You own a motor and yet you simply ignore the value of motor insurance. You did get any motor insurance after buying a motor because you considered it an added expense. While other motor owners bought it for protection purposes, and also a requirement in their state before they are allowed to drive in public places. The motor insurance singapore protects you and your vehicle, even the other motorist against liability for possible accidents.
Motor insurance provides financial compensation that covers injuries caused by people or property.
What does motor insurance cover?
In Singapore, cars and motorcycles are the next largest personal assets next to homes. Thus, it is essential to choose a well-suited motor insurance plan to ensure comprehensive coverage on cars and motorcycles at the same time protecting personal wealth. The specific coverage provided depends on the type of policy and the insurance company. Motor insurance covers the following aspects:
- Liability coverage. It covers two elements, namely:
- Bodily injury liability
- Property damage liability
- Collision coverage. It covers the repair expenses to the vehicle in case of a collision, regardless of who is at fault.
- Comprehensive coverage. Its coverage protects against non-collision events, such as:
- natural disasters
- falling objects
- animal collisions
It covers damage to the vehicle from collision.
- Uninsured/Underinsured motorist coverage. Its coverage helps pay for medical expenses and vehicle repairs in an accident with a driver.
- Medical payments coverage. It covers medical expenses for you and your passengers in case of injuries sustained in an accident, regardless of who is at fault.
- Personal Injury Protection (PIP). PIP coverage is similar to Medical Payments but is more extensive and can also cover lost wages, rehabilitation costs, and other related expenses.
- Rental car reimbursement. The coverage helps pay for the cost of a rental car if the vehicle is in the shop for repairs after an accident.
- Towing and roadside assistance. It covers the cost of towing your vehicle and providing roadside assistance services, such as:
- jump-starting a dead battery
- changing a flat tire
Determine the right coverage for your motor needs.
Who is eligible to buy a comprehensive motor insurance plan?
Anyone who owns a motor in SG is eligible to purchase motor insurance. Some companies are adding criteria of minimum age and SG driving experience before they become eligible to buy a motor policy. If you own a company in SG with an involvement in the management of private or commercial vehicles, the motor fleet insurance plans for businesses are suited.
The motor fleet insurance policies are affordable and it protects the company from potential legal issues.