Under the law, it is an obligation for every motor owner to take up car insurance in Singapore for themselves to get protected against any losses. In a small country like Singapore, we are dubbed as one of the Four Asian Tigers, and have good economic standing through the influence of British and Americans; and we have created its own reputation in the market.
There are a lot of insurance companies in the country but for sure, everyone is looking for the cheapest car insurance in Singapore. It always has been people’s instincts to find the cheapest offer for every purchase especially for those who are not on the top of the society. There are lots of motor insurance quotations from different insurers in Singapore. If you want to get the cheapest and yet getting quality insurance, you might want to gather several motor insurance quotations and try comparing them that best suits your status.
Three Main Types of Insurance Coverage in Singapore
Generally, there are three main types of vehicle insurance. They are the comprehensive; third party, fire and theft and the third party only respectively.
1. Comprehensive insurance – this covers the accidental loss and damages of the insured vehicle. It also covers the legal liability for the injured third party and its damaged property. It is likely the most expensive type and there are available options for additional coverage.
2. Third party, fire and theft insurance – like the comprehensive insurance, this also covers loss and damages of the insured vehicle and the legal liability for the injured third party but it must be due to fire and theft only.
3. Third party only – this one is the cheapest type among the three motor insurance. This insurance only pays for the insurer’s legal liability for the injured third party and damaged property. Of all the 3 types of insurance, the third party can be classified as the lowest in premium, however you need to compromise with the benefit provided.
So now you have the idea on what type of motor insurance would be the cheapest. You have now narrowed your options for searching the most affordable plan. You just have to focus on the third party only if you really want the cheapest considering your limited claim if ever.
Here’s another hint in searching for the low price car insurance plan. It is best that you have to review your insurance premium so that you can check for the best insurance quote for your vehicle because insurers are regularly reviewing their insurance premiums rating base on their past claim history. You also have to review your profile and your motor’s profile before proceeding so that you can pretty much calculate the insurance premium. You may also visit the web because car insurance in Singapore are common and there are total of more than 10 companies who can assist you using the web or over the telephone hotline, for your hassle free application.
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