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We created this guide for beginner drivers to help them understand the different types of car insurance in Singapore. Get these basics right to find the most comprehensive plan for yourself.
There are three types of car insurance plans in Singapore. They are:
Third-Party Only (TPO) plan
In the event of accident, the insurance ONLY pays for the other party's damages after proving that damage is caused by you.
Ideal For: Motorists who only require the basic protection for liability against third-party property damage or bodily injuries. This is the cheapest option for car insurance, and it is the minimum legal requirement under Singapore regulation.
Third-Party, Fire and Theft (TPFT) plan
An extension of the TPO plan. This plan covers the insured's own car against loss or damages (caused directly by fire or theft). Other causes resulting in loss or damage to the insured's own car is not covered. This is slightly more expensive as compared with the third party policy.
Ideal For: Owners who are financing a vehicle that is more than 10-years-old, or a motorist who frequently travel to neighbouring countries, like Malaysia.
As its name suggest, this provides the most comprehensive coverage. This plan includes all the benefits mentioned above, as well as accidental damage to one's own vehicle even when it is a self-inflicted accident or caused by natural disasters. It also includes personal accident benefits and medical expenses arising from the motor accident for drivers and passengers on-board.
Ideal For: Brand-new vehicles and inexperience motorists.
Other factors that affect car insurance premium
- Brand, make and engine capacity of your vehicle
- Your age, job nature and years of driving experience
- No-Claim Discount
Source around and pick your car insurance plan
Do a comparison of different insurance plans provided by the various car insurance providers in the market. Who knows, you might find a comprehensive plan for the price of the TPO plan! If sourcing for a car insurance plan is too much a hassle for you, fill in your details below to receive an obligation-free quote from over 10 motor insurers in Singapore.
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