This covers accidental loss or damages to the insured vehicle and legal liability for third party injury or property damage. It is the most costly and optional benefits are available for additional coverage.
Third Party, Fire and Theft
This covers loss or damage to the insured vehicle caused by fire or theft only and also legal liability for third party injury or property damage.
Third Party Only
This indemnifies only the insured's legal liability for any third party injury or property damage. It is the cheapest type of motor insurance.
Most premiums quoted are valid for 7, 14, 30 or even 60 days. Insurers review their insurance premiums regularly based on their past, current statistics and those of the industry. It is therefore wise for motorists to do a yearly review of their insurance premium to check out the best quote for their vehicle at that point of time. Insurer X may offer the lowest quote this year for your vehicle but Insurer Y may take over the next year.
Premiums are calculated based on two main factors:
1) Driver's profile
Premiums usually decrease with age. Some insurers decline young drivers (defined as below 22, 26 or 27 years old depending on insurers) while some insurers accept with loading on the premiums.
- Gender & marital status
Premiums are usually lower for females than for males and also lower for those married as compared to singles.
- Driving experience
Premiums decreases with more years of driving experiences. Most insurers decline drivers with less than 2 years of driving experience while some insurers accept with loading on the premiums. Insurers usually reference the driver's experience to the local driving licence pass date.
- Occupation type
Some insurers decline insured with certain occupations while some insurers accept with loading. The indoor occupation types will fetch lower premiums than the outdoor occupation types.
- No Claim Discount(NCD %)
Insured gets 10% discount off the insurance premium for each claim-free year, up to a maximum of 50% NCD. When a claim is made during a policy period, the NCD% will be reduced accordingly on the next insurance period. Some insurers offer NCD protector at a slight cost (usually 10% of premium) to insureds with 40% or 50% NCD, to maintain the status of their NCD% in case of a claim during the policy period.
- Claim history for the past 2 or 3 years
Premiums are affected adversely by the frequency and amount of claims. Most Insurers are able to quote with 10% or 20% of loading on premiums for vehicles with claim amount not more than $5,000.
- Certificate of merit discount
Insurers usually give 5% discount off premiums to drivers as Safe Driver's Discount (SDD). This is usually available to drivers with NCD of 30% or more.
2) Vehicle's profile
- Make & model
Certain makes and models of vehicles are declined by some insurers such as high performance cars and buses. The premiums for such exclusive vehicles are usually much higher. On the other hand, popular makes and models of vehicles call for competitive premiums among insurers.
- Body type
This refers to the vehicle's type like saloon, MPV, SUV, station wagon and coupe etc. Saloons generally fetch lower premiums as compared to the less common types.
- Engine capacity & type
The bigger the engine capacity, the higher is the insurance premium. Engine type refers to either “Normal engine” or “Turbo engine”. Vehicles with turbo engine usually result in higher premiums.
- Year of manufacture/registered
This refers to the year the vehicle is made or registered.
- Parallel imported
Some insurers restrict the underwriting of parallel imported vehicles. Their premiums can be slightly more.
- Off-peak car(OPC)
Some insurers give slight discount (like 5%) off premiums for off-peak cars.
- CNG/BI-FUEL Vehicles
Premiums are usually higher for these vehicles. Some insurers may decline.
- Buy/Sell Cars
- Car Financing
- Request For Quote
(For Private Vehicles)
- Request For Quote
(For Commercial Vehicles)
- Home Protection
- Foreign Maid Insurance
- Personal Accidents
- Marine Cargo
- Fire & Theft
- Public Liability
- Foreign Workers
- Land Transport Authority
- General Insurance Association
- Driving Licence Enquiry
- Automobile Association of Singapore
- Ministry of Transport