Company Car Insurance Singapore

This might seem confusing to some people, but company cars in Singapore are insured under private vehicle motor insurance, not commercial vehicle motor insurance.

Company Car Any Driver

Company car insurance applications do not require drivers to be named, unless the car is a sports car or high performance car.

In cases where drivers can be unnamed, this does not mean that the company car insurance policy will cover just about any driver who gets behind the wheel.

Drivers have to be authorised by the policyholder and they have to observe and fulfil the terms of the policy.

Unauthorised drivers should not drive the company car.

The company car should also be used within the insured vehicle usage as stated in the Certificate of Insurance.

For example, company cars are not intended to be used for hire and reward services.

If a driver uses the company car to transport passengers for a fee and unfortunately meets with an accident, any claims arising from this accident is likely to be ineligible because the car is not supposed to be used for hire and reward.

Company Car Fleet Insurance

Your company can start a fleet car insurance policy if it has at least 10 to 15 cars with the same registration dates.

It is cheaper to insure your company cars under one fleet insurance cover than to insure each car separately.

There is also less paperwork involved as you only deal with one policy for a fleet of cars.

If you have a smaller fleet with less than 10 cars, you will still have to get them insured individually under separate car insurance policies.

Company Car Insurance Coverage

Just like car insurance policies for individuals, company car insurance is typically 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.

At elloAuto, we connect you to licensed representatives who can help you get company car insurance quotes from multiple insurers in Singapore.

With this service, you don’t have to search for quotes on your own and the process of getting your company car insured will also be simplified as much as possible.