Like in other countries, car insurance in Singapore is mandatory. Car insurance is a requisite when you opt to purchase a car. It can be extremely confusing to first-time car insurance buyers when dealers start throwing terminologies they are unconversant with, like co-insurance, no claim bonus, and so on. To better understand the world of car insurance, this article discusses what it entails for the benefit of car buyers.
Types of Car Insurance
Car insurance is categorized into three plans: Third Party Only (TPO), Third Party, Fire and Theft, and Comprehensive Coverage. Drivers in Singapore can choose any of the three plans.
So, let’s dive into each of the plans to help you determine the best plan for you and how it may suit your needs.
- Third-Party Only (TPO) Plan
This plan affords drivers the essential car insurance coverage. TPO is liability coverage that …