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Types of Car Insurance in Singapore

In a world of uncertainty, a vehicle is quite a large investment that you make. It only makes sense to have your car insured in case of unforeseen events and circumstances. This is why getting car insurance in SG is recommended for you. A host of companies online offer simple methods to sign up for car insurance. But before that, let’s take a look at the different types of insurance available. 


 

1. Third Party Only (TPO) Insurance 

The third-party only insurance offers very elementary insurance to drivers. This insurance is the bare minimum that you need to get to own and drive in a Singapore-registered vehicle. This Insurance protects third parties in the event of an accident. Third parties that are covered may include injured pedestrians, damaged guardrails, etc. Getting TPO insurance is preferable when you barely use your car as it is less costly compared to other options. Several companies online have simple steps to register your vehicle to this insurance type.

 

2. Third-party, fire, and Theft (TPFT) Insurance

This insurance as the name suggests will cover liabilities involving third parties and any loss or damages caused by fire or theft. Any other reasons that may have resulted in damage or loss to your vehicle will not be covered. For instance, rusting and corrosion are not covered by this insurance type. This insurance is recommended when you: 


•  Would not want to pay the expense of losing your entire car. 

•  Drive to other countries with high crime rates, or

• Have an old vehicle that you are seeking to replace soon. 

This is good commercial insurance for vehicles in Singapore as well as it covers the major liabilities and keeps your costs low. 

 

3. Comprehensive Insurance 

A comprehensive insurance plan covers all the elements in a TPO, TPFT, and additional accidental damage to your car as well. It covers natural disasters and self-imposed damages as well. The premium for this insurance is higher but it is worth the cost. The insurance gives you personal accident benefits and covers medical expenses for other passengers on-board as well. Many companies offer this insurance under the banner of commercial insurance vehicle Singapore as it makes for good insurance in transport businesses. However, this is the most recommended plan if you have a personal vehicle in Singapore. 

 

The ease of getting insurance 

Several good online insurance companies have as little as three steps to get your car insurance in SG. You are guided through a form that is easy to fill up and takes all the necessary details. After that, you can compare quotes and finalize the price you want to go for. Once you’ve made the decision your insurance is activated within a matter of hours! 

Companies offering insurance online have some of the best insurance consultants. These experienced professionals can find the perfect insurance plans that suit your needs. Some of the best companies offer 24-hour claims support as well. We urge you to go online and get your car insurance done from the comfort of your home today!

 Also read: The Nuance of International Insurance Claims: Malaysia and Singapore
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Location: Singapore

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