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Day: June 4, 2021

Factors affecting car insurance Singapore

Factors affecting car insurance Singapore

In Singapore, there are three types of automobile insurance policies, and here is all you need to know about them.

The following are the three types of car insurance Singaporepolicies:

  • for third-parties (TPO)
  • Third-party, fire, and theft are all possibilities (TPFT)
  • a thorough examination

Each vehicle insurance plan in detail can be explained to figure out which one is right for you and how they can best meet your needs.

TPO plan

TPO provides the most basic automobile insurance coverage. It is liability coverage that exclusively protects third parties that have been demonstrated to be your responsibility, such as an injured pedestrian or broken guard rails. It safeguards external “third parties,” but not you or your vehicle. Under TPO, your insurance will not compensate you.

TPFT plan

TPFT auto insurance covers any loss or damage caused by fire or theft in addition to covering liabilities. Other sources of loss or damage to your car insurance Singapore that have occurred indirectly (such as bird spit corroding your paintwork) will not be covered.

Comprehensive strategy

TPO, TPFT, and accidental damage to the automobile – whether caused by natural catastrophes or self-inflicted – are all covered under comprehensive auto insurance. It also covers various medical expenditures for passengers on board, in addition to personal accident coverage.

Which plan is better?

While all of the information may be daunting, the following is an overview of the plans:

Only your third-party liabilities are covered by TPO. TPFT protects you from third-party liability as well as the loss of your vehicle due to fire or theft. In small and major accidents, comprehensive coverage protects you, your car, your passengers, and your responsibilities.