Having car insurance for your car is not an option. A majority of nations has made it mandatory for you to carry a minimum amount of insurance for your car. This is an essential expense. Therefore, it would be pertinent that you find the most affordable car insurance in order to save your precious money.
Why do you need car insurance?
You need car insurance not because it is made mandatory, but you need it as protection for you and your family. If you were involved in a car accident without any insurance coverage and you being at fault, you would be sued. In order to compensate the victim for the damage done, you may have to lose your assets. Having car insurance would enable you to protect your assets.
Having adequate car insurance
You need to have adequate car insurance. This implies having adequate protection for covering damages in event of a car accident. For example, the damages in an accident, with you being at fault may come to a specific amount. In case, you were short of the specific amount in your coverage, you may be held liable for the remaining amount.
Protection of vehicle against damages
Yet another reason why you need car insurance is to protect your vehicle against damages imposed beyond your control. For instance, a hailstorm may cause extreme damage to your car. You may make a claim to your insurance company and have the repairs paid for without any tension. Moreover, without adequate insurance, you need to pay for the damages out of your pocket.
Loss of license
Lastly, lacking car insurance may result in loss of your license. If you were pulled over for speeding or any other traffic offense and you failed to provide proof of insurance, the secondary offense may cause suspension of your license.
Need for affordable car insurance
When you look forward to buying motor insurance singapore, you should have comprehensive understanding of the policy. Foremost, you need to understand the deductible. It includes the amount of money you intend to pay out of your pocket in event of car accident. There may be times when the deductible needs to be paid and there may be times, when you do not need to pay it. If you were involved in an accident that is not your fault, you may not have to pay your deductible. The insurance policy of the other party will pay. If you drive into your garage door and damage your car, you need to pay your deductible when making a claim.