There is Comprehensive coverage (which is the most common), Third Party Fire & Theft as well as Third Party Only coverage
Comprehensive (known as COMP)
This coverage is recommended and mostly preferred common. It is a must for vehicle with financing.
It covers Own Damage repair including windscreen on insured own vehicle
It cover 3rd Party Damage repair on 3rd party’s vehicle and third party bodily injuries.
Excess / Deductibles usually applies unless there is wavier depending on policy.
In the event of Total Loss (Due to serious Accident or Theft) the insurance company will pay out the Market Value of the vehicle AT the time of Loss.
3rd Party, Fire & Theft (known as TPFT)
This is getting more common with the recent constant increase in Motor Insurance Premium in Singapore
Covers 3rd Party Damage repair on 3rd party’s vehicle ONLY
No excess/Deductibles applicable.
In the event of Total Loss (Due to serious Accident or Theft), the insurance company will pay out the Market Value of the vehicle AT the time of Loss
3rd Party Only (known as TP)
This is more common when the vehicle is nearing the 10 years life span or vehicle past 10 year.
More affordable but it offers the least protection.