Covers death or bodily injuries to third-parties and/or passengers; and damage to third-party's property.
Extension of the third-party Only policy. Protects the insured's own car against loss or damage (caused directly by fire or theft). Other causes resulting in loss or damage to the insured's own car is not covered.
This type of policy offers the broadest protection for a car owner. Covers the insured's liabilities; bodily injury, death and property damage to third-parties (including passengers). It also covers damage to the insured's own car (own damage).
Majority of the cars in Singapore are covered by comprehensive policies. This is because the prices of cars are expensive, resulting in a need to insure the car owners against huge losses due to damage of their own car. Also, if your car is under financing, your finance institute would most probably require you to insure the car under a comprehensive policy. This is to avoid any loss incurred which may be too huge for the owner to bear (in cases whereby the driver is at fault and own damage claim is required).
As mentioned earlier, insurance rates range widely. How much you pay would depend on the type of car, your profile and most importantly, the insurance company you choose. Therefore, it pays to shop around before you decide. You could enjoy savings of up to a couple of hundreds with even better benefits than the previous insurer. Insurer A may quote you $800 for your profile (include your age, gender, driving experience occupation & claims history) but Insurer B may quote $1100, everything else remains the same. The reverse may happen to your friend. Insurer A may quote a much higher price than B to your friend. This is due to the fact that different insurers would have different risk assessment and may favour certain profile.
However, it could be quite time-consuming to call every insurer for a quote. Moreover, prices may not be the cheapest as those are regular quotes (walk-in rates).
For car owners in Singapore, renewing the insurance and road tax is an annual affair. Prices of policies range widely, depending on the make & model of your car, your profile (which includes your age, gender, driving experience, occupation & claims history) and of course the type of coverage you need.
In order to enjoy cheap car insurance in Singapore, you would need to note these pointers:
Maintain a no-claims record
This means there shouldn't be any own damage (OD) claims / any other claims against you. Claims against another driver would not affect your record. This would enable you to enjoy a discount (NCD) off the premium, ranging from 10 - 50 %. (see table below)
Maintain a demerit points free driving record*
Eligible for drivers that do not have any demerit points awarded for the past 3 yrs. An additional 5% off the premium (*only for drivers with NCD of 30% or more).
Off-peak car discount
OPC car owners would enjoy an additional 5% off the regular premium.
Restricted drivers discount
If you are age 30 or above with more than two years driving experience (including others driving your car), you could request for this discount of 15% off the premium. The only point to note is that any other drivers below 30 and/or less than 2 yrs driving experience would not be covered under the policy.
InsureMyCar is a online service that would search for you the lowest premiums possible, with better benefits. Our clients average a 20% lower insurance premium with our quotes. This is largely due to the fact that we have access to special schemes with the major motor insurers in Singapore. Also, with our interest free instalment plan with DBS / POSB or UOB credit cards, you would certainly be getting more by paying less!
No Claim Discount - NCD (or NCB)
NCD is discount (in % off the premium) extended to the car owner for maintaining a claims-free record whilst insured*. NCD is transferable among all motor insurers in Singapore. It is also transferable within parent / child / spouse.
|Years insured*||NCD earned (private passanger car)||NCD earned (commercial vehicles)|
|1st year (upon renewal)||10 %||10 %|
|2nd year (upon renewal)||20 %||15 %|
|3rd year (upon renewal)||30 %||20 % (max)|
|4th year (upon renewal)||40 %||20 % (max)|
|5th year onwards (upon renewal)||50 % (max)||20 % (max)|