Comprehensive Car Insurance covers your repair costs when your vehicle is damaged and/or another vehicle/ property/ individual is damaged/ injured as a result of the impact from your insured vehicle. Some insurers lower their premium by limiting their liabilities. For instance, their Comprehensive Insurance may not cover damages due to floods or riots.
2nd Party Fire & Theft Car Insurance covers your car against Fire and Theft. If you are the party at fault during an accident, the insurer is only liable for 3rd party’s damages caused by your vehicle. You will have to source, repair and pay at your cost for your damaged vehicle. 2nd Party Fire & Theft Insurance is usually S$100 to S$300 cheaper than Comprehensive Insurance. Since owning a car in Singapore is an expensive liability, we will recommend for our clients to go for a Comprehensive Insurance; for greater peace of mind.
3rd Party Car Insurance is the cheapest among the 3 insurance types. Hence, it provides the least or most basic coverage sufficient for your vehicle to be legit on the road. As the name 3rd Party suggest, this insurance type covers only 3rd party’s damages caused by your vehicle. If your car is stolen or caught a fire while driving on a road during a hot weather, the insurer is not liable to pay for your damages. Depending on the driver’s profile and the type of the car insured, a 3rd Party Insurance can typically cost 30% to 50% lower than a Comprehensive Insurance.
It is important for you to understand the various insurance coverages before you can make an informed decision. If you require further assistance, you can contact our team of General Insurance Certified Service Managers at quotigo to assist you. You may contact them at 8818 0007, 8828 0007, 8838 0007, 8858 0007 or 8868 0007.