Rise in Car Accidents in SG – Do You Need Car Insurance?

Having an accident can be physically and emotionally costly. Aside from the high costs incurred by repairing your car and taking care of your injuries, it has a ripple effect on your loved ones. From emotional trauma to loved ones’ concern for your safety, being in an accident can affect you and those around you.

car accident rates in singapore

with a 25% increase in fatal accidents in singapore in 2021, this could be your signal to protect yourself with car insurance. while the increased numbers can be attributed to the resumption of activities after the circuit breaker, half of those accidents were caused by reckless crossings.

Reading: Car insurance that pays for your injuries when you’re in an accident in

In addition to jaywalking, driving under the influence of alcohol, running red lights at traffic intersections, and speeding also account for the majority of accidents.

The increase in car accidents occurring in Singapore could be your signal to start getting more protection with comprehensive auto insurance! But with the three types of coverage available, namely comprehensive, third party, as well as fire and theft, you may not be sure about the difference in coverage offered by each plan. Don’t worry as we’ve illustrated the key differences between each to help you better protect yourself!

what is comprehensive car insurance

Offering the highest level of coverage, comprehensive auto insurance covers you against damage caused to both yourself and others. In addition to these, comprehensive car insurance also covers damage caused by unforeseen circumstances, such as fire, theft, storms, floods, and accidents to your car.

To encourage policyholders to take care of their property and exercise responsible driving habits, this plan is subject to a deductible, also known as a deductible. this is the amount you will need to pay before your insurer covers the rest of the cost.

To illustrate this, we’ll use budget direct as an example. In budget direct insurance, the standard auto policy excess is $600. however, you have the option of reducing this excess to zero or increasing it up to $1,500.

Using this as an example, if you have chosen the standard car deductible and the damage to your car costs $3,600, budget direct will pay you $3,000 to cover repair costs.

benefits of having comprehensive car insurance

greater coverage

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As the name suggests, comprehensive auto insurance offers the broadest level of coverage of the three auto insurance plans. Of course, depending on the plan level you choose, as well as the features you choose to include in your plan, the level of coverage will be different. however, in most cases, comprehensive auto insurance will cover the following:

In addition to car accidents on the road, comprehensive auto insurance also provides coverage for theft and natural disasters. In addition, unlike third-party and third-party, fire and theft plans, which only help you cover costs incurred for third-party property damage and injuries, the comprehensive plan also covers personal injury and personal property damage.

As such, with the additional coverage, you can rest assured that you and your car will be better protected when unfortunate events occur.

While comprehensive auto insurance offers extensive coverage, there are still areas where it doesn’t cover. these include and are not limited to:

however, every insurer is different. so it is important that you verify the coverage of the plan before buying it.

integral vs third party vs third party, fire and robbery

To make it easier for you to understand the difference in coverage between the three different auto insurance plans, below is a table illustrating the level of coverage for each plan.

space for customization

Compared to the third-party plan required by law, the comprehensive car insurance plan also allows for greater scope for customization. most insurance companies offer optional add-ons to their plans. despite that, these add-ons are typically only available for the full plan, as well as the third-party plan, fire and theft, for some companies.

The most common optional add-ons offered include No Claim Discount (NCD) protection, the option to choose your preferred workshop, and the Overseas Emergency Allowance.

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Take fwd auto insurance as an example. it only offers optional add-ons like ncd protectors, the privilege of choosing your preferred workshop, reinforcements abroad and many more for your comprehensive plan. however, for its 3rd party and 3rd party fire and burglary plan, there is little room for such flexibility and customization. Obviously, the comprehensive car insurance plan allows a greater margin of customization.

Disadvantages of Getting Comprehensive Auto Insurance: Higher Premiums

with the high level of coverage comes the high price. Due to its higher premiums than the other plans, comprehensive auto insurance is suitable for those with higher budgets. That said, much of it depends on the type of car and its driving records.

For cars that have depreciated, third-party auto insurance may be a better option, as the cost to repair your car may be less and repairs are much easier to manage than higher-value cars.

That said, you’re also paying for peace of mind when you drive. Knowing that the cost of repairs should your car be in an accident, as well as your medical expenses will be partially covered, having a car accident will be less stressful.

find the cheapest car insurance in singapore

Knowing that comprehensive car insurance can be expensive, we’ve selected some of our top picks to help you find the cheapest car insurance quote in Singapore.

round trip car insurance

Offering competitive prices without skimping on features that other cheap car insurance plans may lack, FWD car insurance is a great option for families looking for affordable car insurance plans. With three different levels of coverage: Classic Plan, Executive Plan, and Prestige Plan, for its comprehensive, third-party, and third-party, fire and burglary plans, you can be sure you’ll be able to find a plan for you.

singlife with aviva car insurance

With premiums costing 30 percent less than the market average, single life with aviva auto insurance is also a great affordable option. while it may be affordable, it still offers great coverage. Benefits such as personal accidents, 24-hour roadside assistance, and emergencies are already included in your comprehensive car insurance plan.

If you want to compare these with other car insurance plans in singapore, check out our full review on car insurance plans in singapore to find the best and cheapest option and get a car insurance quote while you’re at it. In this way, you can protect your car, yourself and your loved ones.

See also: How insurance can help you

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