InsurTech

Car Insurance Comparison in Singapore

In Singapore, you need to have a minimum of third-party car insurance. For those with privately owned vehicles in Singapore, it is strongly advised that you get at least this type of car insurance in Singapore protection. This may vary if you are driving someone else’s vehicle or a rental vehicle. You can compare different types of policies and fees through online motor insurance compare sites such as MoneySmart or CompareHero for free before deciding on which policy best fits your needs and budget. Sorting through the different types of car insurance can be difficult and time-consuming. However, understanding the differences in your car insurance policy will help you decide what level of coverage best fits your needs and budget.

What is Comprehensive Car Insurance?

Comprehensive car insurance (also known as all risks) covers you for loss or damage to your vehicle due to fire, theft, vandalism, storm damage, and other unforeseen circumstances. Most comprehensive policies also provide coverage against collision, which means that if another driver hits you, you are covered for repairs to your vehicle. In some countries such as Singapore, comprehensive insurance also includes high-risk drivers – but this may not always be the case where you’re from.

Comprehensive car insurance comparison in Singapore typically does not cover damages resulting from normal wear and tear, such as broken windshields or flat tires. In addition, it does not cover oil spills or damage caused by pets.

What is Third-Party Car Insurance?

This type of car insurance pays for the expenses if you injure someone else in a traffic accident or their property is damaged. It also covers any legal fees incurred by you while making a claim against another party. If you are involved in an accident with no injuries, this type of policy will still pay for your expenses when repairing your vehicle.

In Singapore, car accidents involving injury will require compulsory basic liability coverage – but again, this may vary depending on where you live! The basic requirement includes:

Third-party insurance typically does not cover damages to your own vehicle. It also does not include legal fees incurred by you, the insured, to recover any money owed if another party is at fault.

What is Comprehensive Car Insurance (with Loss Damage Waiver)?

Comprehensive car insurance with a loss damage waiver (LDW) can help cut your costs compared to basic full coverage or comprehensive policies alone. LDW covers all physical damages – including those caused by collision and theft – up to the cash value of your car (the amount it would cost for repairs). To determine this, take off the “blue book” price of your vehicle.

However, note that LDW will only pay up to the current market value of your car – not its original purchase price – in the event of an accident.

For example, if your car is valued at $30,000 and it’s totaled in a serious accident causing extensive damage, you will receive compensation based only on the value of the vehicle at that moment. This means that no matter how much your car originally cost you, you won’t be compensated for any additional damages.

Angela Scott-Briggs

Editor, TechBullion.com | Interested in Innovations in Business, Finance, and Technology .

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Angela Scott-Briggs

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