Best Cheap Car Insurance for Used COE Cars 2024

TPO and TPFT car insurance plans are solid options for older COE or used car drivers. Below, our research analysts gathered data from 12 car insurers in Singapore to help you compare the cheapest TPFT and TPO plans available on the market.

Compare the Best Car Insurance Plans for COE Cars

We analysed hundreds of premiums and benefits from dozens of car insurers in Singapore to find the best TPO/TPFT car insurance plans for your older car.

Cheapest TPFT/TPO Plans for Safe Drivers: Budget Direct

Consider this if you are a safe driver looking for the cheapest premiums
  • Third Party Damage Coverage
    • S$5,000,000
    • Workshop Type
      • Authorised
      • Coverage for Loss/Damage to Vehicle
        • 100% of Market Value
        CoverageLimitTFPT AvailabilityTPO Availability
        3rd Party DamageS$5,000,000YesYes
        3rd Party DeathUnlimitedYesYes
        Repair Due to Fire or TheftMarket ValueYesNo
        TowingS$200YesNo
        Roadside AssistanceUnlimitedYesNo
        Loss of UseS$50/dayYesNo
        AccessoriesFull valueYesNo

        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 45-50% cheaper than the average TPFT plan regardless of one's NCD level. In addition to the S$500,000 third party damage and unlimited third-party liability coverage, it also provides coverage for windscreen damage and loss of use for an additional fee of S$64.20. For even more protection, there are options to buy personal accident and medical coverage, an NCD protector and roadside assistance benefits.

        Budget Direct is also cheapest for TPO plans, costing 40% below average for the average driver and 57% below average for drivers with 50% NCDs. Despite its lower prices, Budget Direct's 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 better more out of its TPFT plan as it provides more options like accessories coverage and roadside assistance support.

        Consider this if you are a safe driver looking for the cheapest premiums
        • Third Party Damage Coverage
          • S$5,000,000
          • Workshop Type
            • Authorised
            • Coverage for Loss/Damage to Vehicle
              • 100% of Market Value
              CoverageLimitTFPT AvailabilityTPO Availability
              3rd Party DamageS$5,000,000YesYes
              3rd Party DeathUnlimitedYesYes
              Repair Due to Fire or TheftMarket ValueYesNo
              TowingS$200YesNo
              Roadside AssistanceUnlimitedYesNo
              Loss of Use/Car ReplacementS$50/dayYesNo
              AccessoriesFull valueYesNo

              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 45-50% cheaper than the average TPFT plan regardless of one's NCD level. In addition to the S$500,000 third party damage and unlimited third-party liability coverage, it also provides coverage for windscreen damage and loss of use for an additional fee of S$64.20. For even more protection, there are options to buy personal accident and medical coverage, an NCD protector and roadside assistance benefits.

              Budget Direct is also cheapest for TPO plans, costing 40% below average for the average driver and 57% below average for drivers with 50% NCDs. Despite its lower prices, Budget Direct's 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 better more out of its TPFT plan as it provides more options like accessories coverage and roadside assistance support.

              Best Value for TPFT/TPO Plans: FWD

              Consider this if you want a comprehensive TPFT plan that offers perks like towing and legal damages coverage
              • Third Party Damage Coverage
                • S$5,000,000
                • Workshop Type
                  • Authorised
                  • Coverage for Loss/Damage to Vehicle
                    • 100% of Market Value
                    CoverageLimitTFPT AvailabilityTPO Availability
                    3rd Party DamageS$5,000,000YesYes
                    3rd Party DeathUnlimitedYesYes
                    Repair Due to Fire or TheftMarket ValueYesNo
                    TowingS$300YesNo
                    Roadside AssistanceUnlimitedYesYes
                    Loss of UseN/AN/AN/A
                    AccessoriesN/ANoNo

                    If you are looking for a TPFT plan that throws in some extra perks, FWD may be a great option with its 6-18% below average premiums for sedan drivers and plethora of added protections. These benefits include a new replacement car if your car was stolen or written off (if car is newer than 12 months), S$3,000 legal cost coverage if someone sues you for damage done by your car and S$300 for towing. If you repair your car at an FWD workshop, you will also be guaranteed a defect-free repair and 24-hour roadside assistance.

                    FWD's TPO plan is around 10% cheaper than the average Third-Party Only plan for mid-sized sedans and offers a few potentially valuable perks including S$3,000 of legal fee coverage and 24-hour roadside assistance at no extra cost.

                    Consider this if you want a comprehensive TPFT plan that offers perks like towing and legal damages coverage
                    • Third Party Damage Coverage
                      • S$5,000,000
                      • Workshop Type
                        • Authorised
                        • Coverage for Loss/Damage to Vehicle
                          • 100% of Market Value
                          CoverageLimitTFPT AvailabilityTPO Availability
                          3rd Party DamageS$5,000,000YesYes
                          3rd Party DeathUnlimitedYesYes
                          Fire/Theft RepairMarket ValueYesNo
                          TowingS$300YesNo
                          Roadside AssistanceUnlimitedYesYes
                          Loss of UseN/AN/AN/A
                          AccessoriesN/ANoNo

                          If you are looking for a TPFT plan that throws in some extra perks, FWD may be a great option with its 6-18% below average premiums for sedan drivers and plethora of added protections. These benefits include a new replacement car if your car was stolen or written off (if car is newer than 12 months), S$3,000 legal cost coverage if someone sues you for damage done by your car and S$300 for towing. If you repair your car at an FWD workshop, you will also be guaranteed a defect-free repair and 24-hour roadside assistance.

                          FWD's TPO plan is around 10% cheaper than the average Third-Party Only plan for mid-sized sedans and offers a few potentially valuable perks including S$3,000 of legal fee coverage and 24-hour roadside assistance at no extra cost.

                          Cheapest TPFT/TPO Plan for New Drivers: Citibank SmartDrive

                          CitiBank SmartDrive
                          CitiBank SmartDrive
                          Consider this if you are an inexperienced driver with a COE car
                          • Third Party Damage Coverage
                            • S$5,000,000
                            • Workshop Type
                              • Authorised
                              • Coverage for Loss/Damage to Vehicle
                                • 100% of Market Value
                                CoverageLimitTFPT AvailabilityTPO Availability
                                Third Party DamageS$5,000,000YesYes
                                Third Party DeathUnlimitedYesYes
                                Repair Due to Fire or TheftMarket ValueYesNo
                                TowingS$200 (Domestic)/S$500 (overseas)YesNo
                                Emergency Roadside AssistanceUnlimitedYesYes
                                Loss of Use/Car ReplacementS$50YesNo
                                AccessoriesN/ANoNo

                                If you are a new driver with no NCD or have little experience driving, Citibank’s SmartDrive TPFT Plan could be a good match because it has some of the cheapest premiums for non-NCD drivers, around 15-25% cheaper than average. Not only that, Citi's TPFT plan also offers towing and loss of use coverage of S$50/day at no extra cost. This is a great feature if you don't want to pay for a comprehensive plan but still want accident-related features included in your plan.

                                While Citibank's TPO plan is just as competitively priced as its TPFT plan with premiums costing around 20% less than the average, it provides only the basic third party damages and liability coverage without any extra protection or optional add-ons. Thus, this plan is better suited for people who have many years of driving experience and won't have expensive repairs, though these drivers could probably find better value with Budget Direct's TPO plan.

                                CitiBank SmartDrive
                                CitiBank SmartDrive
                                Consider this if you are an inexperienced driver with a COE car
                                • Third Party Damage Coverage
                                  • S$5,000,000
                                  • Workshop Type
                                    • Authorised
                                    • Coverage for Loss/Damage to Vehicle
                                      • 100% of Market Value
                                      CoverageLimitTFPT AvailabilityTPO Availability
                                      3rd Party DamageS$5,000,000YesYes
                                      3rd Party DeathUnlimitedYesYes
                                      Fire/Theft RepairMarket ValueYesNo
                                      TowingS$200 (Domestic)/S$500 (overseas)YesNo
                                      Roadside AssistanceUnlimitedYesYes
                                      Loss of UseS$50YesNo
                                      AccessoriesN/ANoNo

                                      If you are a new driver with no NCD or have little experience driving, Citibank’s SmartDrive TPFT Plan could be a good match because it has some of the cheapest premiums for non-NCD drivers, around 15-25% cheaper than average. Not only that, Citi's TPFT plan also offers towing and loss of use coverage of S$50/day at no extra cost. This is a great feature if you don't want to pay for a comprehensive plan but still want accident-related features included in your plan.

                                      While Citibank's TPO plan is just as competitively priced as its TPFT plan with premiums costing around 20% less than the average, it provides only the basic third party damages and liability coverage without any extra protection or optional add-ons. Thus, this plan is better suited for people who have many years of driving experience and won't have expensive repairs, though these drivers could probably find better value with Budget Direct's TPO plan.

                                      How to Choose Between TPO and TPFT Plans

                                      If you are driving a used or older car (older than 8-10 years) 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. Whereas the plan that will work best for you depends on your desired level of coverage, you will most likely benefit from these plans if your car's value is too low to benefit from the coverage Comprehensive plans offer.

                                      this image shows the cheapest Third party only or Third Party Fire & Theft car insurance premiums in Singapore for COE cars

                                      Third-Party Only plans are the cheapest car insurance option and only cover damages caused by you to to a third party—specifically damage caused to their car or bodily harm/death. Unless offered as optional covers, it is highly unlikely there will 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 policy), or you have a long track record of accident-free driving, TPO plans may end up being a good fit for you.

                                      If you are looking for a bit more coverage than just Third Party Only plans, Third Party, Fire & Theft insurance plans cover not only third-party damages, but also damage to your car in the event of a fire or theft. These plans are usually more expensive than TPO plans, but provide more thorough coverage while still being cheaper than their Comprehensive counterparts. TPFT is a good choice if you are an experienced driver who feels more comfortable having a bit more coverage than just third-party damages. However, you shouldn't automatically assume that you will be saving money with a TPFT plan, as it is possible to find a comprehensive plan like FWD's Value plan that actually costs less than some TPFT plans.

                                      Frequently Asked Questions

                                      For more information on COE car insurance, take a look at our frequently asked questions below.

                                      Yes, all cars, both new and used, are required by law to have car insurance in Singapore.

                                      A TPO (Third-Party Plan) is the most basic and most affordable type of car insurance. It only covers liability in the case of an accident. TPFT (Third-Party, Fire & Theft) are more expensive than TPO plans, but offer coverage for liability, fire damage, or theft of a vehicle. A comprehensive plan is the most expensive, but offers the widest range of coverage beyond liability, fire, or theft. Finding the best car insurance plan is really depending on the individual and the type of car they have, however, for most used cars, especially those over 10 years old, TPO and TPFT insurance plans are recommended.

                                      Yes, insurance policies still apply to drivers outside of Singapore if they are driving in west Malaysia and Southern Thailand (as long as it is within 80km of its border with west Malaysia).

                                      You have the option to pay the full amount of the annual premium or, if your insurer allows, you can pay in monthly instalments.

                                      Methodology

                                      We compiled data from 12 car insurers in Singapore to find which ones offered the most competitive rates for TPO and TPFT insurers. To standardise the data we averaged the premiums for 4 of the most popular sedans on the market (Toyota Corolla Altis, Honda Civic, Hyundai Elantra and Mazda 3) for the driver profile of a 45-year old male. Changing the NCD around and recording the differences in those prices also led us to see which insurers are cheaper based on your safe driving record. However, please be advised that your premiums may differ as car insurers change pricing depending on your car make, age of car, age of driver, and driving experience.

                                      Anastassia Evlanova

                                      Anastassia is a Senior Research Analyst at ValueChampion Singapore, evaluating insurance products for consumers based on quantitative and qualitative financial analysis. She holds degrees in Economics and International Business Management and her prior working experience includes work in the capital markets sector. Her analyses surrounding insurance, healthcare, international affairs and personal finance has been featured on AsiaOne, Business Insider, DW, Vice, Her World, Asia Insurance Review, the Australian Institute of International Affairs and more.

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