[SINGAPORE] The Automobile Association of Singapore (AAS) will launch an insurance for excess protection for drivers renting vehicles overseas on Monday (Feb 2). <\/p>\n
Named RoadPlus+, it is the first of this kind to be offered as an annual plan in Singapore. <\/p>\n
Pricing begins at S$198 a year for trips in the Asia-Pacific region and S$268 worldwide. <\/p>\n
The plans cover a week of trips and an additional seven days of coverage can be added for S$50 and S$70, respectively. <\/p>\n
Insurance excess is the amount an insured pays out of pocket in case of a claim. <\/p>\n
Lee Wai Mun, CEO of AAS, said: \u201cRoadPlus+ protects drivers from having to pay out-of-pocket excess charges beyond the basic Collision Damage Waiver (CDW).\u201d<\/p>\n
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A CDW, typically charged as an additional fee per day of rental, covers the cost of repairing or replacing a rental car in case of an accident or damages. However, renters may still need to pay an excess even if a CDW is in place. <\/p>\n
There may also be exclusions or other fees levied by rental companies such as damage to the undercarriage, tyres and windows, among others. <\/p>\n
While rental excess protection is already available on the market, these are largely underwritten and administered by companies outside of Singapore. <\/p>\n
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RoadPlus+ product is brokered by Trade Risk Solutions and underwritten by ECICS, both of which are Singapore-based companies. <\/p>\n
General travel insurance typically offers partial cover for car rental excess and is usually capped at under S$3,000. <\/p>\n
The association said that the new product reflects its broader strategy to expand beyond traditional roadside assistance into travel risk management and mobility-related insurance solutions. <\/p>\n
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