Commercial Truck Insurance Singapore
Trucks can range from light vehicle trucks to heavy vehicle trucks, e.g. pickup trucks, food trucks, box trucks, refrigerated trucks, prime movers, tow trucks, etc.
There are trucks which can be registered under an individual (e.g. double cab pickup trucks) and there are trucks which can only be registered under a business entity in Singapore (e.g. single cab pickup trucks).
Commercial Truck Insurance Quotes
Whether the vehicle owner is an individual or a business entity, trucks are commercial vehicles that have to be covered by commercial vehicle insurance in Singapore.
At elloAuto, we connect you to licensed representatives who can advise you on suitable commercial vehicle insurance for your truck 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 vehicle insured will also be simplified as much as possible.
For truck fleet insurance quotes, make a request for fleet insurance quote here or email to enquiry@elloauto.com with the vehicle fleet details and someone will get back to you soon.
Type of Insurance for Trucks in Singapore
Commercial vehicle insurance for trucks 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.
There are usually 2 variants of the Comprehensive Cover available – 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 Truck Insurance Premiums
Under commercial vehicle insurance, No Claim Discount (NCD) is capped at a maximum of 20%.
Premiums quoted for your commercial truck insurance can vary based on factors such as the nature of business and vehicle usage.
How insured vehicle usage affects premiums
The insurance premiums for the same model of truck can be different for a business in the transportation industry compared to that of a business that supplies gas.
As gas cylinders are flammable and explosive in nature, the business that supplies gas is very likely to incur a higher risk to the insurer and insurance premiums will definitely be higher for the truck used to transport gas cylinders than the truck used to transport non flammable, non corrosive and non explosive goods.
It is important to note that vehicle usage should be kept to the Limitations as to Use of the Certificate of Insurance.
If a truck is used in a way that is not covered under the insured vehicle usage, the motor insurer is generally not liable for any accident, loss, damage or liability caused, sustained or incurred.
Commercial Vehicle Insurance Companies
With the help of friendly and professional representatives, get your truck insured with one of the reputable 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