Lack of Insurance hinders local private car rentals

Lack of Insurance hinders local private car rentals

OneShift Editorial Team
OneShift Editorial Team
03 Apr 2013

Of course, despite the increase in car sharing, Mr Peh Chee Keong, Vice-President and head of motor insurance from NTUC Income, has said that there still isn’t enough demand to make a short-term plan worthwhile. Another Senior Executive in the same industry has said that they are unwilling to cover individual car rentals as individuals often lack resources and tools to prevent high risk drivers from loaning their cars.

Last month, Transport Minister Lui Tuck Yew announced in Parliament that the LTA has been studying various ways and means to improve current private car rental scheme and make it less strict. They hope that the revisions would make car sharing more accessible.


A new local startup, iCarsclub, looks to be changing that. They have teamed up with online insurance company DirectAsia.com, which provides the coverage that the hirer pays. Each member of iCarsclub is required to undergo two stringent screening processes, including once by DirectAsia.com. The minimum age requirement for a hirer is 25 and he/she must have a driver's license that is valid for at least two years, with no more than six demerit points incurred.

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