Motor Insurance in Singapore is mandatory since it is legally specified for all vehicles. To be able to drive in Singapore, the owner of a vehicle should ensure that he has taken at least Third Party Only/TPO car insurance. With traffic congestion and inadequacy in road safety measures, motor insurance has become an unavoidable necessity. Getting car insurance online has become very easy due to its simple interface that ensures ease of access and efficiency.
Overview: NTUC Motor Insurance
NTUC Income is a co-operative society which is registered under the Co-operative Societies Act and is the only insurance co-operative in Singapore. It was established in 1970 with the aim of making essential insurance available at an affordable price to all Singaporeans. Currently, it is one of the leaders in general insurance as well as health insurance. It has a wide reach and this can be evidenced in the fact that it is the provider for motor insurance for approximately one in four vehicles in Singapore.
NTUC motor insurance is offered by NTUC Income, Singapore, and it gives coverage for cars as well as for motorcycles. NTUC offers comprehensive motor insurance plans which helps to protect your car against third-party damages, accidents, loss, coverage for vehicle repairs, and so on.
NTUC Motorcycle Insurance Coverage
- Cover is provided for vehicle repairs done at NTUC Income approved workshops when the customer chooses the comprehensive plan.
- Damages/ losses to vehicle caused due to theft, fire, accidents, flood and other natural disasters are covered under this policy.
- Provides coverage on legal liability to third-party due to death or injury to another individual, as well as for any damage caused to third-party property.
- Damages caused by fire or theft is reimbursed under the comprehensive plan as well as the Third-Party Fire and Theft plan.
- Loss/damage listed under other insured causes are covered under the comprehensive plan.
- Cover up to S$500,000 is offered for damage to third party property.
- Unlimited cover is provided in case of accident/death/bodily harm to third party.
- Comprehensive plan includes towing services with a cover of S$50, vehicle repairs at a workshop approved by NTUC, policy excess as stated on the Schedule or Certificate of Insurance applies for every accident claim, young /inexperienced motorcyclist excess for motorcycle registered under a company, extra excess of S$500 will apply if the motorcyclist not more than 22 years old or has motorcycling experience of two years or below.
- Under the Comprehensive plan and Third-party Fire and Theft plan, if a Vehicle is stolen outside Singapore, then an excess amount, which is equal to 50% of the market value of the vehicle, up to a maximum of S$2,500, is covered under the policy.
Features and Benefits of NTUC Motorcycle Insurance
- Quick claims settlement: NTUC offers useful claim advice, help with filing an accident report, and assistance in vehicle damage assessment at the NTUC Motor Service Centre.
- Loyalty Discount of 5% can be enjoyed if your vehicle has been insured with NTUC for more than three years.
- Flexible Credit Card installment payment plans are offered to the insured.