Singapore Car Insurance – Types of Coverage

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Coverage

]There are essentially 3 types of coverage that you can choose from in Singapore. Theyare the (I) comprehensive coverage, (II) the third-party fire and theft, and (III) the third- party only policy. Let’s get into each of these types of auto insurance in further detail:1. Comprehensive coverage. This is the most popular option for car owners in Singapore because it offers the broadest protection. It compensates you for any damage made toyour own vehicle and also covers the full scope of the third-party fire and theft insurance.In addition, this policy also compensates for the insured's liabilities such as bodily injury,death and property damage to a third-party.2. Third-party fire and theft. The scope of this policy covers the loss of your vehiclethrough fire and/theft. It also covers the full scope of the third-party only insurance.3. Third-party only. This type of insurance offers the least protection and is therefore thecheapest. It compensates only for property damage as well as death or bodily injuries toany third-party driver. Payouts will be made after it’s been proven that the insured is the party at fault. Although the third-party only insurance is the cheapest form of car insurance available,not everyone can insure his or her car under this policy. For example, if your vehicle is bought with a loan from a financial institute (like a bank), they will require you to insureyour car under comprehensive policy. This is to make sure that the insured is able tocompensate the financial institute for the outstanding loan amount in the event of asignificant loss.Similarly, the insurers will need you to provide them with proof that your automobile isfully paid up before granting you this insurance. For special cases, the financialinstitution may allow the vehicle to be covered under a third-party only coverage, and thefinancial institution will then require a written notice of this permission.Apart from these three main types of coverage for your vehicle, there are also differenttypes of (optional) insurance under the comprehensive coverage. These are commonlycalled riders. They can provide you with more protection to suit your needs. Commonones include the no-claim discount (NCD) protector, the extended personal insurancecover and the additional driver cover or second driver cover.More information about

Singapore car insurance

can be found at the links below.Carl Vouz is a prolific writer for the car enthusiast andmotor insurancecommunity. Hisarticles are publicized widely and have helped car owners implement insurance tips thatonly professionals know.

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Car Insurance Singapore