Heavy Vehicle Insurance Singapore
In Singapore, heavy vehicles licensed for road use must have commercial vehicle insurance cover before they can travel on public roads.
Heavy Vehicle Classification
There are many types of heavy vehicles that are permitted for road use, with maximum laden weight ranging from heavy to very heavy.
As indicated in LTA’s website, Heavy Goods Vehicle (HGV) are vehicles between 3.5 metric tonnes to 16 metric tonnes and vehicles over 16 metric tonnes are considered as Very Heavy Goods Vehicles (VHGV).
Some of these heavy vehicles may also be engineering / plant vehicle with W plates, but it is important not to mix up the commercial vehicle insurance with the contractors plant and machinery insurance as they both cover very different things.
Heavy Vehicle Insurance vs Contractors Plant and Machinery Insurance
Contractors plant and machinery insurance covers for contractor’s plant and machinery on the construction site whereas motor insurance for heavy vehicle covers the vehicle while its travelling on public road, subject to terms of the policy.
Although there are quite a few commercial vehicle insurance companies in Singapore, not every one of them offer motor insurance cover for every single type of heavy vehicle.
At elloAuto, we connect you to licensed representatives who can advise you on heavy vehicle 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’s heavy vehicles insured will also be simplified as much as possible.
Types of Motor Insurance Cover for Heavy Vehicles
Commercial vehicle insurance for heavy vehicles is generally available in 3 types of coverage. Not specific to motor insurance plans from any insurer, the scope of coverage is generally as follows:
Third Party liability coverage + Fire and Theft coverage + Own Damage coverage
Third Party liability coverage + Fire and Theft coverage
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.
Not specific to motor insurance plans from any insurer, this is what each type of coverage might cover:
- Third Party liability coverage – Expenses which insured party is legally liable to pay for death or injury to third party and / or damage to third party property.
- Fire and Theft coverage – Accidental loss or damage caused by theft or fire, up to market value at time of loss / damage.
- Own Damage coverage – Accidental loss or damage by other insured causes.
For exact coverage definitions specific to your motor insurance, do refer to its policy wordings for accurate reference.
Commercial Vehicle Insurance Companies
elloAuto connects you to friendly and professional representatives who can advise you on heavy vehicle insurance from multiple 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