Motor Insurers’ Bureau Agreement in Singapore: What You Need to Know
In Singapore, the Motor Insurers’ Bureau (MIB) Agreement is an important framework that regulates the compensation to road accident victims. The MIB is a non-profit organization that is funded by motor insurers and it provides compensation to victims of road accidents involving uninsured or untraced vehicles.
What is the MIB Agreement?
The MIB Agreement is an agreement between the MIB and the motor insurers in Singapore. It sets out the provisions for the compensation to be paid to road accident victims who are not at fault, in cases where the responsible driver is uninsured or cannot be traced.
Under the MIB Agreement, the MIB acts as an intermediary between the victim of the accident and the motor insurer of the responsible driver. The MIB takes on the responsibility of paying the compensation to the victim, and then seeks to recover the amount from the insurer of the responsible driver.
Who is Entitled to Compensation?
Victims of road accidents involving uninsured or untraced vehicles are entitled to compensation under the MIB Agreement. This includes victims who were not at fault for the accident and who are unable to claim compensation from the responsible driver or their insurance company.
Compensation can be claimed for a range of losses, including medical expenses, loss of income, and damages to property. The amount of compensation will depend on the circumstances of the accident and the extent of the losses suffered by the victim.
How to Make a Claim
To make a claim under the MIB Agreement, the victim must notify the MIB of the accident within seven days of the incident. The victim must also provide all relevant information about the accident, including the identity of the driver and any witnesses.
Once the MIB receives the claim, it will investigate the incident to determine the liability of the driver and the amount of compensation that should be paid to the victim. The MIB will then pay the compensation to the victim and seek to recover the amount from the insurer of the responsible driver.
Conclusion
The MIB Agreement is an important framework in Singapore that provides compensation to victims of road accidents involving uninsured or untraced vehicles. It ensures that victims are not left without compensation due to the actions of irresponsible drivers.
As a road user, it is important to have adequate insurance coverage to protect yourself from the financial impact of road accidents. If you are a victim of a road accident involving an uninsured or untraced driver, you can seek compensation under the MIB Agreement.