Essentials

Freelancer Earnings Protection (FLEP)

Collision Damage Waiver (CDW)

Q1: What is Gigacover Collision Damage Waiver (CDW) Insurance?

Gigacover CDW is a unique insurance product that helps private hire drivers who rent their vehicles pay less excess to your rental company in the event of an accident.

Private hire drivers who are insured under Gigacover CDW and submit a valid claim will only need to pay the 1st $500 (+ GST) of excess to their rental company. Gigacover pays the remaining amount you are liable for straight to the rental company.

Q2: Who can purchase Gigacover CDW?

Gigacover CDW is made for private hire drivers in Singapore who rent their passenger motor vehicles from rental companies.

The insured should have a valid driver’s license and Taxi Driver’s Vocational Licence (TDVL) or Private Hire Car Driver’s Vocational Licence (PDVL).

Q3: How do I know what level of excess coverage I should select?

Your rental contract with the rental company for the motor vehicle you are renting should state the amount of excess you are liable to pay to the rental company in the event of an accident. It would typically be split into

  1. Section 1 (Own Damage) excess, and
  2. Section 2 (3rd Party) excess

Section 1 (Own Damage) excess typically refers to the amount you need to pay the rental company for accidental loss or damage to the vehicle you rent.

Section 2 (3rd Party) excess typically refers to the amount you need to pay the rental company for accidental injury, loss, or damage caused to a 3rd party by the vehicle you rent.

You should select a level of coverage for CDW that is the same as that of the excess indicated on your rental contract.

If for example, your rental contract states that:

  1. your Section 1 (Own Damage) excess is $1500, and
  2. your Section 2 (3rd Party) excess is $2000,

You should select CDW excess of Section 1 = $1500 / Section 2 = $2000.

In the case of an accident, assuming

  1. Rental company charges GST of 7%;
  2. Your rental contract states that you are liable to pay Section 1 excess of $1500 (+ GST) and Section 2 excess of $2000 (+ GST) to the rental company
  3. You are covered under CDW and have a valid claim

You pay: $500 x 107% = $535 to the rental company

Gigacover pays: ($1500 + $2000 – $500) x 107% = $3210

Q4: How much will I need to pay in the event of an accident with a valid claim, if I am covered by CDW?

In the event of an accident, if the claim is valid, you will only need to pay the 1st $500 (+ GST) of combined excess to your rental company for that accident. After the claim is approved, the policy will lapse, and you will need to purchase another CDW policy in order to get covered for another accident.

You will only need to pay the 1st $500 (+ GST) for an accident, regardless of whether

  1. You are liable to pay for both Section 1 and Section 2 excess;
  2. You are only liable to pay for Section 1 (Own Damage) excess; or
  3. You are only liable to pay for Section 2 (3rd Party) excess.

In the case of an accident, assuming

  1. Rental company charges GST of 7%;
  2. Your rental contract states that you are liable to pay Section 1 excess of $1500 (+ GST) and Section 2 excess of $2000 (+ GST) to the rental company
  3. You are covered under CDW and have a valid claim

You pay: $500 x 107% = $535 to the rental company

Gigacover pays: ($1500 + $2000 – $500) x 107% = $3210

Q5: If I am covered by CDW, in the event of an accident do I have to pay the full excess I am liable for to the rental company before claiming from Gigacover?

No, you do not have to, if:

  1. You give us the permission to pay the approved amount straight to your rental company; and
  2. Your rental company approves this arrangement,

You can pay just the 1st $500 (+ GST) excess to your rental company, and Gigacover will pay the rest you are liable for straight to the rental company on your behalf if the claim is valid and approved.

We know you do not want to have to pay thousands of dollars of excess to your rental company before submitting a claim and waiting days or weeks before getting the money reimbursed to you. This is why we’ve structured CDW to support this arrangement.

Q6: How long is a CDW policy, and how do I cancel/change my details?

The CDW policies are one month long, with monthly auto-renewal. Think of it like a subscription plan, similar to Netflix or Spotify. If you want to stop your coverage, you can log in to your Gigacover account, go to CDW, and turn off auto-renewal.

The insurer unfortunately will not be able to provide a refund for the early termination of your month-long CDW policy.

Most standard insurance policies are 1 year long and do provide some refund (with penalty) if it’s terminated early. We structured CDW such that you just pay month-by-month, and you can stop your coverage at any time, no questions asked, and we’ll not bill you for the next month.

You can email us at any time at [email protected] should you need help with stopping your coverage or changing your details!

Q7: What are some of the conditions required for a claim to be valid?

There are some important conditions that must be met for your claim to be valid. Some key conditions (non-exhaustive) that must be met include:

  1. Your accident must have happened in Singapore,
  2. Your accident must have happened after your CDW policy start date,
  3. You must not have had claimed for a prior accident under the same 1-month CDW policy,
  4. You, the insured party under CDW, was the driver of the vehicle that got into the accident, and
  5. Your CDW policy does not cover MORE than the maximum excess liability stated on your rental contract

You can refer to the full policy wording for more details!

Should you have more questions, you can send us an email at [email protected]!

Q8: Can I purchase excess coverage that is different from what is stated on my rental contract?

You should not purchase a CDW policy with higher excess than the maximum excess liability stated on your rental contract. In the event of a claim, the insurer will not be able to pay more than the excess indicated on your rental contract.

We do not recommend purchasing a CDW policy with lower excess than what is stated on your rental contract.

Q9: How do I get started as a CDW customer?

It’s simple!

Step 1: Go to https://app.gigacover.com/cdw to buy your first policy – this takes on average 3-5 minutes

Step 2: You’ll get an email from [email protected] with your policy documents, and a link on how to log in and manage your Gigacover account.

Step 3:  Use our mobile app to track your policy, change or stop your coverage, and submit any claims

Step 4: Every month, we’ll charge your card automatically. Remember though you can stop or change your policy coverage at any time!

You can email us at any time at [email protected] should you have any problems!

Critical Illness (CI)

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