The Three Types of Car Insurance You Can Get in Singapore

Are you a citizen of Singapore or just got your permanent residence status? If so, one of the few things you need to know before owning a car is compulsory auto insurance. That means it isn’t an option but a need if you have a vehicle. Trust us; it’s for your own good. Therefore, you should look for the best insurance company to provide you with one of the three main types of car insurance available. These are TPO, Third Party, Fire and Theft, and Comprehensive Coverage. Fortunately, G&M also offers free consultations to clients who want to know what type of car insurance best fits their situation. So if you want to know more about these three, read on to learn more.

TPO Insurance

TPO is the cheapest and most affordable car insurance available in Singapore today. And if your priority is to abide by the law without shelling too much money out of your pocket, then TPO is the best choice. That’s because it’s the kind of insurance already enough to meet the legal requirements. However, you don’t benefit from getting TPO because it only offers coverage to other people you caused damage to. So when you experience a road accident, the insurer will pay for any damages that need to be fixed for the person’s car you hit.

Third Party, Fire and Theft

This kind of insurance is ideal for those who also want to protect themselves. Even though it only says Third Party, that doesn’t mean the other person’s damages will only be covered. It will also cover the damages to your vehicle during an accident. Furthermore, Fire and Theft is pretty self-explanatory. However, it also includes vandalism. When compared to TPO, this is a huge leap and a much better option since it covers more than what you expected. Plus, it also provides you protection, which isn’t the case for TPO.

Comprehensive Coverage

Two steps higher from TPO and a notch higher to Third Party, Fire and Theft is Comprehensive Coverage. In this insurance policy, you’re covered for death and injury to other parties, medical expenses from an automobile accident, damage to properties of the other parties, fire, and theft. Therefore, it’s the most common option for most car owners because they want to enhance their security in case of financial losses. Plus, it’s the only policy that most banks will require if you’re looking to get a car loan. But if your car is more than ten years old, you can opt for the other two options instead.