The first thing you need to know about car insurance in Singapore is that it's not optional—it is required by law.
Singapore drivers can choose between three main insurance types:
1. TPO (Third Party Only)
2. Third-Party Fire and Theft
3. Comprehensive Coverage
Now, let's go over the different kinds of coverage so you can make the best decision on which kind is best for you.
TPO
TPO is the cheapest car insurance option in Singapore. If you are just looking to abide by the law and get basic coverage, TPO is likely the best choice for you. TPO provides coverage for the other people when you are at fault for the damage. When you cause an accident, your insurer will pay for anything that needs to be fixed on the car you hit. However, you are responsible for paying for your own damages. What's more, TPO is paid only when you are proven to be at fault.
Third-Party, Fire, and Theft
This kind of insurance covers damages you cause to a third party as well as your damages. It also covers fire, theft, and vandalism— covering far more than a basic TPO policy.
Comprehensive Coverage
Comprehensive coverage provides you with the most coverage— as the name implies. Comprehensive coverage will cover you for death or injury to other parties, medical costs, damage to property of other parties, accidents, fire, and theft.
In Singapore, most people opt for comprehensive coverage because it is the safest bet to provide a sense of security and peace of mind. In fact, a lot of banks providing auto loans require drivers have comprehensive coverage policies. The one caveat is that you can't select comprehensive coverage on vehicles more than ten years old.
If you're looking for a new car in Singapore, count on the expert team at Hin Lung Auto. We have more than 30 years of experience in the auto industry, and we are dedicated to providing the best experience possible to our customers. Our mission is to be one of Singapore's leading companies in the automobile industry. Our focus is on maintaining a standard of excellence and achieving customer satisfaction. Contact our Customer Care today at Tel. No. +65 6472 2222 and let's find you a beautiful car in Singapore.