Typically, people purchase automobiles or motorcycles but do not insure them. The majority of consumers believe auto insurance to be an unnecessary expense and do not insure their vehicles. One significant downside is that if the car is destroyed in an accident, the buyer will be responsible for the costs.
Experts say that insuring the car is vital so that it can be used in an emergency. However, after the adoption of the Motor Vehicle Act, you must insure your vehicle or face a fine of two thousand rupees or three years in prison for driving on Indian highways.
It is critical to understand what considerations should be made when renewing a car insurance policy or a policy that has previously been purchased. Every motor vehicle owner in Singapore is required to have insurance.
Types of motor insurance
In Singapore, there are three different types of auto insurance plans, and here’s all you need to know about them — consider this a crash course for beginners:
Third-Party only (TPO)
Third-Party, Fire, and theft (TPFT)
TPO only covers third-party obligations, whereas TPFT covers third-party liabilities as well as the loss of your car due to fire or theft. In minor and major incidents, comprehensive insurance protects you, your vehicle, your passengers, and your responsibilities.
How to select perfect motor insurance for your vehicle
When deciding on the level of coverage you’ll need for your car insurance, keep the following factors in mind:
What will be the vehicle’s purpose?
Who could be the vehicle’s possible drivers?
Is your current medical and personal accident insurance sufficient? What about the other occupants in the vehicle?
Whether you’re looking for insurance for a personal vehicle, a family vehicle, or a commercial vehicle, contact us now for expert guidance on the best policy for your circumstances.
Best insurance company in Singapore
According to me, G&M is the best insurance provider in Singapore. G&m Insurance knows that its consumers are busy people who don’t have time to deal with the inconveniences of traditional insurance. They provide straightforward security for the things that are most important to you. They use technology to make insurance easier to understand. The g&m team believes in keeping things simple and only providing what their clients genuinely require. They are there for their clients when they need them the most, guiding them through the process. You may wish to consider G&M for their car insurance in Singapore. Find out more on their website today.