Questions bosses actually ask.

At The Insurance Exchange, our prices are attractive because we’re a large volume producer for insurance companies. This allows us to negotiate better deals with insurers and offer you lower premiums. On top of that, we provide additional discounts to help bring new customers on board, ensuring you save money not just now, but for years to come.
Yes, we do earn commissions, but our focus is on long-term savings for our clients. With our expertise, you get the best rates without sacrificing quality or service. And, of course, switching insurers is easy, with your No Claims Discount (NCD) fully transferable.
There’s no catch—just transparent savings and great service!

An insurance Motor Excess is the amount you must pay out of pocket when you make a claim for own damage to your vehicle (such as an accident you are responsible for). It’s your contribution towards the cost of the repairs before the insurer covers the rest.
For example, if your excess is $600 and the repair costs after an accident are $2,000, you’ll pay the first $600, and the insurer will cover the remaining $1,400.
Excess amounts can vary depending on factors like the driver’s age, experience, or specific conditions in your policy. Remember, this only applies to own damage claims—other types of claims, such as third-party liability, may have different rules or no excess at all.
Always check your policy to understand what excess applies to your coverage.

Yes! Your No Claims Discount (NCD) will transfer with you when you switch insurers. The great news is we can verify your NCD ourselves, so there’s no need to provide proof.
This means you can switch to us without any hassle, and your NCD will be applied to your new policy, helping you continue saving on your premiums.

🔹 Approved Workshops Plan: This plan limits your repairs to a list of workshops handpicked by your insurer. These workshops are also accident reporting centers, so if you have an accident, you can report it and get your vehicle fixed at the same place. Because insurers have partnerships with these workshops, the plan is cheaper, making it a great option for most commercial vehicles. The workshops are reliable and know how to handle all types of repairs quickly and efficiently.
🔹 Any Workshops Plan: This plan gives you the freedom to choose any workshop you like, even those not on your insurer’s approved list. While this might be appealing if you have a very specialized or high-end vehicle, it usually comes with higher premiums. Unless your vehicle requires special attention, most businesses will find the Approved Workshops Plan more than sufficient.
In short, if you’re looking to save money and still get excellent service, the Approved Workshops Plan is usually the better choice for commercial vehicles.

An NCD Protector is an optional add-on to your motor insurance that allows you to keep your No Claims Discount (NCD) even if you make a claim. Normally, when you file a claim, your NCD (which helps lower your premiums) decreases. With the NCD Protector, you can have one or more accidents (depending on your policy) without losing your discount.
Should you opt for it?

• Pros: It sounds great because you keep your discount intact after an accident, which can help lower your renewal premiums.
• Cons: Even with an NCD Protector, your premium can still go up after an accident, as insurers may adjust your rate based on the claim. Plus, the NCD Protector isn’t transferable if you switch insurers, meaning you won’t keep that protection if you change providers.

Before opting for NCD protection, consider whether the extra cost is worth it, knowing you could still face higher premiums and reduced flexibility if you switch insurers.

In most cases, you don’t need to provide named drivers for your Commercial Motor Policy. Typically, the policy will cover any driver as long as they are authorized by you, have a valid driver’s license, and meet the terms of the policy.
However, some policies may apply higher excesses or restrictions for young, elderly, or inexperienced drivers. If this applies to your drivers, it’s a good idea to discuss these details with your insurer to ensure you’re covered appropriately and understand any additional terms or costs.

In Singapore, commercial vehicles must undergo annual inspections at an authorized inspection center to ensure they meet road safety and emission standards. However, there’s no strict order for whether the inspection needs to be done before or after purchasing insurance.
You can choose to renew your insurance first or complete the inspection first—both processes are independent of each other. Just make sure your vehicle passes the inspection within the required timeframe to stay compliant with Singapore regulations.

The YEID (Young, Elderly, or Inexperienced Drivers) additional excess clause in your policy applies if your vehicle is driven by a person who is:

• Under 26 years old,
• 70 years old or above, or
• Has less than 2 years of driving experience in Singapore.

With Tokio Marine Insurance, this means you will have to pay an additional excess of SGD 2,500 on top of the standard excess stated in your policy for each claim involving one of these drivers.
It’s important to note that this clause is specific to Tokio Marine, and other insurers may have different age ranges and additional excess amounts. Be sure to check your specific policy to understand the exact terms and conditions.

We recommend Third Party Only coverage for several reasons, especially if you have an older commercial vehicle:

• For older vehicles, insurers are often reluctant to provide comprehensive coverage or may quote significantly higher premiums due to the lower market value of the vehicle. As a result, opting for Third Party Only coverage can save you money while still fulfilling legal insurance requirements.
• In Singapore, the risk of vehicle theft for commercial vehicles is generally low, particularly because these vehicles are regularly used and less likely to be targeted. Therefore, paying extra for theft coverage might not offer much added value.
• If your vehicle runs on diesel, the risk of fire is also lower compared to petrol-powered vehicles. Diesel has a higher flash point, meaning it is less likely to ignite, further reducing the necessity for fire coverage.

By choosing Third Party Only insurance, you get the basic legal protection you need at a more affordable price, without paying extra for coverages that may not be as relevant to your situation.

Just two things: a copy of your vehicle log card (PDF preferred, or a clear photo) and your company name. WhatsApp them to us and your quote will be on its way!

If you're involved in an accident, follow these steps to ensure safety and proper reporting:

1. Ensure Safety First:
   • Stop your vehicle immediately.
   • Check for injuries and ensure everyone is safe.
   • If it's safe, move your vehicle to the side of the road to avoid blocking traffic.
2. Exchange Information:
   • Collect details from all parties involved:
     • Names, contact numbers, NRIC/FIN (if applicable).
     • Vehicle license plate numbers.
     • Insurance details.
   • Take photos of the accident scene, the vehicles involved, and any damage.
3. Report the Accident at an Authorised Workshop or Accident Reporting Centre:
   • In Singapore, it is mandatory to report any accident within 24 hours (or by the next working day) at an authorised workshop or accident reporting centre, even if there are no injuries or visible damage.
   • Contact your insurer’s approved reporting centre to make an official report and arrange any necessary repairs.
4. Do Not Admit Liability:
   • Avoid making any statements that suggest you are at fault. Let the insurance companies handle liability decisions.
5. File a Police Report (if applicable):
   • If the accident involves injury, damage to government property, foreign vehicles, cyclists, or pedestrians, you must file a police report.
6. Proceed with Repairs:
   • Once the accident is reported, follow your insurer's guidance on where to take your vehicle for repairs. If you have an Approved Workshop Plan, you'll need to bring your vehicle to one of their approved workshops for repair.

Following these steps will help ensure your safety and compliance with the insurance claims process.