Commercial Vehicle Insurance

Commercial Vehicle Insurance protects your vehicles used for business, such as vans, pick-ups, and lorries.

Budget Direct’s Commercial Vehicle Insurance doesn’t cover your vehicle used for carrying passengers or delivering goods unless it is in connection with your trade or business (which cannot be in relation to despatch or courier services; for example, Grab, lalamove, Foodpanda, Deliveroo and others); to transport passengers outside of the enclosed passenger cabin and without a seatbelt; any purpose in connection with the motor trade; providing driving tuition and test; or hiring out the vehicle. Using your vehicle as a Private Hire Vehicle for ride-hailing services (e.g., Grab or Go-Jek) is also not allowed, along with any other purposes not agreed upon by us in writing. For full details on exclusions, always refer to our policy documents.

Yes, our commercial vehicle policies cover tradespeople, including electricians, plumbers, and other professionals who rely on their vehicles for daily work.

No, Budget Direct’s Commercial Vehicle Insurance does not provide coverage for vehicles travelling to West Malaysia. The policy excludes options for cross-border coverage.

Some Commercial Vehicle Insurance plans may cover Private Hire Vehicles (PHVs) like Grab or GoJek, depending on the insurer and policy terms. However, it’s important to note that not all commercial vehicle policies automatically include coverage for ride-sharing or private hire services. These activities often involve different risks compared to typical business vehicle use, so insurers may offer specialised cover for PHVs or require an additional endorsement.

If you operate a PHV, ensure your policy specifically includes coverage for ride-sharing or private hire services to stay protected. Budget Direct Insurance does not cover Private Hire Vehicles under its Commercial Vehicle Insurance plans.

Commercial Vehicle Insurance is a specialised type of motor insurance designed to protect vehicles used for business purposes, such as vans, pickup trucks and lorries. In Singapore, it is mandatory for all commercial vehicles to have at least a minimum coverage of Third Party Only insurance. This basic coverage ensures that you are protected against legal liability for injury and property damage to third parties in the event of an accident.

However, opting for a comprehensive Commercial Vehicle Insurance plan is highly recommended. Such plans offer extensive protection against various risks, including damage to the insured vehicle, bodily injury, and property damage. A comprehensive plan can help businesses safeguard their assets and minimise financial losses due to unforeseen circumstances. It also provides essential legal liability coverage, allowing businesses to focus on their operations without worrying about the financial implications of accidents or other incidents.