Here's all you need to know to find the best insurance for your car: we help you understand the types of coverage, terms like NCD & excess, how they affect your premiums and more.
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In Singapore, having car insurance is mandatory by law to have a car under your name. There are 3 types of car insurance plans that you can choose from: Third Party Only, Third Party, Fire and Theft, and Comprehensive Car Insurance.
TPO offers the most basic insurance coverage and is the minimum required in Singapore. It covers only the affected third parties and/or liabilities.
TPFT provides extra coverage on top of the basic covered in TPO. With TPFT, any loss or damage to your vehicle due to fire and theft will be covered.
Comprehensive car insurance is an all-inclusive plan that covers you, your vehicle, your passengers and your liabilities in minor and grave accidents.
Coverage Type | Liabilities | Your Vehicle | Your Passengers | You |
---|---|---|---|---|
TPO | ✓ | — | — | — |
TPFT | ✓ | ✓* | — | — |
Comprehensive | ✓ | ✓ | ✓ | ✓ |
*only for loss or damages due to fire and theft.
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These are three car insurance terms every driver needs to know. They can significantly affect your annual premium, depending on how you customise your policy.
When you choose your car insurance coverage, an excess is a fixed sum payable from your own pocket, for damages, before the insurer covers the rest. You can customise the excess payable.
Adam is cruising along PIE on his way to work. A tree suddenly collapses in front of his path. Unavoidably he crashes into it, and the cost to fix the car is $2,000. Fortunately, his excess is $500. So he just pays $500, and the insurer forks out the remaining.
Generally, opting for a higher excess helps lower car insurance premiums. However, with less insurance pay-out, you’re putting yourself at a higher financial risk on the roads.
This discount incentivises drivers to practice safe driving. You earn a 10% discount for each year you stay claim-free, up to a maximum of 50%.
Period of insurance with no claims | Discount on renewal |
---|---|
1 Year | 10% |
2 Years | 20% |
3 Years | 30% |
4 Years | 40% |
5 Years or more | 50% |
Note that NCD for private-hire cars differs from this table.
NCDs aren’t necessarily compromised upon claims unless the driver’s liability is more than 20% under the Barometer Of Liability Agreement (BOLA). If so, their NCD could decrease by 10% or more.
Some drivers pay an additional fee for the NCD protector scheme. This allows them to make one claim and still retain their NCD privileges.
Your NCD is also transferable from one car to another. Even if your car is scrapped, you can retain your NCD for at least 12 months. On another note, if you own two cars, your second car might not enjoy the same NCD privileges as the first car.
Named drivers are recognised by insurers to drive the car. They’re covered by the main owner’s insurance policy and are entitled to the same privileges/protection.
Family members are oftentimes added as named driver(s) to keep financial risks low. Should an unnamed driver get into an accident while using your car, the insurer can impose a higher excess on your claim.
Here are some common mistakes made when making car insurance claims. Avoid these to have your claim processed quickly and to receive your pay-outs on time.
We sourced the best car insurance policies in Singapore to suit different drivers with varying needs.
More often that not, the best car insurance does not mean the cheapest car insurance. Here are some of the best car insurance for different needs and wants:
I'm a driver looking for.. | Recommended provider |
---|---|
Budget friendly | Budget Direct Comprehensive |
Affordable with generous coverage | FWD Classic |
Great for young drivers | Aviva Lite |
Accident-focused coverage | Income Drivo Premium |
All-around coverage | FWD Prestige |
Check out what’s covered under these plans here!
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