Vehicle Insurance – The new insurance policy for four and two wheel vehicles published by IRDAI (The Insurance Regulatory and Development Authority of India) came into effect on August 1st, 2020. IRDAI introduces mandatory long-term policies for third-party motor vehicles. It prescribes primary motor insurance that indemnifies the holder for a period of 3 years for four-wheel motor vehicles and for a period of 5 years for two-wheel motor vehicles. The previous laws only required motor vehicle liability insurance (TP) for all car owners and the damage policy (FK) was left to their choice.
Insurer: The insurance company that reimburses the owner of the car is the second party to the insurance and;
Non-insured persons: Non-insured persons are people who are not the owner of the vehicle, i.e. the general public. For example, if a motorcycle accidentally hits and injures a pedestrian and itself, the insurance will refer to the pedestrian as a third party. And if the owner only has liability insurance, then he will only be compensated against the damage of third parties, i.e. the owner will not be compensated for the damage caused by himself in the event of an accident.
Vehicle Insurance Vector Illustration Cartoon. Stock Vector
Comprehensive or standard insurance: This insurance class protects both the owner and the third party from any damage. In contrast to liability insurance, fully comprehensive or standard insurance policies have a high premium amount.
1. Long Term Package Protection – The package provides 3-year TP (Thirds) insurance and 3-year OD (Own Damage) insurance for quadricycles and 5-year TP (Thirds) Insurance OD (Own Damage) insurance for two-wheel motor vehicles;
2. Consolidated policy: A 3-year TP and 1-year OD policy for quadricycles and a 5-year TP and 1-year OD policy for two-wheel vehicles and;
3. The most common 3-year TP policy for four-wheel motor vehicles and 5-year TP policy for two-wheel motor vehicles.
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However, on August 1, 2020, IRDAI had banned the prospective sale of the comprehensive long-term auto insurance package covering 3 years for 4-wheelers and 5 years for 2-wheelers. In June, it also ordered insurance companies to stop selling long-term auto insurance policies to new vehicles sold after August 1, 2020. Third-party long-term policies remain intact, but from August 1 car buyers will still have to prepay a premium for 5 years for two-wheelers and 3 years for four-wheelers. Furthermore, insurers can only sell the long-term policies in bundle form, where the package would include 3-year TP and 1-year OD policy for four-wheelers and 5-year TP and 1-year OD policy for two-wheelers.
For example: a person who buys a car after August 1 is forced to take out long-term liability insurance, ie. three years and five years respectively for quadricycles and two-wheelers and the liability insurance is the same for all insurers and the packages are similar.
The policyholder can indemnify their own car from damage by either purchasing a package that includes both a long term third party liability policy and a one year one year personal liability policy known as a bundle policy or two policies i.e. TP and OD policies . The two policies would cumulatively cover damage to the owner and the third party.
A no-claims bonus is accumulated annually for the policyholder if he has not exceeded the prescribed damage limit and which would be deducted when the contract was renewed.
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The long-term auto insurance policy can be purchased at any time upon the request of the policyholder and the portability of the insurance policy is also a viable and viable alternative subject to the premium offered by the other insurance company providers.
Policyholders are free to switch insurers after a year, however, new car owners are required to take out a three-year liability insurance (TP) policy, while two-wheelers are five-year.
Vehicle dealers are prevented from convincing their customers to take out long-term OD insurance (which has a higher premium than standard policies).
In short, the new auto insurance law shines as a major step in ensuring auto insurance compliance while also tending to free policyholders from the clutches of long-term insurance policies that do not provide them with adequate benefits. Get coverage for Singapore’s 3 most commonly reported critical illnesses at 1/3 the cost with a one-off full payment.
Consumers Are Cancelling Motor Insurance Amid The Cost Of Living Crisis
Eligibility (“Eligible Customer”): Customers who purchase comprehensive motor vehicle insurance (the “Policy”) during the Promotion Period. Cancellation and replacement of an existing policy is not permitted to qualify for this campaign. Customers are eligible for the CapitaVoucher after the start date of coverage. This promotion is not valid with any other offer, package, promotion, loyalty or early bird discount unless otherwise stated. This campaign also does not apply to the underwriting, extension and reduction of policies.
CapitaVouchers are non-transferable, non-replaceable and cannot be exchanged for cash, credit or any other item if lost or stolen.
Day of the month after the start of the insurance to the e-mail address given in the insurance application. If not all eligible customers receive the E-Redemption Letter, the customer can contact +65 6820 8888. Customers must identify themselves for verification purposes. In the event Customers fail to notify non-receipt of the e-Entry Letter within one month of the expected issuance of the e-Entry Letter, the prize will be forfeited.
Enjoy a friendly car¹ while your car is in the workshop. Get our Executive or Prestige plan to enjoy this benefit.
What Does Car Insurance Include?
When it comes to complaints, customers can rely on us. Additionally, our car insurance plans stand out from the rest with features like 50% NCD Lifetime Warranty and free 24-hour roadside assistance for both accidental and non-accidental breakdowns.
NEW! Get a domestic car¹ while your car is in the shop or up to three months if your car is written off or stolen.
Get the help you need in the event of a breakdown (accidental or non-accidental) with our 24-hour roadside assistance on all comprehensive plans. These include towing assistance and battery start.
We are the only insurer to guarantee you 50% NCD for life as long as you stay with us.
Car Insurance Fraud
1If you are on our Executive or Prestige plan, you can choose a friendly car as long as your car is in the workshop, or the benefit of daily transport up to the limit specified in your plan. If you are in our Classic tariff, you can use the daily transport flat rate up to the exemption limit. 2Statistics as of 2021 3For auto insurance with annual premiums over $500
Yes, you can insure anyone who drives your car without naming them on your policy with us
Home page. This coverage is included with our Executive or Prestige fare. For our Classic plan, you can get this coverage as an add-on.
While your car is in the workshop or up to three months if your car is written off or stolen
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In the event of an accident, you will receive S$100 per day (for up to 90 days) if you or your family members are hospitalized and a S$50,000 benefit in the event of death and total and permanent disability. This includes accidents that are not related to the car.
Insure your trusted family members and friends who drive your car without naming them on your policy. Choose our Executive or Prestige plan to enjoy this benefit automatically, or purchase it as an add-on to our Classic plan.
Repair your car at the workshop of your choice. Please note that our warranty against leading manufacturing defects applies to premium workshops only.
Even if accidental damage occurs, keep your hard-earned 30% or 40% NCD as long as you stay with us.
Commercial Auto Insurance
Get additional coverage when driving in West Malaysia and parts of Thailand for emergency expenses and towing to get you and your car back to Singapore.
If you are unable to drive your vehicle, please contact our Emergency Assistance (24/7) on +65 6322 2072.
If you can still drive your car, report the accident to one of the nearest premium garages within 24 hours.
If you’re on the Executive or Prestige plan, you can opt for a family car as long as your car is at work, or you can take advantage of the daily commuting allowance up to the limit specified in your plan.
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If you are on the Classic tariff, you can use the travel allowance up to the limit specified in your tariff.
If you use the courtesy vehicle, we will arrange for the courtesy vehicle to be collected from the workshop when your car is ready for collection.
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