Did you know that it is illegal for anybody in Singapore to drive a vehicle with out car insurance cover? An adequate car insurance cover can aid protect your from legal liability arising from third party injuries.
Even though an insurance policy that covers third party liability will suffice to meet regulatory and legal requirements, most individuals opt for a wider coverage to aid protect them in an event that they get into an accident.
There are 3 main kinds of automobile insurance coverage becoming provided in Singapore. These are:
i. Third party coverage – This covers for the legal liability arising from injury to or the death of third parties in an accident. This need to also cover for damage to property. This is the minimum coverage that is required by Singapore law, and this excludes losses due to theft or harm to your own auto.
ii. Third party, fire and theft – On leading of third party coverage, this kind of policy also covers your vehicle in case it is damaged by far or is stolen.
iii. Comprehensive coverage – This sort of insurance policy can offer third party, fire and theft protection, although also protecting you and your vehicle.
Most of the cars in Singapore are covered by comprehensive coverage because it also takes care of personal accident and damage to your own vehicle. What is much more, due to the high prices of cars in the country, most car owners would want to protect themselves from losses due to damage to their own cars. Moreover, if you sought financing for your automobile, the financing organization will require you to get comprehensive protection.
Take note that there are circumstance that are not covered by comprehensive insurance unless you opt to pay for additional premiums, including but not limited to:
* riots,
* flood,
* legal liability due to negligence,
* windstorms,
* strikes, and
* civil commotions.
Taking time to realize automobile insurance cover can help you determine if you are currently adequately protected or not. Make sure that you take out insurance that would protect you in case you get into an accident, while also keeping your premiums inexpensive.