Not sure what third party claim is? In short, third party insurance is a very simple insurance that those who are in Singapore are required to have if they own or are driving a vehicle in this country. It is designed to protect and cover the driver who may have caused an accident to happen. It will also pay for the cost of any injury to any persons involved as well as any damage done to the vehicles themselves.
What Company Is Behind Third Party Insurance?
The company behind third party insurance in Singapore is the Monetary Authority of Singapore.
What Are the Rights of MAS’s Act For Third Parties?
The rights of the MAS Act for third parties who can make an insurance claim are that the policy has given written permission for them to be able to make the claim. It should also have the names of the driver as a beneficiary.
What Is Needed To Make A Claim?
There are a few things that need to be done in order to make a third party claim. The first thing to do is to report the accident no later than twenty-four hours after it. This has been a law in Singapore since 2008 and must be met. If not, drivers will be at risk of being fined.
Drivers in Singapore must also have a valid third-party insurance policy if they want to be driving their vehicles legally.
After the accident, the vehicle must then be taken into an authorized repair workshop The workers at the workshop will give a thorough inspection of the vehicle and will be able to tell you the extent of any damage that may have occurred.
How to Make the Claim
Before making the claim here you will need to obtain the following information:
The policy number and insurer company details.
The address and telephone number for you and others who may have been involved with the accident.
Their NRIC and FIN details and finally their Full Name/s.
Once you have obtained this information be sure to capture as many photographs of the scene of the accident and the area around it as you can. Consider taking some videos as well if you didn’t have a camera recording in the vehicle already.
If possible, talk to witnesses who may have been nearby and witness the accident. Obtain as much information as you can from them.
Report To The Insurance Company
Reporting the accident to your insurance company is just as important as reporting it to the police. It is worth doing this as soon as you have contacted the police within twenty-four hours of the accident. Let them know that you will need to make a third-party insurance claim and ask for assistance if needed.
Arrange a Pre-Vehicle Inspection
Once you have called the insurance company, make time for a pre-inspection on your vehicle. It can sometimes take a few days for the other party’s insurance company to do this. It is worth getting your vehicle pre-inspection as early as possible.
Repair The Vehicle and Make the Claim
Once you have all of the information required, and have obtained an approximate cost, you can go ahead and get the vehicle repaired. If you have paid the repair workshop yourself you can make the claim afterward and receive the money-back from your insurance company.