Motor insurance protects drivers against financial losses in an event of accidents or other damages sustained by the insured vehicle.

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As a driver in Singapore, it is mandatory for drivers to own a motor insurance policy, and motor insurance policies usually impose an excess which is the cost you may be required to bear in the event of a claim being made against your policy and the more risk the insurer carries the higher the excess will be.

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The three main types of motor insurance are third party, third party fire, and theft, and lastly comprehensive.

These different types of coverages protect you from personal injury that you may cause to third parties, and can cover your costs if you damage someone else's property. Also, it protects against other losses or damage that you may suffer in an event of a motor accident.

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As a customer, you need to keep in mind that not all motor insurance policies are the same. When purchasing a new vehicle or upon renewal of your road tax, it would be best to seek out which motor insurance will provide you with the coverage that is best suited for you.