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Best car insurance for used and older COE cars

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If you are driving a used or older car that is more than 8 years old and you have paid off your car loan, you have the option of purchasing a Third Party Only (TPO) or Third-Party, Fire & Theft (TPFT) plan. Generally, the plan that will work best for you depends on the level of coverage you require. You will most likely benefit from these plans if your car's market value is too low to benefit from the coverage Comprehensive plans offer.

How to Choose Between Third Party Only and Third-Party Fire and Theft plans

A Third Party Only plan is the cheapest car insurance option and only covers damages caused by you to a third party—specifically damage caused to  third party property or bodily injury/death. Unless offered as optional covers, there will not be coverage for anything else. Nonetheless, if your car is older and the cost to repair it is quite cheap(cheaper than paying for a comprehensive plan) or you have a long track record of accident-free driving, a TPO plan may end up being a good fit for you.

If you are looking for a bit more coverage than just a Third Party Only plan, then a Third Party, Fire & Theft insurance plan not only covers  third-party damages, but also damage to your car due to fire or theft. This plan is usually more expensive than a TPO plan, but provides more thorough coverage while still being cheaper than a Comprehensive plan. TPFT is a good choice if you are an experienced driver who feels more comfortable having a bit more coverage than just coverage to third-party damages.

Insurers that offer the most affordable Third Party car insurance plans

Independent consumer advisers, ValueChampion, compiled data from 12 car insurers in Singapore to find which ones offered the most competitive rates for TPO and TPFT insurance plans. To standardise the data, they averaged the premiums for 4 of the most popular sedans on the market; Toyota Corolla Altis, Honda Civic, Hyundai Elantra and Mazda 3 for a driver profile of a 45-year old male. Changing the No Claim Discount around and recording the differences in those prices also led them to see which insurers are cheaper based on a safe driving record.

Cheapest TPO/TPFT Car Insurance Premiums for Drivers of COE Cars in Singapore (50% NCD)

Do note that premiums may differ as car insurers change pricing depending on car make, age of car, age of driver, and driving experience.

Cheapest Third Party Fire and Theft/Third Party Only Plans for Safe Drivers: Budget Direct Insurance

The study from ValueChampion concludes that motorists should consider Budget Direct Car Insurance Singapore if they are a safe driver looking for the cheapest premiums:

If you are an experienced driver with a spotless driving record, you could stand to save quite a bit from Budget Direct’s highly competitive TFPT plan. As one of the cheapest options available, its premiums are around 20-35% cheaper than the average TPFT plan regardless of one's NCD level. In addition to the S$5,000,000 third party property damage and unlimited third-party liability coverage, it also provides coverage for windscreen damage and transport allowance for an additional fee of S$53.50. For even more protection, there are options to buy personal accident,  medical coverage, an NCD protector and roadside assistance benefits.

Budget Direct Insurance is also cheapest for TPO plan, costing 40% below average for 50% NCD drivers. Despite its lower prices, Budget Direct is one of the few insurers that allows you to add on several options to your TPO policy including windscreen, personal accident and medical coverage. This gives Budget Direct's TPO plan quite a value. But depending on the amount of add-ons, you may just end up getting more out of its TPFT plan as it provides more options like accessories coverage and roadside assistance support.



TFPT Availability

TPO Availability

Third Party Property Damage




Third-Party Death/Bodily Injury




Repair Due to Fire or Theft

Market Value







Emergency Roadside Assistance




Transport Allowance





Full value



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