Keep Your Business On The Move With Commercial Vehicle Insurance!

Whether it's a vehicle for social, domestic purposes or industrial use, Commercial Vehicle Insurance offers peace of mind to keep your business on the go. All kinds of commercial vehicles can be protected: vans, trucks, lorries, buses, refrigerated vehicles, cement mixers, flatbeds, ambulances, and more.

What does Commercial Vehicle Insurance cover? There are 3 main kinds of Commercial Vehicle Insurance policies. The coverage depends on the type of policy you purchase.

Comprehensive Policy:

• Covers repair/replacement of your vehicle if it gets damaged, e.g. road accidents.

• Covers injuries you sustain due to road accidents

• Covers third-party liability, e.g. you injure someone else in a road accident. Pays for the other party’s injuries, and car damage.

• Covers flood damage and riot damage

• Some policies will provide towing services as a nice benefit.

• Choose whether you want coverage for “Authorised Workshops Only”, or “Any Workshop”

Most business owners will purchase this policy as it provides you the highest level of coverage.

Third-Party + Fire/Theft Policy:

• Coverage if you injure someone else in an accident. Pays for the other party’s injuries, and car damage. Covers only fire/theft for your own vehicle.

• Does not cover injuries you suffer in car accidents. Does not cover damage to your own vehicle from road accidents.

Third-Party-Only Policy:

• Coverage if you injure someone else in an accident. Pays for the other party’s injuries, and car damage.

• Does not cover your own injuries/vehicle damage.

Is this insurance legally compulsory? Yes. The legal minimum is to have a Third-Party Only policy. This covers liability to third-parties (e.g. other cars , pedestrians, etc.) while driving on the road. For example, if you knock someone down while driving your commercial vehicle without a valid insurance policy, you would be liable for causing personal injury, resulting in jail and/or a fine.

While Third-Party Only policies are the legal minimum, they are rarely purchased because they do not cover any damage to your own vehicle. If you get into an accident with a Third-Party Only policy, you’ll have to pay for all the repairs yourself. The most popular option, therefore, is the Comprehensive policy. This protects you against both third-party liability, and also against damage to your own commercial vehicle.

Does coverage include driving to countries outside of Singapore? Of course. Insurers recognise that commercial vehicle owners may need to travel to other countries to transport goods, or people. It comes standard as part of most Commercial Vehicle Insurance policies. This overseas coverage is therefore very useful to ensure that your vehicle is well-protected even on foreign roads.

How much is Commercial Vehicle Insurance in Singapore? Commercial vehicle insurance prices depend on several factors:

• Type of vehicle (van, lorry, chiller truck, etc.)

• Model and brand of vehicle

• Age of vehicle

• No. of insurance claims filed, and any No Claims Discount (NCD)

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