Car Insurance Terms | Motor Insurance Singapore

Archive for the 'Car Insurance Terms' Category

Cover Notes

Tuesday, December 30th, 2008

A cover note is sent to you as an interim document before the issue of your insurance policy and certificate. These are effective contracts of insurance.

You’ll need a cover note if you’re registering a new vehicle. The Land Transport Authority requires this document as a “proof of insurance” before they’ll process your registration.

Once registration is done, the insurer will then send you the certificate of insurance printed with your vehicle registration (car plate) number.

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This is the most common car insurance policy that vehicle owners have. Its coverage is also the broadest. Other than insuring liability for third-party’s bodily injury (or death) and property damage, this type of car insurance also covers damage to the insured’s own vehicle.

There are also other benefits (usually) included in this type of policy – like medical expenses, personal accident benefit or car towing services.

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Third-Party, Fire and Theft Insurance

Sunday, December 28th, 2008

The Third-Party, Fire and Theft insurance covers your own vehicle against loss or damage by fire or theft, on top of the scope of coverage provided by the third-party only insurance.

Unfortunately, damage to the insured’s vehicle by anything other than fire and theft is not covered by under this policy.

Most car owners will opt for a comprehensive policy instead because of the Third-Party, Fire and Theft Insurance’s limited coverage.

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Third-Party Only Motor Insurance

Saturday, December 27th, 2008

This type of motor insurance provides coverage only for (1) death or bodily injuries to third parties &/or passengers, and (2) damage to 3rd party’s property.

This is quite similar to the Act Liability Only Insurance, just that third-party insurance also covers against damage to property as well as accidents occurring on roads and private properties.

As the name suggests, this type of auto insurance doesn’t cover damage to the insured’s vehicle.

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Act Liability Only Insurance

Wednesday, December 24th, 2008

This is a compulsory insurance for all vehicle owners. Under this motor insurance policy, the insurer covers only death and bodily injury to third parties, including the passengers.

In other words, this type of motor car insurance doesn’t cover damages to property or vehicle. It also doesn’t cover accidents that occur within private compounds.

Vehicle owners (almost) never take up The Act Liability Only Insurance as a stand-alone policy. Instead, this is embedded into other types of policies, like the Third-Party, Third-Party Fire & Theft or Comprehensive Cover insurance.

In Singapore, automobile owners almost always sign up for Comprehensive Cover Insurance.

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Archive for the 'Car Insurance Terms' Category

Cover Notes

Comprehensive Policy

Third-Party, Fire and Theft Insurance

Third-Party Only Motor Insurance

Act Liability Only Insurance