In Singapore, all vehicles are required to have a minimum of third-party insurance before they can be driven on the roads. However, this insurance policy only covers injuries to passengers and property damage. It does not offer much protection for the van, which is a core feature in some businesses. Businesses mainly insure their vans to ensure they get compensation in the event the vehicle is stolen or involved in an accident. So, third party fire and theft and comprehensive insurance offer businesses a better deal. The downside of the third-party fire and theft policy is there are limitations to what is covered. The insurer can only be involved in cases of theft and fire. Comprehensive insurance covers a range of issues, from minor to major van damage.
In the following article, Monitor emphasizes the benefits of opting for comprehensive van insurance.
What You Gain from Comprehensive Commercial Van Insurance
“Van ownership in Singapore. Opt for our comprehensive plan and enjoy full protection for your commercial fleet and drivers, including liability cover for injury and property damage caused by your vehicles.
Commercial van insurance in Singapore. View all new cars such as Toyota Honda Nissan Volkswagen Mitsubishi and BMW. Best viewed on google chrome version 37 and later and safari 8 and later. Lian Hong Pte ltd features over thirty years of experience as a financial provider of quality solutions for motorists in Singapore.” Read more here
Business owners who choose comprehensive commercial van insurance over the other available insurance options have a greater peace of mind when the vehicle is on the road because they know the van is protected against any eventuality. Comprehensive insurance covers windscreen damage, towing services, third party legal liability, legal liability for negligence resulting in passenger injuries, vehicle damage resulting from natural disasters, and vehicle cover against road accidents. Some companies even choose to take care of the costs of a replacement vehicle when the van is at an authorized workshop for repairs or as you await compensation in case the van is written off after an accident.
Shubhreet Kaur, in the following article, discusses various aspects of commercial van insurance and how the type of insurance influences your ability to get financing from a bank.
Importance of Commercial Van Insurance in Business Loan Applications
“Car insurance: it’s mandatory. I don’t know why they print brochures with people holding up car keys, spouting phrases like “love your ride” or “smooth drive”. As if they need to convince me or something. That brochure could feature a grinning banker lighting his cigar with a $50 bill, and it would make zero difference. I’d still have to buy it. So, let’s explore the available options: what’s the difference between these insurance plans?” Read more here
While some business owners know that they need to apply for a bank loan, others may not need it. Small businesses may not have much to offer as collateral against bank loans. This is why some use company vehicles as collateral. Banks consider commercial vans sufficient collateral, depending on the amount the business is requesting. However, most lenders are keen only to accept vans that have comprehensive insurance coverage. This way, they are guaranteed payments even when the vehicle is written off in an accident.
This next article by Lance Teo looks at some of the best insurance companies in Singapore.
Qualities of a Great Insurance Company for Comprehensive Van Coverage
“If you drive your own car, you know that anything can happen while you’re on the road. And since no one is immune from road accidents, it’s better to be prepared by having the best car insurance in Singapore.
Everyone knows how expensive car repairs and services can get, depending on the damage of your car. If you have great car insurance, you don’t have to empty your wallet trying to pay to repair your car.” Read more here
Although most insurance companies offer comprehensive commercial van insurance, some are better than others. Like any other service providers, you need to identify the company that is likely to meet your needs. Some companies are more responsive and offer compensation much faster. Others offer flexible and affordable rates, which makes it easier for small businesses which have a tight budget. Some insurers have add-ons to offer extra protection. So, when searching for the right company, find out what they offer in their comprehensive insurance package.
Comprehensive insurance coverage has several benefits to a business. There is the guarantee of continuation even when a van is written off in an accident. Likewise, the business can use the van for financing assistance from lenders who accept commercial vans as collateral. Insurance companies that offer a comprehensive package and have the financial muscle to cushion businesses before compensating for the loss of the van are an ideal choice for small businesses.