What The Senior Traveller Needs To Know About Insurance

AUTO  INSURANCE  

auto insurance  is the contract  between an individual  and an insurance company,  where the individual commits  to pay the cost of insurance  policy (premium) and obey the rules  set by the insuring company. In return,  the insurance provider pays for expenses associated  with an accident or various covered losses. An individual  who wishes to apply for an insurance policy is required to  obtain an estimate of the premium for the insurance cover he/she  chooses based on the their insurance needs.

An  auto  insurance  policy is composed  of various types of  covers which include:

∙Bodily  harm to others  

∙Personal  injury protection  

∙Bodily  harm caused  by uninsured motorist  

∙Damage  to other  peoples property  

It  is worth  to note that  each policy has  a limit; therefore  the insurance provider  will not pay more for any  claim. Pricing of auto insurance  cover policies individually allows individual Motor Vehicle Insurance seekers the opportunity to select the  policies that suit their exact needs and

budget.  The policies  are generally purchased  to run for periods of six  or twelve months and are renewable.  A notification of premium payment or policy  renewal is sent by the insurer to the customer.  Individuals seeking cover for damages caused by their  vehicles should also consider covering for damages to their  own vehicles, and the following policies are the most common  in the market:

∙Comprehensive  

–this  covers against  theft and damages  caused by incidents  caused by fire, falling  rocks, hail,floods, vandalism,  falling trees and hits from asteroids.  

Collision  

–this  type of  coverage reimburses  an individual for damages  to the vehicle resulting

from  a collision  from another vehicle  or object like tree or  guard rail incase the owner  is at fault. The coverage also  insures for damages arising from potholes  or when your car rolls.

Glass  coverage  

–this  covers for  damages to the  wind shield and may  include no deductible glass  coverage including side windows,  rear windows and glass sun roofs.  This policy also has an

option  of purchasing  of the supplemental  glass coverage.

∙Uninsured  motorist coverage  

–under  this cover,  you get medical  and property damage insurance when travelling in Singapore in case of  an accident with a motorist  who does not have insurance cover  or who is underinsured.

∙Towing  

–this  is the  policy that  pays for towing  expenses in the case  where the insured vehicle cannot  be driven  after an accident.  

Before  purchasing  any insurance  cover, it is advisable  to research on the insurance policy providers in the market.  Therefore you are assured that the  policy you purchase covers your

vehicle  all the time  according to your  needs and value for  money. Make sure to check on the  financial  strength of  the insurance  company because  this will impact  on their ability to  pay claims and the period  it takes for them to pay.

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