Paying For Your Car Insurance FAQs

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Kindly note that due to the cessation of payment services by Wirecard entities in Singapore, the option to pay by our instalment payment plan is currently unavailable until further notice. We apologise for any inconvenience caused.

Last Updated: 2 November 2020

Do I have to pay my car insurance premiums in one lump sum or can I pay in instalments?

Currently we only accept payments in one lump sum, where you will enjoy a 3% single payment premium discount. Due to the cessation of payment services by Wirecard entities in Singapore, the option to pay by our instalment payment plan is currently unavailable until further notice. We apologise for any inconvenience caused.

I am paying my car insurance policy premium by monthly instalment under an Instalment Payment Plan (IPP). What happens if I cancel the policy before the end of the policy term?

We will credit the refund of the pro-rated unused premium ("Refund Credit") to the same credit card account, in accordance with the terms in your Product Disclosure Document. Your IPP with the bank will terminate and the balance total outstanding amount under the IPP will be set-off against the Refund Credit, and reflected accordingly in your credit card statement.

Can I make an early redemption of the IPP by settling the balance total outstanding amount owing in one lump sum?

You may do so by contacting the bank. However, please note that administrative fees may be imposed by the bank in accordance with its respective terms and conditions in the event of early redemption of the IPP (that is not due to policy cancellation). For more details, you may wish to check with your bank directly.

Can I cancel the credit card which is used for the monthly payment under the IPP?

You may do so by contacting the bank. However, please note that the balance total outstanding amount under the IPP will become payable immediately. Do also note that administrative fees may be imposed by the bank in accordance with its respective terms and conditions in the event of early termination of your credit card account. For more details, you may wish to check with your bank directly.

I am paying my car insurance policy premium by monthly instalment under an IPP. What happens if there is a partial refund of premium payable to me before the end of the policy period (for example, due to change in my NCD entitlement from 20% to 50%)?

We will credit the premium to be refunded to the same credit card account, and this will be reflected in your credit card statement for that billing period. There is no change to your monthly instalment amount, which will continue to be charged to your credit card every month, up to the final instalment.

If I choose to pay my insurance via monthly instalments then what method of payment can I use?

If your premium is above $200 you can pay in 12 monthly instalments. At the moment this is possible using your DBS or POSB credit cards only. We don’t charge you interest for your premium if you wish to pay in instalments.

Why do you only accept DBS/POSB credit cards for instalment payment?

At the moment we only accept payment for instalment plans via DBS/POSB credit cards.

In the future we will be bringing in other banks so that our customers have more choice when it comes to paying via instalments. This is currently in the process of being organized. In the meantime, we believe that DBS/POSB banks have one of the largest market shares for consumer banking (personal accounts).

We apologise if this causes any inconvenience to any of our customers and we thank you for your kind understanding and patience on this matter.

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