Comprehensive

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).