5 Essential Benefits of Having Car Insurance in Singapore
As much as it’s compulsory to have car insurance in Singapore, there’s no denying how beneficial it is to the holder. Road travel is marred with uncertainty, and accidents often come out of the blue. Therefore, it helps to get covered to keep you off the hook should you get involved in one. Whether you’re on a TPO, Third Party, fire and theft, or comprehensive coverage, here are the benefits of having car insurance in Singapore.
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Compensation for lost or damaged vehicles
The typical reason for getting car insurance is compensation for lost or damaged vehicles. That comes in handy when it puts you between a rock and a hard place, strapped for cash or resources to get yourself back up. As much as it’s possible to avoid car accidents, sometimes you don’t have the option of choosing not to be involved in one. Most car insurance providers cover damages regardless of the nature of the accident or predisposition, which often works in your favor.
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You get a personal accident cover
Besides compensating for the damages on your car or loss due to thefts, car insurance also provides personal cover. That pays for any deaths or injuries leading to permanent disability. Besides covering you, anyone involved in an accident can get a predetermined compensation amount, which lifts the burden off your shoulders. The cover usually extends to the car’s maximum capacity, which leaves you financially ruined were you to be held accountable if there are many of them.
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24-hour breakdown assistance
You’re guaranteed 24-hour breakdown assistance and garage services in the event that your car experiences any mechanical problems. Most car insurance providers in Singapore tow your vehicle to the nearest garage for maintenance when it breaks down on a premium subscription. However, numerous others offer free, which you can get by visiting https://www.directasia.com/motorcycle-insurance/. That makes your travel pretty seamless and convenient. Nonetheless, that depends on the type of insurance provider you work with.
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Third-party liabilities
Usually, when you’re at fault, and a third party rightly puts the blame on you, you must provide compensation for their losses. Technically, losses due to damages are usually costly, and that could leave you scratching your head for the best way to settle the dust. Nonetheless, having car insurance can come in handy, covering the losses on your behalf. That exempts you from paying extreme amounts that could strap you of cash.
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Car insurance bonuses
Once you go an entire year without claiming insurance, there’s always a no-claim bonus that makes your premium more affordable every year. Therefore, you don’t have to pay lumpy cash amounts each month on end, but there’s the advantage of spending less and less every claim-free year. In the long run, you’re guaranteed to pay less for more in the event that you encounter car problems.
Conclusion
Having car insurance is mandatory in Singapore, but the benefits you accrue make it a no-brainer to consider having one. Car insurance alleviates any costs incurred due to losses or accidents and helps you put back to your feet pretty fast.
