Motor insurance is mandatory for all vehicle owners in Singapore, and you will need to purchase a motor insurance policy in order to have the vehicle transferred to your name or to renew your road tax.
The need for compulsory motor insurance is to indemnify you against any third party liabilities and minimise financial losses in the occurrence of a road accident. Depending on your policy coverage, your insurer will pay for the damages to the vehicles involved, damaged public property, and the medical costs of third parties involved in the accident.
It is also important to note that some basic comprehensive motor insurance policies do not cover personal injuries to the driver. Such coverage may be offered as an add-on benefit.
Private Vehicle
For normal private and
social vehicle usage
Commercial Vehicle
Typically for business usage
(van, lorry, truck, etc.)
Private Hire Vehicle
For ride hailing platforms
such as Grab and Gojek
Motorcycle
All classes of motorcycles.
Including motorcycles for
food delivery services
Deciding on the extent of coverage required for your motor insurance will require you to take the following into consideration:
– What will be the usage of the vehicle?
– Who might be the potential drivers of the vehicle?
– Is your existing coverage for medical costs and personal accidents sufficient? What about that of the other drivers of the vehicle?
Whether you are getting insurance for a personal vehicle, family vehicle, or a commercial vehicle, speak to us today for professional advice on the policy most suitable for your needs.
For supercar insurance, get in touch with us here.
Policy Comparison and Unbiased Advice