New drivers to-know, basics of Singapore car insurance

Car Advice

If this is your first time purchasing a motor insurance and you are under the age of 25, the premium is not going to be cheap! But no worries, there are plenty of insurance providers and plans out in the market, let's start from understanding the basics before proceeding to get best deal.

There are three types of car insurance coverage plan:

Third-Party Only (TPO) plan

In the event of accident, the insurance ONLY pays for 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 third-party only policy. This plan covers the insured's own car against loss or damage(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 more than 10 year old vehicle or motorist who frequent road trip to neighbouring countries.

Comprehensive plan

Like its name, it has the most comprehensive coverage. This plan includes all the above mentioned, in addition it covers accidental damage to own vehicle even when it is a self-inflicted accident or in a natural perils and also personal accident benefits, medical expenses arising from the motor accident for drivers and passengers onboard.

Ideal For: Brand new vehicles and inexperience motorists.

Other factors that affects car insurance premium

  1. Brand, make and engine capacity of vehicle
  2. Your age, job nature and years of driving experience
  3. No-Claim Discount

Source and pick your car insurance plan

Do some comparisons on various price premium and coverage provided by the various car insurance providers in the market. At times, you might manage to get the comprehensive plan for the price of the third party fire & theft plan! If it's too much a hassle for you to look through all the individual providers in the market, click here to obtain a quote with the best coverage and lowest premiums from over 10 insurers.


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