There are basically 3 types of Motor Insurance in Singapore :
- Comprehensive
- 3rd Party, Fire & Theft
- 3rd Party Only
What are their coverage?
Comprehensive (aka COMP)
- This is the most common product line for Motor Insurance in Singapore
- Covers Own Damage repair on insured own vehicle
- Covers 3rd Party Damage repair on 3rd party’s vehicle
- Excess / Deductibles usually applies
- In the event of Total Loss (Due to serious Accident, Fire or Theft) the insurance company will pay out the Market Value of the vehicle at the time of Loss
- Older people usually call it “一号保”
3rd Party, Fire & Theft (aka TPFT)
- Covers 3rd Party Damage repair on 3rd party’s vehicle ONLY
- Excess / Deductibles usually DO NOT applies
- In the event of Total Loss (Due to serious Accident, Fire or Theft) the insurance company will pay out the Market Value of the vehicle at the time of Loss
- This is subject to the approval of the finance company of the car
- Older people usually call it “二号保”
3rd Party Only (aka TPO)
- This is the MINIMUM car insurance coverage required by law, in Singapore
- This is subject to the approval of the finance company of the car
- Covers 3rd Party Injury / Damage repair on 3rd party / vehicle ONLY
- Older people usually call it “三号保”