If you own a car in Singapore, you must have car insurance. It's not just a legal requirement; it's also a smart way to protect yourself and your car from unexpected accidents and damages.
But with so many different car insurance policies available, choosing the right one for your needs can be confusing. In this article, we'll explain everything you need to know about car insurance in Singapore.
What is Car Insurance in Singapore?
Car insurance is a type of insurance that protects you financially in the event of an accident. If you are involved in an accident, your car insurance policy will pay for the damages to your car, as well as the damages to other people's property and injuries to other people.
Car insurance can also help you pay for your medical expenses if you are injured in an accident.
Car insurance is important because it protects you from financial ruin in the event of an accident.
Even if you are not at fault in an accident, you could still be responsible for paying for the damages to other people's property and injuries to other people. If you do not have car insurance, you could be forced to pay for these costs out of your own pocket, which could be very expensive.
Types of Car Insurance Policies in Singapore
There are three main types of car insurance policies in Singapore:
- Third-party only (TPO) insurance,
- Third-party, fire and theft (TPFT) insurance, and
- Comprehensive insurance.
Third-Party Only (TPO) Insurance
TPO insurance is the most basic type of car insurance in Singapore.
It only covers damage or injury caused to other people or property by your car. This means that if you get into an accident and you are at fault, your insurance company will only pay for the damage or … Read the rest