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My car is roughly 5 years old soon. My agent was saying that you can forget about getting comprehensive car insurance for an old car. He said that I should go for third party insurance instead but I know that it doesn't cover damage to my own car.
Here's a write up on comprehensive or third party definitions: https://hmconsultancy.com.sg/car-insurance-sing...
What do most of you guys do? What would you advise me to go with?
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Joyce Chan
01 Aug 2019
Senior Financial Consultant at Prudential Assurance Company Singapore
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While it's ultimately a personal preference, there seems to be a trend. For new cars, people tend to get comprehensive cover so that damages to their own cars are covered. However, for older cars (e.g. cars that have renewed COE), some choose to go with 3rd party only as they can stomach the risks of scraping an older car due to an accident better than that of a newer car.
Hope this quick answer helps!