What is Commercial Vehicle Insurance?

Commercial Vehicle Insurance is important for the continuity of your business against any sudden situations that might cause a huge financial burden. Because they usually have a high daily mileage, their likelihood of accidents tends to be higher than private usage cars. They also have a higher risk of accidental damages such as being in contact with any falling objects, being stolen, getting vandalised, catching fire as well as damage from flood or lightning. Commercial Vehicle Insurance covers any third-party injuries or property damage, if the driver is liable for it.

Comprehensive commercial insurance helps to ensure that your vehicle can be fully repaired after an accident while minimising financial strain on your business.

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Types
What type of Commercial Vehicles are covered?
Cost
How much does Commercial Vehicle Insurance cost?

What are the kinds of commercial vehicles covered?

Similar to Private Car Insurance, Commercial Vehicle Insurance also offers 3 types of coverages: Comprehensive, Third Party Fire and Theft, Third Party Only. Commercial vehicles play a vital role in the economy, as many of them ferry goods or construction materials. They make up almost 20% of all motor vehicles on the road in Singapore. These vehicles include:

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Trucks

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Vans

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Trailers

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Buses

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Coaches

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Lorries

How much does Commercial Vehicle Insurance cost?

Whilst there are some basic factors affecting the cost of commercial motor insurance, key factors which will affect the insurance pricing will be the usage of the vehicle. Commercial vehicles used for Rental and Leasing would on average be 50% more expensive. It is also common for companies to get fleet policies for their commercial vehicle to achieve potential cost savings.

  • Prior Claims

    Your claims history, including any no claims discount, can make your premium cheaper.

  • Workshop Choice

    Insurers have a panel of authorised workshops which it has certified as legitimate and affordable. Choosing insurer “Authorized Workshop” plans are always cheaper as opposed to “Any Workshop” plans.

Contact us for policy quotation,
comparison and unbiased advice now!