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Auto Insurance Coverage in Singapore - Car Insurance / Motor Insurance Policy Explained
There is largely 3 types of Motor Insurance in Singapore :
1. Comprehensive
2. 3rd Party, Fire & Theft
3. 3rd Party Only
Insurance Coverage Details:
Comprehensive (aka COMP)
* This is the most common product line for Motor Insurance in Singapore.
(It is the most common because motor car owners have imperfect information on what insurance coverage to go for, so in order to "play safe", most simply opt for the fullest coverage.)
* Covers Own Damage repair on insured own vehicle
* Covers 3rd Party Damage repair on 3rd party's vehicle
* Excess / Deductibles usually applies
* 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 (aka TPFT)
* This is getting more common with the recent constant increase in Motor Insurance Premium in Singapore.
(It's increasingly common because the auto insurance premiums have skyrocketed over the past 5 years in Singapore, the main reason being cited was that the car insurance companies have been making losses...... Another reason is that car owners are getting more insrance-savvy and sophisticated, thus they know that not all cars need to purchase COMP insurance.)
* This is subject to the approval of the finance company of the car
* Covers 3rd Party Damage repair on 3rd party's vehicle ONLY
* Excess / Deductibles usually DO NOT applies
* 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 (aka TPO)
* This is also getting more common in the mist of increasing vehicle insurance in Singapore.
(Unfortunately, this gets more commont oo, but for less pleasnat reasons. Some car owners fail to have insurance renewed, and could not find another insurer to renew their motor insurance. This is mainly becuase they were involved in an accident, and made significant amounts of claim. To get insured, they had to settle for TPO)
* This is subject to the approval of the finance company of the car
* Covers 3rd Party Damage repair on 3rd party's vehicle ONLY
There is largely 3 types of Motor Insurance in Singapore :
1. Comprehensive
2. 3rd Party, Fire & Theft
3. 3rd Party Only
Insurance Coverage Details:
Comprehensive (aka COMP)
* This is the most common product line for Motor Insurance in Singapore.
(It is the most common because motor car owners have imperfect information on what insurance coverage to go for, so in order to "play safe", most simply opt for the fullest coverage.)
* Covers Own Damage repair on insured own vehicle
* Covers 3rd Party Damage repair on 3rd party's vehicle
* Excess / Deductibles usually applies
* 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 (aka TPFT)
* This is getting more common with the recent constant increase in Motor Insurance Premium in Singapore.
(It's increasingly common because the auto insurance premiums have skyrocketed over the past 5 years in Singapore, the main reason being cited was that the car insurance companies have been making losses...... Another reason is that car owners are getting more insrance-savvy and sophisticated, thus they know that not all cars need to purchase COMP insurance.)
* This is subject to the approval of the finance company of the car
* Covers 3rd Party Damage repair on 3rd party's vehicle ONLY
* Excess / Deductibles usually DO NOT applies
* 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 (aka TPO)
* This is also getting more common in the mist of increasing vehicle insurance in Singapore.
(Unfortunately, this gets more commont oo, but for less pleasnat reasons. Some car owners fail to have insurance renewed, and could not find another insurer to renew their motor insurance. This is mainly becuase they were involved in an accident, and made significant amounts of claim. To get insured, they had to settle for TPO)
* This is subject to the approval of the finance company of the car
* Covers 3rd Party Damage repair on 3rd party's vehicle ONLY
Source : singaporeinsurance.org
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