Motor Insurance
In Singapore, it is mandatory under the law to have a valid motor insurance policy before driving any vehicle on public roads. The legal minimum requirement is to cover third-party only. Beyond meeting legal obligations, having car insurance is essential for protecting yourself against financial loss resulting from road accidents, property damage, or injury to other road users.
Types of Motor Insurance Coverage
Third-Party Only (TPO):
Covers injury or death to third parties and damage to their property.
Third-Party, Fire & Theft (TPFT):
Includes TPO plus loss or damage from fire or theft.
Comprehensive Coverage:
Covers all TPFT benefits plus accidental damage, medical costs, and personal accident cover.
Private Hire Vehicle (PHV) Insurance
If you drive or plan to drive for Grab, Gojek, TADA, Ryde, or any other ride-hailing platform, you must have commercial motor insurance that specifically covers Private Hire Vehicle (PHV) usage.
PHV insurance differs from standard private car insurance and typically includes:
- Commercial usage classification
- 24/7 coverage for both personal and ride-hailing use
- Protection against third-party liability, passenger injuries, and vehicle damage during PHV operations
- Optional loss of income and vehicle replacement benefits (subject to insurer availability)
Note: Standard private car insurance does not cover ride-hailing or PHV use. Driving without the appropriate policy may result in denied claims and legal consequences.
At Parkway Insurance Agency Pte. Ltd., we help PHV drivers—whether full-time or part-time—secure insurance that complies with LTA regulations and ride-hailing platform requirements.
How Motor Insurance Premiums Are Calculated
Insurers in Singapore use a risk-based rating system to determine your motor insurance premium, considering factors such as:
✔️ Vehicle make and model
✔️ Engine capacity
✔️ Vehicle age and condition
✔️ Driver’s age, gender, and occupation
✔️ Driving and claims history
✔️ Type of usage (private, PHV, commercial)
✔️ Coverage type (TPO, TPFT, Comprehensive)
Other Premium-Related Considerations
Excess (Deductible):
The amount you must pay in the event of a claim. Opting for a higher excess can lower your premium.
Named Drivers:
Including young, inexperienced, or elderly drivers may increase your premium due to higher perceived risk.
No Claims Discount (NCD)
The No Claims Discount (NCD) rewards safe driving with premium reductions:
- Up to 50% NCD for private cars
- Up to 20% NCD for commercial vehicles
Foreign drivers relocating to Singapore can transfer their existing NCD from their home country with official documentation from their previous insurer—offering significant savings.
Get Protected Today
Whether you’re driving for personal use or operating as a PHV driver, we offer tailored insurance solutions to suit your specific needs.
Let us help you compare quotes and secure the right coverage at the best possible price.
📞 Contact us today for a free motor or PHV insurance quote.
Motorcycle Insurance
Riding a motorcycle in Singapore—whether for personal, commercial, or rental use—requires valid insurance under the law. At Parkway Insurance Agency Pte. Ltd., we offer tailored motorcycle insurance solutions to suit your needs.
Types of Motorcycle Insurance
Third-Party Only (TPO):
Covers injury or death to third parties and damage to their property.
Third-Party, Fire & Theft (TPFT):
Includes TPO plus loss or damage from fire or theft.
Comprehensive Coverage:
Covers all TPFT benefits plus accidental damage, medical costs, and personal accident cover.
Usage-Based Coverage Options
✔️ Private or Delivery Use
Whether you’re a personal rider or delivering for Grab, Foodpanda, or Lalamove, we offer coverage that includes commercial classification and high-mileage protection.
✔️ Company Vehicle
Custom solutions for businesses with motorcycles used by staff. Covers corporate liability, multiple riders, and fleet needs.
✔️ Rental Vehicle
Protects rental operators and users with proper coverage for leased motorcycles under commercial terms.
Note: Using a personal motorcycle for delivery or rental without proper insurance may void your claims.
Why Choose Us?
- Covers all motorcycle types and usage
- Competitive premiums from trusted insurers
- Fast, compliant, and personalised service
📞 Contact Parkway Insurance Agency Pte. Ltd. today for a free motorcycle insurance quote.