also includes any damage to your car due to fire, theft, storms, floods and accidents. Most comprehensive plans will offer liability, collision and additional protection coverages in addition to the typical bodily injury and accident forgiveness. Naturally, given the high cost of cars in Singapore, many owners choose to opt for this kind of motor insurance protection as their primary motor insurance solution.

If you are looking for comprehensive car insurance in Singapore, FWD provides a range of outstanding benefits that can help you save money on motor insurance and ensures you are fully protected during uncertain times. One major advantage is the lifetime No Claims Discount (NCD) guarantee, which means your policy discount will stay at 50%, no matter what happens. Additionally, all comprehensive plans offer complimentary round-the-clock roadside assistance, ideal for those late nights when you need help the most.

2. Third-Party Only (TPO) Car Insurance

Third-party car insurance in Singapore is the most basic and inexpensive type of motor insurance available, but also the least extensive. It covers only damage done to other people or their property in the event of an accident and does not provide any protection for oneself – if one’s car sustains damage, they will be responsible for bearing the costs of repair or replacement. Third-party motor insurance might be a worthwhile consideration for older vehicles which may not be worth the cost of repairs should anything happen to them due to their imminent COE expiration.

DirectAsia’s Third Party Only car insurance offers an outstanding value for money with unlimited Third-Party Bodily Injury coverage and up to S$5,000,000 in Third-Party Property Damage. Whether you rarely drive or stick to short, safe trips, this option is perfect for those looking for budget-friendly motor insurance in Singapore.

3. Third Party, Fire & Theft (TPFT) Car Insurance

Third Party, Fire & Theft (TPFT) car insurance in Singapore is a slightly upgraded version of Third Party Only (TPO) motor insurance. This type of motor insurance includes all the same features and covers certain risks not covered by a TPO policy, such as loss, theft and fire damage to your motor vehicle. Although TPFT motor insurance provides more protection than TPO motor insurance and can serve the needs of motor vehicle owners with older cars well, ultimately, the protection level will be determined by the coverage you select.

Motor insurance in Singapore can be tricky to navigate, but DirectAsia offers an in-between plan that helps cover motor accidents due to fire or theft. Their TPFT insurance plan is specially designed for those who don’t need and don’t want the full benefits of a comprehensive motor insurance policy but would still like to have some peace of mind if something were to go wrong. This motor insurance plan is a great option for motor vehicles over 8 years old and drivers with more experience driving on the roads. With TPFT, you also have access to optional extras such as My Workshop, 24-Hour Breakdown Assistance and My Accessories; so you get more coverage without spending too much.

Choose The Right Type Of Insurance You Need

While motor insurance is a mandatory requirement for cars in Singapore, it can be difficult to choose the right policy given the number of insurance providers in the market. To make things easier, MoneySmart has created an easy-to-use guide on motor insurance so you can pick the right type of policy according to your needs. Through MoneySmart’s partnership with 10 motor insurance providers, you can access generous discounts and enjoy a hassle-free application process when choosing motor insurance in Singapore.

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