Car owners have confessed of being very protective and attached to their car, and inevitably make sure that they take good care of it. However, given the condition of dense and unruly traffic, car accidents are quite common. Your car is also vulnerable to threats like theft, fire, vandalism, etc. A comprehensive car insurance policy is a must-have to protect your car from all these possible dangers.
Overview of HSBC Car Insurance
One of the world’s largest financial and banking services organisations, HSBC is the most trusted banker of around 51 million loyal customers. It has a global presence in Commercial Banking, Retail Banking and Wealth Management, Global Private Banking and Global Banking and Markets. HSBC boasts of a wide network covering 73 countries in the world. The bank’s stocks are listed on New York, London, Paris, Hong Kong and Bermuda stock exchanges.
HSBC provides an all-encompassing car insurance policy which covers your car against various risks and damages. HSBC’s ‘SmartDrive’ is an innovative car insurance plan and has been especially designed keeping in mind the varied needs of every individual customer.
Types of car insurance provided by HSBC
Each one of us will have specific expectations when we purchase car insurance for our vehicle. HSBC gives you the option to customise your car insurance depending on your needs. The following car insurance plans are available from HSBC.
- SmartDrive Essential: This is a basic insurance plan that includes towing and transportation services (24x7). You will also get guaranteed repair services for a period of 12 months.
- SmartDrive Essential Plus: SmartDrive Essential Plus complements the SmartDrive Essential plan. Under this plan, you are entitled to get daily transport allowance, car protector, and delivery services after your car has been repaired.
- SmartDrive Flexi: This is a basic insurance plan that gives you the liberty of selecting a workshop of your choice. SmartDrive Flexi plan covers your medical costs, dental expenses, and offers flood protection.
- SmartDrive Flexi Plus: SmartDrive Flexi Plus provides daily transport allowance, car protector and delivery to your desired location after your car has been repaired.
- SmartDrive Flexi Family: Your entire family is fully covered under this plan. This insurance offers personal accident coverage, waiver of inexperienced or named young driver excess, and loss of personal effects.
- SmartDrive Peace: SmartDrive Peace offers complete coverage that includes flood protection, loss of personal effects, towing and transportation services (24x7), delivery of your repaired car to your desired location.
- SmartDrive For Her: This insurance plan is exclusive to women and offers an excess waiver from the third year. This insurance plan also offers roadside support and phone assistance.
Features and Benefits of HSBC Car Insurance
- The coverage is based on the market value of the insured car instead of the sum insured. In case of theft or severe damage, the total market value of the car will be reimbursed.
- The SmartDrive car insurance policy protects your car from the following -
- Loss/damage caused due to natural calamities like earthquakes, floods, hurricanes, volcanoes, typhoons, etc.
- Loss/damage due to man-made causes/anti-social activities like riots, civil commotion, strikes, etc.
- Loss/damage caused to your car due to an accident.
- The insured car gets to enjoy an additional windscreen cover without any extra cost.
- The policy protects your car against passenger risk and liability.
- The main insured is covered against personal accidents.
- Any third party liability like legal service, property damage or bodily injury is covered.
- Policyholders get to enjoy 24X7 assistance provided by SmartDrive. This service is available throughout Singapore, peninsular Thailand and West Malaysia. If you pay a nominal premium, the company provides you with an option of enhancing your cover with a choice of preferential options.
Applicable only for ‘Comprehensive Cover’, HSBC car insurance policy also provides some optional benefits. By paying a nominal premium, you can enhance your cover with a choice of preferential options like –
- Up to $20,000 of personal accident cover for the passengers of the insured car.
- Up to $20,000 of personal accident cover for the main policyholder and named/paid drivers and attendant.
- Declared car accessories for protection of NCD.
- Premium discount can be enjoyed by paying a voluntary excess.
Exclusive Benefits (in S$) of Features and Benefits of HSBC Car Insurance
- Repatriation cost to Singapore for both the car and the passengers, while driving in peninsular Thailand and West Malaysia.
- A maximum of $3000 cover for damage or theft of personal belongings and accessories inside the car, as a result of an accident in Singapore.
- Accident towing service available 24 hours, for free.
- A reduction of $2500 on undeclared inexperienced and young drivers excess.
- Up to $30,000 of enhanced personal accident cover for the insured.
- A warranty of 9 months is provided on repairs.
No claim discounts offered by HSBC
When you do not make any claims on your car insurance, you are entitled to a no claim discount on your next premium. The no claim discount (NCD) amount will vary from one insurer to the other. HSBC offers no claim discount as an add-on benefit. Please refer to the HSBC Singapore website for detailed information on no claim discounts.
The cover provided in one plan may not be necessarily available on the other. Factors like insurance cover, inclusions, and exclusions are fully determined by the insurance plan you customise and choose. Apart from this, you will also need to get an understanding of the terms and conditions of your car insurance policy. This will give you detailed information on the various clauses, scenarios (where a cover is applicable).
HSBC Car insurance promotions
You are eligible to get an additional discount of 5% on your premium for selected parallel imported vehicles upon the purchase of SmartDrive policy. This promotion is valid until 31 March 2018.
The following terms and conditions are applicable:
- This promotion is applicable to new customers of SmartDrive.
- The vehicle must not be sold by an authorised vendor anywhere in Singapore.
- Premiums must be paid in full during the promotion period.
- Renewals/extensions of premiums for existing policies will not be eligible for this promotion.
For further details on the promotion or terms and conditions, please contact HSBC.
How to make a claim
You will need to dial the hotline number to make any car insurance claims. Alternatively, you can also email the HSBC customer support team requesting a claim. You will be required to furnish the details of your claim that includes nature of the accident, the extent of an injury, car damage, its occurrence, etc.
Once the claim request is submitted to HSBC with all the supporting documents, it may take up to 8 working days to process your claim. You will be notified once the claim request is processed or complete.
Cancellation of your HSBC car insurance
Please note that it is mandatory to have a valid car insurance in Singapore. A car insurance will shield your vehicle and offer vital coverage against many odds. However, if you choose to cancel your HSBC car insurance, you can dial the HSBC hotline number and intimate the customer care team stating the reason for your cancellation. Once the policy closure is complete, you will be notified.
Compare HSBC Car Insurance With Other Insurance Companies Offering Car Insurance in Singapore
- Tokio Marine Motor Insurance
- NTUC Motor Insurance
- NTUC Car Insurance
- Tenet Car Insurance
- AVIVA Car Insurance
- AXA Car Insurance
- AIG Motor Insurance
- AIG Commercial Motor Insurance
- Liberty Vehicle Insurance
- ETIQA Motor Insurance
Frequently Asked Questions (FAQs) - HSBC Car Insurance
- How can I apply for HSBC SmartDrive car insurance policy?
- How do I avail the optional and exclusive benefits provided on HSBC car insurance policy?
- Does the SmartDrive policy cover my car against natural calamities?
- For HSBC car insurance policy, what is the value of the coverage based on?
- As a policyholder of HSBC car insurance policy, do I get access to any assistance or help service provided by the company?
To apply for SmartDrive car insurance policy, please download the application form from HSBC’s official website. Once duly filled, send the form to the postal address provided on it.
You need to pay a nominal amount of premium to enjoy some enhanced benefits over and above the ones offered by the regular policy. You can choose the benefits from a range of options provided.
Yes, SmartDrive covers your car against loss or damages caused by a host of natural calamities like earthquakes, floods, hurricanes, volcanoes, typhoons, etc. Loss/damages caused due to man-made or anti-social activities like riots, civil commotion, strikes, etc. are also covered.
The coverage provided by HSBC car insurance policy is based on the market value of the insured car, and not on the sum insured. In case of theft and severe damages, the total market value of the car will be reimbursed.
Yes, you get to enjoy 24X7 assistance provided by SmartDrive. This service is available throughout Singapore, peninsular Thailand and West Malaysia. If you pay a nominal premium, the company provides you with an option of enhancing your cover with a choice of preferential options.