Vehicle insurance is also known as motor insurance, auto insurance or car insurance. The vehicle insurance is for trucks, cars, motor vehicles and for all road vehicles. The primary use of car insurance in Singapore is to give financial safety against any physical damage or any type of bodily injury occurring from traffic accidents. The insurance makes the liability for the loss that is raised from such events for a vehicle. Vehicle insurance further offers the financial safety for the theft of any insured vehicle and to the damage of the vehicle due to other incidents other than the traffic accidents such as natural disasters, weather and any damage occurred by crashing with the static objects. The distinct terms of insurance of the vehicles may alter with legal rules in the region vehicle is registered.
Types of insurance for the vehicles:
There are many categories of vehicle insurances under which the vehicle can claim the insurance:
- Liability coverage: Liability coverage is mandated in many countries as the legal regulation for driving a car. Liability insurance wills enable when vehicle damages and injuries occur and also when there is product destruction to others. In such cases, the person responsible for the destruction is lawfully responsible and should be accountable to the person whom he harmed due to the vehicle accident.
- Collision insurance: Collision insurance is claimed when your car is damaged in an accident involving any other vehicle and this insurance helps to replace or repair the vehicle to which damage has occurred.
- Uninsured motorist insurance: The uninsured motor insurance is claimed when your vehicle is hit by an uninsured vehicle mainly during the hit and run type of accidents. This insurance is usually paired with the under insured motor insurance.
- Under insured motorist insurance: Many car drivers prefer to take the minimum in the liability coverage for saving the money, but this would not give sufficient coverage. Under insured motorist insurance may save the person who claimed this insurance in the incident of an accident of the vehicle with a driver when his insurance is not sufficient to recover from the accident. And the entire expenditure of the accident can’t be claimed.
- Medical payments coverage: Medical costs after an accident may be very costly. Medical payments coverage insurance policy may benefit the affected person to pay medical expenses associated to an accident occurred which do not depend of the fault of that person.
- Personal Injury protection: Personal injury protection policy will cover specific medical expenditures and loss of money due to the accident occurred to that vehicle. There are some limits for claiming the personal injury protection. The policy covers as about eighty percentage of the medical and some other expenditures resulting from the accident.