26 Dec Car leasing lingo explained
It is very confusing to understand certain lingos and jargons associated with cars in Singapore. From TPFT to TPO, there is bound to be a point in where you are lost in your discussion with a car agent. Fortunately, we have picked out a couple of these important lingoes and jargons that are commonly used for you to be familiar with.
Comprehensive Coverage Insurance
This is the most complete and full package that covers your vehicle against damage caused by external and internal factors. With this, you are protected from most damages that you have caused to someone else’s vehicle/property and also insured for the damages done to your vehicle/property.
TPFT – 3rd Party Fire and Theft Insurance
This is a cheaper plan compared to insurance with comprehensive coverage; it covers third party claims and excludes damages done to your vehicle. That means any damage to your own vehicle or yourself will be borne by you.
Collision Damage Waiver
This is similar to your insurance excess. For instance, you can purchase Collision Damage Waiver prior to renting your vehicle to decrease the excess amount that you have to pay in an event of an accident.
This is the person that is covered by the car insurance when driving the car. That means the insurance only insures the named driver. Any other driver will not be insured. Depending on terms, certain insurance might allow you to have more than 1 named driver.
This is simply the distance travelled by the vehicle. For example, car buyers often look at the car mileage to have a rough idea of the condition of the vehicle. In very rare instances, there might be mileage limits on rental vehicles. However, this is very rare in Singapore and might apply only to supercars.
Be it commercial car leasing or weekend vehicle rental Singapore, these lingos are often used during a discussion of the contractual terms. Be clear of everything before you commit. When in doubt, never hesitate to clarify to ensure you are signing for what you are getting.