The lorry is a common and valuable commercial vehicle intended for business transportation purposes. If your company owns a lorry, you should know that having commercial vehicle insurance for your lorry is mandatory in Singapore.
Here at Lian Hong Pte Ltd, our professional team will provide the best consultation on everything you need to know about lorry insurance and help you source for the most competitive quotes from reputable insurance companies in the market. A leading provider of all types of commercial vehicle insurance and other vehicle financial solutions since 1968, we are more than capable to solve all your lorry insurance needs!
What to take note of for lorry insurance
Indemnity Is Not Valid When Used As Private Passenger Transport
Do you know that under Singapore’s Road Traffic Act, the transportation of persons on lorries are not permitted unless it is used to ferry the company’s workers between places of work? If a lorry is used to transport workers illegally to earn extra income and such use is not declared during insurance application, any claims arising from accidents from such a scenario would be invalid.
Choosing The Right Type of Insurance Coverage
There are generally 3 broad types of lorry insurance, ranging from basic third party liability coverage only to comprehensive plans that cover fire, theft and own damages. Some insurers allow you the flexibility to send your damaged vehicle to any workshop and some offer a discount for larger lorry fleets. Lorry accidents can be shockingly expensive so it is essential to do proper research and not blindly buy the cheapest insurance plan.
Our knowledgeable team at Lian Hong will meticulously explain the differences between the various lorry insurance packages available so that you can select the best plan that caters to your business’s needs.
NCD Entitlement Affects Insurance Premiums
A No-Claim Discount (NCD) is a discount entitlement given if no claim has been made for the year and this reduces the insurance premium for the following year. For any commercial vehicle insurance, the No Claim Discount (NCD) belongs to the policyholder (which means the business) and not the lorry driver. This NCD can increase a maximum of 20% for commercial vehicles so it is important to educate your lorry drivers on road safety.
Why Choose Lian Hong?
Reliable, reputable and customer-service oriented, rest assure that all your lorry insurance requirements will be a hassle-free process with Lian Hong. Contact us now for a friendly and non-obligatory consultation!