• Premiums are deducted from your Bandboo Account only when there are claims

    Find out more below

About Bandboo

What is Bandboo?

Bandboo is an insurance technology platform that enables you to enjoy insurance coverage without having to go to an insurance company. This is similar to how you can enjoy private hire for cars by getting drivers directly through the Uber or Grab platform instead of going to a taxi company.

Is Bandboo an insurance company?

No, Bandboo is not an insurance company. We are not a provider of insurance, but an enabler of insurance that allows people to enjoy insurance in a more affordable and transparent manner.

Car Excess Insurance

  • Membership
    Who can sign up for Car Excess Insurance (CEI)?

    We welcome anyone who is

    1) 21 years old and above; and

    2) Holds a valid Taxi Driver/Private Hire Car Driver’s Vocational License (TPVDL) or Private Hire Car Driver’s Vocational License (PVDL); or

    3) Employed with a Chauffeured Services Company if you are a Singapore Permanent Resident/Work Pass holder

    How long is each membership valid for?

    Each membership is valid for one month. You can renew it at the end of each membership period.

    Can I renew my membership under the CEI after a claim?

    Yes, Bandboo values all members and you can continue to be covered under the CEI by renewing your membership subsequently.

    Nonetheless, Bandboo reserves the rights to terminate any member from the CEI programme if he or she is deemed to be making fraudulent claims or poses unnecessarily high risk for the community.

    What if I want to terminate my membership?

    You may choose to continue or terminate your membership at the end of each term.  If you choose to terminate, Bandboo shall refund your unutilised premiums within 14 calendar days from the end of membership.

    If you wish to cancel your membership before the end of each term, you must give one months’ notice by emailing us at [email protected]. We will respond to you within 3 working days. In the unlikely circumstance whereby you do not receive a response from us within 3 working days, please send us another email so that we can assist you promptly.

    Is there any penalty if I terminate my membership before the end of my 1-month membership period?

    No, there is no penalty fee.

    Any premium remaining in your account will also be fully refunded back to you.

    Your membership fee, however, is not refundable.

  • Fees
    What is my membership fee?

    The membership fee is calculated based on 20% of your premiums contributed.

    What is my premium?

    Your premium amount will depend on the level of excess cover amount chosen:

    CEI Premium
    Excess Cover Amount
    S$4.50 per day S$1,000
    S$6.00 per day S$2,000
    S$7.50 per day S$3,000
    S$9.00 per day S$4,000

    All premium left after paying out to verified claims from the members is fully refundable to you at the end of the membership period.

  • Claim
    How do I file a claim?

    To file a claim, follow the three simple steps below:

    Step 1. Create a claim:
    Click the “Submit Claim” button under the dashboard

    Step 2. Fill up details in the claim form

    Step 3. Submit documents (note: document (b) and (c) can be provided subsequently):
    Upload an image of your:

    1) NRIC/Employment pass

    2) Proof of successful insurance payout (e.g. Official insurance damage report)

    3) Proof of payment of excess charges levied on you from the insurance company or the car rental company (e.g. Invoices or receipts)

    Please note that we may request for additional information in order to complete our verification process so as to ensure the integrity of the community.

    What is the claim criteria?

    To be eligible to make a claim, the following conditions must be met at the time of loss of claim:

    1) You are an eligible member and that your membership is not suspended or terminated or withdrawn;

    2) Your occurrence of incident did not occur before your participation (or re-participation) of CEI;

    3) You are named as the lead driver on the car rental agreement and also the policyholder of the commercial car insurance policy provided by the private hire car rental company; and

    4) Initiated the claim (i.e. submit claim with or without supporting documents) within 7 calendar days of the incident and at the time of incident, you have to also have reported the incident to your insurance carrier or private hire car rental company.


    Is there a deadline for claims submission and verification?

    To facilitate the verification process and disbursement of payouts, we require claims to be submitted within 7 calendar days of the incident.

    For a claim to be paid out in a month, it has to be submitted before the 15th of the previous month and the relevant documents verified by the 25th.

    Claims that are not submitted or successfully verified by the stipulated deadlines will be rolled over to the following month.

  • Payout
    What is the total payout I am eligible for?

    You will receive the lower of (i) the excess charge levied on you by your insurance carrier or private hire car rental company or (ii) the excess cover amount chosen during sign up, minus the respective penalty charge amount if the incident occurred during the Probation Period (see below).

    Please note that you are only allowed to claim at most once during your membership period.

    What is the probation period?

    As an added measure to safeguard the community against the moral hazard of reckless driving, all new members will be subject to a probation period of three calendar months (“Probation Period”). Should a member make a claim during the Probation Period, a one-time penalty charge (“Penalty Charge Amount”) will be deducted from the benefits to be paid out to the member.

    The Penalty Charge Amount will depend on the timing of the claim during the member’s tenor in the community:

    Penalty Charge Amount
    First month S$300
    Second month S$200
    Third month S$100
    Fourth month and beyond N.A.
    What if the total claims for a month are higher than the total premiums collected from the members?

    Bandboo takes extreme care to ensure the sound actuarial modelling of our premium calculations.

    Nonetheless, in the event the total claims for the month exceed total premiums collected from the members for the same month, all claims will then be proportionately reduced and paid out on a pro-rata basis from the premium pool.

Privacy & Security

Are all my personal data safely stored?

Yes, Bandboo adheres strictly to the Personal Data Protection Act. All your personal data are safely secured. We will not allow third party access to it, except in a limited way for the purpose of your claims verification.

Are my credit card details safely secured?

Yes, your credit card details are safely secured.

Bandboo does not hold on to any of your credit card details. They are safely secured by our payment gateway, Stripe. Stripe is a well-established payment gateway that operates in more than 25 countries and handles billions of dollars’ worth of transactions each year.

Are my funds well safeguarded?

Yes, all premiums (“Premiums Pool”) collected are held in a segregated account with a leading local bank with strict custodian measures. Save for the minimum balance amount that is funded by Bandboo in the initial stages to avoid unnecessary bank charges, at no time will the funds of Bandboo co-mingle with the Premiums Pool.

We do not use members’ Premiums Pool for any of our business operations other than for the intended purposes of the funds (e.g. claim payments, refund to members). Upon the inception of the community (i.e. after the first 1,000 members are onboard), we will publish monthly bank statement of the account on our website for additional transparency.

This is a similar approach adopted by other companies that hold funds of its members’ funds such as Moolahsense and New Union.

Further, audits will be performed by appointed third party auditor on a semi-annual basis.