Importance of Motor Insurance in Singapore

motor insurance Singapore

Because of the huge premiums that will need to be paid, several new drivers see motor insurance as a big problem. However, the rewards of having your car insured could be better appreciated if you meet an accident or when the moment comes that you need it.

 

First, motor insurance Singapore is crucial in many areas. How much insurance and the kind you need differs in different states. In some, you only need liability, but others may need more. If police stops you, and they discover that you don’t have any insurance, then they can get your car there. Also, bear in mind that it’s forbidden in some countries for police officers to allow you to drive away if they learn that you have no insurance. Worse, you may incur hefty fines, and your driver’s license could be suspended or revoked for quite some time.

 

In short, if you have an accident and hit somebody, it is your fault, and you don’t have any choice but to pay the hospital bills of the injured party. If that person dies, you need to cough up a significant amount of money for his wife or family. These costs can increase quickly, forcing you to sell your house, stocks, and bonds or other assets to settle your bills. It may also translate to years of future payments if you cannot pay everything at once. It is not a far-fetched likelihood that you may even spend the rest of your life paying these fees.

 

If you are the aggrieved party and the person who injured you has no motor insurance Singapore, it can be a catastrophe too. Naturally, you can sue another person but what if he’s poor and has no cash? But if you have car insurance, then you don’t have to worry since it will take care of everything. Based on the sort of car insurance that you have, your vehicle may even be repaired or replaced. So you save a bundle in the long term.

 

With the ideal motor insurance Singapore, you are also protected from property damage. As an example, if you run straight into a house and cause a wall to fall, you clearly have to bear the repair fees. For those who have motor insurance, you won’t lose sleep over this issue. You’ve got peace of mind on and off the street. So get insured today!

Designed by CyFocus.com
Powered by CyFocus.net
%d bloggers like this: