NTUC Income is providing an extended benefit for its motor policyholders who has to drive a rented car overseas. This extension will covers the additional third party liability for death, bodily injury or damage to property over the limited cover provided by the rental car company. The additional premium charged by NTUC Income for a similar coverage is likely to be lower than the market.
This cover is for US$1 million and covers the policyholder against third party liability that exceeds the basic cover provided by the car rental company. The premium rate that is charged by NTUC Income will be 50% of the normal market rate and is available only to a policyholder who has a No Claim Discount of 20% or more.
If the policyholder does not meet the requirement, the policyholder can purchase the cover from the overseas insurer of the rental company.
Great move.
ReplyDeleteHowever, does the extended benefit restricted to solely those countries where the 1949 Convention International Driving Permit is recognised ?