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Car insurance coverage in Singapore: Who covers what?

Picture this. You are involved in a traffic accident, a series of questions are likely to cross your mind. Most of those questions will be about how your car insurance coverage in Singapore can help you.

Of course, the first thing you should do is to call your insurance company and notify them. They will likely give directions on how to handle the situation, such as taking photos of the accident scene.

If all goes well, your insurance company will help cover the damage costs. However, the level of compensation varies depending on the insurer, so make sure to understand what your cover will entail.

MSIG’s MotoMax Plus

Singapore’s MSIG insurance firm offers a personal motor car insurance package called MotoMax Plus. The insurance package covers the cost of repair if your car is involved in an accident. It even provides you with the flexibility of selecting your preferred workshop where the car will be fixed.

Things get even more interesting with MSIG. It offers to give you a brand new car as a replacement if your original one is wrecked beyond repair. The condition being they will only provide a new car if the original was less than a year old.

It will also offer you a transport allowance if repairs take too long. It also provides loan benefits worth up to $100,000 in case the policyholder dies in a car accident with an outstanding car loan.

NTUC Income’s Drivo car insurance

NTUC Income offers a car insurance coverage for loss and damage caused by theft, floods, natural disasters, or fire. The insurance company will allow you to have your car repaired at over 30 workshops selected by NTUC Income.

However, you can sign up for a higher package that will enable you to have your car serviced at your preferred repair shop.

The company also covers against third-party damages which means that it will cover your liabilities in case your car was involved in an accident that injured a third party or caused their death.

NTUC also offers personal accident coverage and benefits for any medical expenses that may arise if you are involved in an accident. It also covers towing expenses up to $500 and provides unlimited windscreen cover.

Sompo Insurance

Sompo is another Singapore-based company that offers decent car insurance coverage. It offers the policyholder a free personal accident cover with an S$20,000 sum assured and S$10,000 for named drivers. It also provides a free cover to the policyholder for passenger liability.  

One of its unique features includes round-the-clock Emergency Mobile Accident Response Service (MARS). It also gives loyalty discounts to its customers upon renewal.

Customers with an existing Sompo cover also enjoy discounts if they insure multiple cars. The company also offers a personal accident cover, but it is not part of the car insurance package.

Ergo Insurance

In case you decide to go with Ergo as your insurer, you have access to a variety of benefits. However, it depends on your selected cover since it offers comprehensive, third party, and third party fire & theft covers.

The comprehensive package covers your car from accidental damage or loss as well as natural disasters such as floods, riots. It will provide you with its 24-hour mobile accident response services (MARS) and a personal accident cover with up to S$20,000 sum assured.

It will also reimburse you up to S$300 spent on towing services and provide windscreen cover.

These are just some of the Singapore insurance companies that might be of great help in case you find yourself in an accident. The most important key is to have taken out an insurance cover from an insurance provider before you find yourself in traffic accident.

*The advice offered in this column is intended for informational purposes only and not intended to replace or substitute for any professional, financial, legal, or other professional advice. If you have specific concerns or a situation in which you require professional help, you should consult with an appropriately trained and qualified adviser.

Joshua Foo

Joshua Foo

Financial Services Consultant

Joshua Foo joined Pana Harrison in 2019 after taking a break from the Life Insurance industry for 18 years. He joined the Insurance industry back in 1991 and decided that his passion still lies with helping individuals in their Financial Planning needs.

A dedicated individual who is sincere in listening to his clients and provides quality advise and solutions to cater to each needs.