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Owning a car has many expenses and one such mandatory expense is having Car Insurance. Car Insurance is mandatory in Singapore. The main reason for mandatory car insurance is to ensure drivers can pay for expenses arising out of an accident, especially as the costs of car accidents could be exorbitant. It isn’t just to protect you, but to protect other road users as well.
Car insurance can help protect you against any financial damages and losses that arise from a motor accident, such as the cost of repairing your vehicle and for towing services. It can also provide you and your passengers with coverage for medical expenses, death, and lost or damaged belongings depending on the insurance type that you choose.
In Singapore, there are three types of Car Insurance that you can chose from:
Third party only: For the budget-conscious drivers.
Third party fire and theft: For those who wish to extend beyond basic coverage to include losses due to fire and theft.
Comprehensive: For drivers who prefer a complete peace of mind.
Third Party Only car insurance is the minimum requirement in Singapore. It’s cheaper and only covers damages to other people’s cars. But you can’t claim for any damage to your own car.
Third party, fire and theft insurance covers you for any damage caused to a third party or their property if you are involved in an incident, while also covering your own car if it’s damaged by fire or stolen.
Comprehensive car insurance usually costs a few hundred dollars more, but covers basically anything that might happen to your car PLUS any other parties involved.
Keep in mind that having the cheapest car insurance does not mean the best car insurance. Before deciding to take any car insurance make sure that you have read the policy wording to make sure you are actually getting the coverage that you want. At the end of the day, the best car insurance policy for you is the plan that provides you the level of coverage you need to protect yourself, at the best price.
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