Third Party Only Car Insurance
As we are conscious that there are so many insurance companies out in the market, car owners can be confused with all the coverages and benefits that they are offering. It is good to know what they cover and have to offer and it is important to know what the car insurance can do for us when accident happen or when claims occurs. therefore, we have come up with a set of articles that will help you understand why it is important to know what type of insurance you are buying.
Car Insurance companies will offer 3 types of coverage and they are Comprehensive, Third Party Fire & Theft and Third Party Only and Third Party Liability is one of the most important aspects of your car insurance which all the 3 types of coverages covers and the most basic insurance you need to renew in Singapore (which is compulsory) is Third Party Only insurance. It covers your legal liability for damage to property belonging to their persons such as car, fences, and streetlights. Also, it covers your liability for death or injuries to passengers and third parties caused by their negligence. As it is understandable, this is one of the key policies you want to have and to have good coverage, as it is one of the greatest risks when driving around. Depending on your insurance company, they will limit accidents coverage based on its location, usually, only accidents happened in Singapore or 80 km from the Singapore border.
In this sense, it is very important that you check your policy for coverage of accidental loss or damage by fire and theft of the vehicle. As it is true that this policy is not offered by default in most companies, you might want to know if you will be covered in these cases or not. Secondly, you might want to check for comprehensive cover, it covers the drivers own vehicle repair or replacement in the case your car is vandalized, robbed or damaged as the result of an accident.
We encourage you to check these policies closely as they provide coverages damages done by you to other vehicles but also what others might do to you. Also, this cover is especially interesting for those drivers who are still financing their cars, and in some cases, this clause is compulsory before getting your new car out of the concessionary.
However, the most important aspects of these policies are the amount of money they are covering, and this is where you should pay attention as many car insurance companies might provide this coverage but with absurd amounts that won’t cover the expenses of most cases.
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