Terence Lee · · 1 min readIn Singapore, you can now buy insurance to protect against Grab surge pricing
Photo credit: Grab
NTUC Income, a major insurer in Singapore, announced that it has launched an insurance product designed to protect Grab passengers against surge pricing caused by rain.
Called Droplet, the product can be purchased on the website and pays consumers up to 60 percent of the trip fare or cancellation fee. For the trip to be eligible for reimbursement, it must be raining at the point of pickup.
The premium costs less than US$7 a day, and pays out no more than US$36 a day. To make a claim, the policy must be purchased at least a day ahead of the ride.
To buy the insurance, consumers can select a date range that they would like to receive coverage. Claims can be made by submitting the Grab e-receipt via email. The payouts are made via PayNow, Singapore’s national instant money transfer service.
Droplet will be available for other ride-hailing services soon.
Editing by Eileen C. Ang
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