Is Third Party insurance cover really the cheapest car insurance?
In Singapore context, it is a must to buy motor car insurance if you want to drive on the road legally and the minimum cover is known as 'Third Party' insurance. The other 2 cover are Comprehensive Cover and Third Party Fire and Theft insurance cover.
Third Party insurance will cover your liability to others only. Do note that with Third Party insurance, there is no cover for damage to yourself or your car. It used to be the cheapest car insurance cover, but do not be surprise that comprehensive car insurance cover can be cheaper for some. This is because selecting it may mean you're considered a lower risk profile. So if you were planning on Third Party, also get a Comprehensive car insurance quotes as well. (See: What Are The Pitfalls Of Cheap Car Insurance)
To illustrate this, for a low-risk driver quote certain insurance company can quote for only less than $500 for a Comprehensive cover, compared to a higher amount for a Third-Party cover. It really depends a lot on your profile, but always make sure if you want to get quotes for Third Party do consider a Comprehensive Cover as well. It is always good to compare and you never know that Third Party cover might not be the cheapest even though they have the least cover.
Alternatively, you can get a competitive quote from some of the online car insurance sites that will do the comparison of the car insurance quotes for you. They will present the most competitive quotation for you and do look at the policy wordings before you decide what suit you best. Last by not least, do check with your car insurance agent if there is any cashback when you cancel the policy. Always check your policy, so you know exactly what you are and aren't covered for in the event of a claim. (See: Lowest Car Insurance Quotes In Singapore)