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Does Motor Insurance Cover GrabHitch

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Is accident during a GrabHitch ride covered by Motor Insurance?

Recently, Liberty insurance clarified that they consider GrabHitch to be similar to carpooling. According to Liberty insurance, “under Section 142 of the Road Traffic Act, this is not considered for hire or reward, nor do drivers need to convert their private car motor insurance to commercial motor insurance to drive with GrabHitch”.

In the event of an accident occurring during a GrabHitch ride, both the named driver and passengers will be covered under the same terms as if it was a regular ride.

Note this only applies to motor insurance purchased by Liberty Insurance. If you are a GrabHitch driver, you should check with your existing insurer about their terms and conditions.

What is covered under Workmen Compensation Insurance

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As an employer, you are often required to purchase Work Injury Compensation Insurance (a.k.a. Workmen Compensation Insurance). Do you know what benefits are covered under this insurance policy?

Most workmen compensation insurance will pay claim according to the Work Injury Compensation Act.

The Work Injury Compensation Act lets employees claim for 3 things:

  1. Medical leave wages
  2. Medical expenses
  3. Lump sum compensation for permanent incapacity or death.

But there are limits to each type of compensation.

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Work Injury Compensation Insurance

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You need to get work injury compensation insurance for all employees doing manual work, as well as all employees earning less than $1,600 a month.

wica-scaffolding-image

Who needs to be insured under work injury compensation

If you are an employer, you are required to buy work injury compensation insurance for:

  1. All employees doing manual work, regardless of salary level.
  2. All employees doing non-manual work, earning less than $1,600 a month.

You must have insurance for both local and foreign employees. Failure to provide adequate insurance is an offence carrying a fine of up to $10,000 or jail of up to 12 months, or both.

For other employees, you have the flexibility to decide whether to buy insurance for them. However, if those employees make a valid claim, you will have to compensate them regardless of whether they are insured.

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Hassle free motor insurance claim with LibertyOne

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Bumps on the road often translate to bumps in your life. Procedures and paperwork can be all too time-consuming and completely derail your plans.

But if you are a motor insurance policyholder with Liberty Insurance, your post motor accident experience will be a breeze with LibertyOne.

LibertyOne takes care of all your needs, freeing you up and getting your life back on track as soon as possible. LibertyOne is a 3-in-1 solution

  1. Report – They’ll come to wherever you are to help you out with reporting the accident.
  2. Repair – When they come help you with the accident report, your car will also be driven to a LibertyOne preferred workshop for repairs.
  3. Replacement Car – At the same time, Liberty will hand over your free replacement car for up to 30 days. Once your repairs are done, they’ll even deliver your fixed car to you and pick up the replacement car on the spot.

You don’t need to sign up LibertyOne. As long as you’re covered by Liberty’s comprehensive private motor insurance, you’re already enjoying the service.

AXA merges its general and life insurance entities

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Insurance group AXA has announced that its general and life insurance businesses have been merged into a single entity under AXA Insurance Pte Ltd.

The conssolidation was carried out through a scheme of transfer which was licensed and approved by the Monetary Authority of Singapore and the High Court.

AXA Insurance Singapore transferred its business to AXA Life Insurance Singapore Private Limited from Jan 1, 2017, with the single entity being granted a composite insurance license which will provide customers with greater convenience to access a full range of integrated general and life insurance solutions.

No more undertaking on project and annual Work Injury Compensation Insurance

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With effect from 1 January 2017, the Market Agreement for WIC in relation to Project Insurance (“the Undertaking”) will be canceled with respect to all accidents that occur on or after 1 January 2017.

Background

In 2012, GIA organized the Undertaking, signed by 39 GIA members, to direct project site WIC and Common Law claims to be covered under the project’s WIC policy.

Cancellation Of Undertaking On Project And Annual Policies

Signatories to the Undertaking have been encountering difficulties adhering to its requirements including identifying project insurers. Statistically, only an average of 6.6% of WIC claims could identify project insurers over the period 2014 – 2016.

Notwithstanding GIA’s efforts to enforce the Undertaking amongst projects, MOM’s position is that Section 23 WICA makes clear the liability of the employer’s insurer to pay WIC to an injured worker and this rule prevails even where there are multiple WIC insurance policies in force.

The failure of the Undertaking to achieve its aim has led the GIA to cancel the Undertaking with effect from 1 January 2017.

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Hole-In-One Insurance

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If you are a golf tournament organiser, you often need to offer a hole-in-one prize to promote a tournament sponsor, be it a first class air ticket or a high end Mercedes car.

In order to be able to afford such expensive prizes, you can purchase a hole-in-one insurance, also known as prize indemnity insurance to protect yourselves from having to pay for the prize from your own funds.

hole-in-one

What does hole-in-one insurance cover

Typically, the insurance indemnifies you in respect of your assumed liability to pay the prize award to the first registered participant who achieves a Hole-In-One whilst taking part in the golf tournament.

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GST Exemption for Insurance Bonds

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If you run a business, you may be required to produce credit facilities or guarantor-ship from time to time. This can often be fulfilled by purchasing a bond from an insurance company by paying a premium.

In Singapore, the most common bonds are

If you run an employment agency, you are required to submit Employment Agency Bond (Banker’s Guarantee) to Ministry of Manpower.

Do you know that you have been overpaying the insurance by 7% because you were paying GST on the bond premium?

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What is car insurance excess

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Car insurance excess, also known as deductible, is the first amount of the claim which the insured person has to bear.

One person died in this three-car crash. (KATU News photo)

For example, if the insured person has an excess of $500 and the total repair costs $5,000, then the insured has to pay $500 while the insurer pays the remaining $4,500.

With an excess, the car owner would tend to be more careful. This is because if a claims occur, the insured also has to be out of pocket and share the claim. Imposes some excess will help insurer manage the overall claim.

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Does motor insurance cover damage caused by trees

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Many vehicles in Singapore who have suffered damages in the hands of fallen trees and branches.

Vehicle owners whose cars have suffered damages caused by falling branches or trees can claim compensation from some insurance firms. Earlier such events were referred to as “acts of God” and were not covered as part of the insurance compensation.

According to a Straits Times article in Jan, 2016, Mr Peh Chee Keong, the Vice President of Motor Insurance at NTUC Income has further corroborated this by claiming that their motor insurance covers any damage caused by fallen branches or trees.

A spokesperson for Aviva has also verified that all Aviva policyholders can claim compensation against their own policies when their vehicles have been damaged on account on fallen trees.

The payout amount will depend on the extent of damage caused by the fallen trees or branches.

However, not all insurance policies cover acts of god. If your motor insurance is due for renewal, it is time to review the terms and conditions offered by your insurer.

As an insurance broker, we are able to help you compare not only the premium, but the terms of your motor insurance.

Click here to for a free motor insurance quote