COE renewal is an excellent opportunity to review and potentially upgrade your motor insurance coverage. Many vehicle owners stick with the same insurer year after year without realising they could get better coverage at a lower price.
Why Review Insurance at COE Renewal?
- Your vehicle’s value and risk profile changes with age
- Insurance premiums for older vehicles can be significantly lower
- New insurance products and features may be available
- Bundling COE renewal with insurance can unlock special rates
- Your driving record may have improved, qualifying you for discounts
Types of Motor Insurance
Third Party Only (TPO)
The minimum legal requirement in Singapore. Covers:
- Damage or injury to third parties
- Legal liability for accidents
Not covered: Your own vehicle damage, theft, fire
Best for: Older vehicles with low market value
Third Party, Fire & Theft (TPFT)
Covers everything in TPO plus:
- Fire damage to your vehicle
- Theft of your vehicle
Best for: Vehicles with moderate value in areas with higher theft risk
Comprehensive
The most complete coverage, including:
- All TPO and TPFT coverage
- Own damage (accidents, vandalism)
- Personal accident coverage
- Medical expenses
- Roadside assistance
- Windscreen coverage
Best for: Vehicles with significant value, including those with renewed COEs
Special Considerations for Renewed Vehicles
After COE renewal, your vehicle is technically “older” but you’ve made a significant financial investment in it. Consider these factors:
- Agreed value vs market value: For renewed vehicles, agreed value policies ensure you receive a predetermined payout regardless of market depreciation.
- Workshop clause: Some policies restrict repairs to authorised workshops. For older vehicles, flexibility to use independent workshops can save money.
- No-claims discount (NCD): Protect your NCD with an NCD protector add-on.
How COEPLUS Can Help
COEPLUS partners with 7+ leading insurers to provide you with competitive motor insurance quotes. We compare policies side-by-side to find the best coverage at the best price — completely free of charge.
Get a free insurance quote when you renew your COE through COE Plus.
