In most countries of the world, having auto insurance is required by law. Your car insurance singapore policy consists of auto liability coverage, which is necessary if you cause a car accident.
It aids in covering losses like the other driver’s damage to the car and their medical expenses as a result of the collision. If you are prosecuted for the accident, it also aids in paying your legal expenses.
Let’s look at the importance of car insurance:
- Car Insurance Might Shield You From The Expense Of Repairs
It is important to have coverage for your own vehicle even while liability insurance is required to assist cover damage to another driver’s vehicle. Regardless of who is at blame, collision coverage might assist in paying for the repair of your car if you collide with another object or vehicle. You would have to pay for the repairs to your automobile from your wallet if you do not have car insurance.
- Your Leasing Or Lender Representative Could Need Proof Of Motor Insurance
Your lender may insist that you buy comprehensive and collision car insurance if you are leasing or financing your car.These two coverage’s could aid in safeguarding the leasing agents or lender’s investment as they hold the lien on your car while you are making payments.If a vehicle gets damaged in a covered loss, collision or comprehensive coverage will assist in paying for the necessary replacements or repairs.
- Auto Insurance Provides Financial Security
You could be charged for the expenses incurred if you cause an automobile accident.Medical costs incurred by the wounded party, lost wages if their accident prevents them from working, and legal expenditures are a few examples. These expenses could be covered in part by your car insurance. You would be responsible for covering these expenses from your personal wallet if you did not have liability insurance.
- Your Passengers Are Protected By Car Insurance
If you are hurt in an accident, personal injury protection and medical payments coverage may be able to assist in paying your medical bills. Additionally, it might also aid in paying accident-related charges for your passengers. Hospital stays, doctor appointments, and surgery are all covered by this insurance.
Having the appropriate car insurance coverage might serve purposes beyond those required by law.A car insurance coverage could also provide peace of mind in addition to protecting your cash and automobile.