DBS Car Insurance

Buying a car is something most people strive for, putting in sweat and hard work to earn it. So, protecting it becomes a priority. Opting for a car insurance will ensure that their vehicle stays protected. In Singapore, it is compulsory for people to have their vehicles insured.

DBS bank is one of the leading banks in the world and a well-known name in the banking and financial sector. The bank is very Asia -centric in nature and is growing exponentially in the region. It has a wide range of products and services for its customers to choose from. Be it loans, insurance or cards, DBS provides it all, making banking easy for the people. Today, the bank’s headquarters is at Singapore and it has over 250 branches in 17 markets around the world.

About DBS Bank Car Insurance Policy

DBS bank provides a comprehensive coverage through its DriveShield car insurance policy. This policy is affordable and saves your car from damages.

DBS bank’s DriveShield insurance policy is divided into two categories -

  • Value Plan
  • Premier Plan

The value plan is a basic car insurance plan which provides coverage for repairs of any damage caused due to an accident in any MSIG authorised workshops in Singapore.

The premier plan, on the other hand, gives a person the freedom of choosing their own workshop in the Island for repairing damages caused due to an accident. Apart from this, the plan also provides other benefits such as transport allowance and loan protection among others.

Types of car insurance

DBS essentially provides 3 car insurance plans, each having its own unique features and characteristics. From these policies, 2 are provided by MSIG, and the last one belongs to Income. Let’s enlist these policies:

  • MSIG DriveShield Plus Value Plan
  • MSIG DriveShield Plus Premier Plan
  • Income Drivo Classic and Premium Plan

DBS Car Insurance Features and Benefits

  • The policy provides a coverage of up to SGD200,000 for loan protection and up to SGD50,000 for emergency medical evacuation and repatriation when abroad
  • A person can get this policy quickly without any hassles
  • The 24 hour hotline of MSIG Insurance Claims provides you with service round the clock
  • This policy provides coverage for a person's vehicle and its parts in case of damage or loss caused due to accident, fire and theft. This service is provided if the damage or loss occurs anywhere in Singapore, parts of Thailand and West Malaysia
Benefits Value Plan Premier Plan
Make repairs caused due to accidents in any workshop authorised by MSIG Yes Yes
Freedom to repair your car in any workshop of your choice, in case of damages caused due to accident   Yes
There is no restriction on the number of authorised drivers Yes Yes
Get a coverage of up to SGD5,000,000 for third-party damage while driving the insured vehicle Yes Yes
Unlimited coverage for windows and windscreens. The claims you make will not affect your no-claim discount Yes Yes
Avail medical expenses of up to SGD1,000 for each passenger who was in the car during the accident and the driver Yes Yes
Avail Loan Protection Benefit which provides coverage up to SGD200,000 for your outstanding car loan in an event of death of the insured caused due to an accident while driving the insured vehicle   Yes
Avail coverage of up to SGD100,000 for Personal Accident Benefit for the insured   Yes

No Claim Discounts offered by DBS car insurance

DBS car insurance plan is characterised with a No Claim Discount which plays a crucial role either when the insurance policy is being cancelled, or it is about to expire. In such scenarios, you may be entitled to receive a No Claim Discount. The entitlement, will however be based on the scale for No Claim Discount. The discount will be attributed based on the period of insurance, and is presented as follows:

  • You will get a 10% discount is you have not made a claim in the previous year.
  • The discount stands at 20% if you have not filed a claim in the last 2 years.
  • If you have not filed a claim in the last 3 years, the discount given is 30%.
  • A 40% discount is offered if you have not filed a claim in the last 4 years.
  • For 5 or more consecutive years that you do not make a claim, the discount given will be 50%.

During the upcoming renewal of policy, you could find the No Claim Discount being reduced to 10% and 20%, if it stands at 40% and 50% respectively, at the time the claim has been made. The No Claim Discount can also be revoked if it stands at 30% or less. Furthermore, it is prone to cancellation when you have made more than one claim during the term of the insurance, which is independent of the percentage fixed.

In scenarios involving more than one insured car, the No Claim Discount applied shall be separate policies being issued for each vehicle under consideration. Besides, any delay or failure in notifying the accident to the insurer could impact the No Claim Discount.

What does DBS Car Insurance policy cover?

The following table illustrates the various coverage schemes guaranteed under DBS car insurance policies, for both MSIG and Income:

Coverage MSIG DriveShield Income Drivo
Repair done at insurer’s workshop Covered Covered
Repair is done at any chosen workshop Only Premium Plans are covered Only Premium Plans are covered
Loan Protection privilege extended to the policyholder in cases they demise due to driving accidents You can claim up to S$200,000 on the Premier Plan Not covered
Allowance for daily transport The Premium Plan provides S$50 for a period of 10 days, given that the repair period has already crossed 3 days. This is an optional cover and S$50 can be claimed up to a period of 7 days, starting from the first day the repair was initiated.
Amount tied to policy excess Waiver of up to 100% on excess, when you plan to make a claim. S$600, or the specific amount of the claim.
Privileges surrounding personal accidents Up to S$100,000 Up to S$50,000
Medical allowances for the driver and each passenger S$1,000 S$1,000
Towing expense after every accident S$500 S$500
Harm caused to 3rd party properties S$5 million S$5 million


There are a few exclusions when you claim your DBS Car Insurance policy, listed as below:

  • The policy doesn’t cover any damage or injury suffered outside the geographical area or when the insured vehicle doesn’t adhere to the usage restrictions, or also when the driver is under the influence of intoxicating substances.
  • You can’t file a claim in cases where the insured vehicle has undergone modifications not approved by the Registrar of Vehicles.
  • You can’t claim insurance for any liability associated through an agreement. This is also subject to the fact that such liability wouldn’t have been associated in case the agreement was absent.
  • The policy doesn’t cover the damage or expense if it’s somehow caused by contamination of radioactive fuels or other nuclear waste, or any weapon, for that case.
  • The policy will not cover any damage where the insured vehicle could have been destroyed by command of a public authority, or when the insured vehicle has been temporarily or permanently dispossessed due to its unlawful use.
  • Expenses related to death, damage, disability is not covered under the plan when the situation arises as an act of war or terrorism.
  • The policy doesn’t cover expenses arising because of a strike or riot, traceable in any extent to the policyholder.
  • If the number of people seated in the vehicle exceeds the legal capacity, the policy will not cover the expenses in an accident.
  • Any such situation that exposes against restrictions or sanctions imposed by United Nations, or regulations set by European Union or United Kingdom or United States of America will not be covered under the policy.

How to cancel DBS car insurance?

You can seek cancellation of your Drivo car insurance plans by contacting DBS in writing or over phone. Any refund on the premium shall be calculated by the bank. However, if the policy has been terminated before the effective date, a minimum charge of S$26.75 will be levied.

On the other hand, you can cancel the DriveShield Plus insurance plan by simply returning the Insurance Certificate. The cancellation will be initiated the same day the bank receives the original Insurance Certificate. For this plan, the policyholder shall qualify for no refund, if the premium stands below S$25.

DBS car insurance hotline

DBS can directly assist you with your queries surrounding car insurance policies, if you contact the bank on the hotline or email IDs provided.

  • For MSIG Insurance, you can call 6828 7607. You can alternately send an email to the bank at [email protected]
  • For Income, call DBS at 6788 6616, or just drop an email at [email protected]

For general enquiries, you can reach DBS by calling 1800 222 2200, or (65) 6222 2200 from overseas.

Eligibility Criteria to get the online quotation for DriveShield

  • The registered car owner is considered as the main driver and he must be a Singapore citizen or a permanent resident
  • The driving license of the main driver should not be cancelled or suspended in the past three years
  • The main driver should not be the subject of any claims in the past three years. This excludes windscreen related claims.
  • The online quotation which you avail for your car should not be insured with MSIG
  • To be eligible, the application of the main driver for the car insurance should not be terminated, declined or imposed with special terms by any insurer in Singapore


Run Time - This offer is available till the 30th of September, 2015

Particulars - Get a cash rebate of up to S$120 on the premier plan and up to S$100 on the value plan, when you sign up for DriveShield insurance policy using your DBS Credit Card or POSB credit card or debit card.

Terms and Conditions

  • This offer is available to people who apply for a new DriveShield policy
  • Payment has to be made using a DBS or POSB credit or debit card

To know more about the offer and its terms and conditions, please contact the bank.

Frequently Asked Questions (FAQs)

  1. Where can I find more information about the DriveShield car insurance policy?
  2. To find out more information about the DriveShield car insurance policy, please visit the website of DBS bank or contact them on the number provided on the site.

  3. Can I apply for this car insurance policy online?
  4. Yes, you can apply for this car insurance policy online. You can also visit the bank’s branch in person and apply for the same.

  5. Is the DriveShield car insurance policy written by DBS bank?
  6. The DriveShield car insurance policy is written by MSIG insurance company.

  7. Is the car insurance policy provided by DBS bank protected?
  8. The car insurance policy provided by DBS bank is protected under the Policy Owners’ Protection Scheme which is controlled by the SDIC (Singapore Deposit Insurance Corporation).

  9. If my spouse also drives the car, do I have to mention that in my car insurance application?
  10. No, it is not necessary to name them in the policy. The insurance policy covers any driver who drives the insured car with the permission of the insured.

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