Company Vehicle Insurance Singapore
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Company Vehicle Insurance Singapore

Company Vehicle Insurance Quotes

There are usually 2 types of vehicles that companies lease or buy to benefit their employees – company cars and company buses.

Company cars are provided to employees for business use. In most cases, employees are also allowed to use these cars for personal use.

Company buses, also known as private buses, are used to transport employees to and from work.

At elloAuto, we connect you to licensed representatives who can advise you on your company vehicle insurance and get 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 vehicle insured will also be simplified as much as possible.

Company Vehicle Insurance Policy

The company vehicle insurance is commonly available in 3 types of plans:

  • Comprehensive
  • Third Party Fire and Theft
  • Third Party

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

Although drivers can be unnamed, this does not mean that the company vehicle 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 vehicle.

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

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

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

Multi Vehicle Insurance and Company Fleet Insurance

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

The fleet insurance policy cannot be a mix of both buses and cars because company cars are generally insured under private vehicle insurance and most buses are insured under commercial vehicle insurance.

The benefit of insuring your company vehicles under one fleet insurance cover is that it is cheaper than insuring each vehicle separately.

You also have less paperwork to deal with because it is just one policy for a fleet of buses or cars.

If your fleet has lesser than 10 vehicles, you have to get them insured individually under multiple motor insurance policies.

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