Commercial Van Insurance Singapore
Although there are some people in Singapore who buy light goods vehicles like vans to drive for personal use, it is important to note that such commercial vans are designed for carrying goods, not for daily transportation.
Van Ownership in Singapore
To be a light goods vehicle owner, one needs to be an individual with a valid hawker or farmer license in Singapore or have the vehicle registered under a sole proprietorship, partnership or company in Singapore.
A commercial van in Singapore has to be covered under a commercial vehicle motor insurance policy.
For commercial vehicle insurance policies, No Claim Discounts (NCD) are capped at 20% whereas NCDs for private vehicle insurance policies are capped at 50%.
Insured Van Usage
It is important to fully and accurately declare the use of a vehicle when applying for motor insurance.
If a van will be used for e.g. hire and reward activities, but such use was not declared during application and not reflected in the Limitations as to Use section of the Certificate of Insurance, the policyholder will not be entitled to indemnity in the event of an accident arising from such activities.
For many delivery vans and company vans, the insured vehicle usage does not include carrying passengers who are not employees of the policyholder.
In such cases, if your family members and friends are passengers of your delivery van or company van but they are not employees of your business, you will be subjecting them to risk because the motor insurance coverage would not include them.
For passenger vans, insured vehicle usage could go beyond carrying employee passengers, depending on what is reflected in the Limitations as to Use stated on the Certificate of Insurance.
At elloAuto, we connect you to licensed representatives who can advise you on commercial van insurance and get quotes from multiple insurers in Singapore.
The process of getting your vehicle insured will also be simplified as much as possible.
Commercial Van Insurance Any Driver
In general, commercial van insurance applications do not require named driver(s).
Authorized drivers of the policyholder will be covered as long as they observe and fulfill the terms of the commercial motor insurance policy.
For young drivers and / or inexperienced drivers with less than 2 years of driving experience, many insurers impose an additional excess on top of existing policy excess to mitigate the risk.
The age definition of young drivers differs from insurer to insurer but in general it is around 26 years old and below.
Similar to private car insurance policies, commercial van insurance is commonly available in 3 types of coverage.
Not specific to motor insurance plans from any insurer, the scope of coverage is generally as follows:
Comprehensive Cover
Third Party liability coverage + Fire and Theft coverage + Own Damage coverage
Third Party, Fire and Theft Cover
Third Party liability coverage + Fire and Theft coverage
Third Party Cover
Third Party liability coverage only
Exact coverage definitions and details will differ from insurer to insurer and is subject to its policy terms, conditions and exclusions.
The Comprehensive Cover typically has 2 variants – one plan that lets policyholder choose any preferred workshop for accident repairs and another plan that lets policyholder select from a list of authorised workshops for accident repairs.
Out of the 3 types of coverage, premium rates for Third Party Cover is the lowest because the scope of insurance protection and benefits is also the least.
Commercial Vehicle Insurance Companies
With the help of friendly and professional representatives, get your commercial van insured with one of the reputable commercial motor insurers in Singapore:
AIG Asia Pacific Insurance Pte Ltd
Allied World Assurance Company Ltd
AXA Insurance Singapore Pte Ltd
China Taiping Insurance (Singapore) Pte Ltd
ERGO Insurance Pte Ltd
First Capital Insurance Ltd
India International Insurance Pte Ltd
Liberty Insurance Pte Ltd
MSIG Insurance (Singapore) Pte Ltd
NTUC Income Insurance Co-operative Ltd
SOMPO Insurance Singapore Pte Ltd
Tokio Marine Insurance Singapore Ltd