GrabInsure, the insurance arm of Grab, has rolled out a motor insurance product for private-hire drivers in Singapore.

The product is available to Grab driver-partners who use their own vehicles and is aimed at making coverage more affordable and easier to access.

The policy was designed for private-hire drivers and includes instalment payment options, 24/7 emergency assistance and personalised pricing.

The company described it as a first-of-its-kind product that uses historical platform insights to tailor premiums.

According to GrabInsure, drivers can pay premiums through the Grab Driver App Wallet without needing a credit card.

Premiums can be broken into smaller payments, which could help turn insurance into a more manageable operating cost rather than a large upfront expense.

Iwan Juwono, Head of GrabInsure, said,

“Private-hire drivers have different needs from traditional motorists as they rely on their vehicles as their source of livelihood, and face seasonal fluctuations in earnings. With this launch, we are rethinking motor insurance from the ground up.

By leveraging insights on a driver’s track record on Grab, we can offer more competitive pricing to reward safer driving and better service.”

The launch adds to GrabInsure’s broader set of protection products for driver-partners.

These include its Earnings Protection Policy, which provides additional support on top of Grab’s existing complimentary coverage.

The policy covers compassionate leave, booking cancellations or no-shows, and downtime caused by vehicle cleaning after passenger-related incidents.

Featured image: Edited by Fintech News Singapore, based on image by topntp26 via Freepik