WAM [Motor Vehicles Liability Act] insurance

WAM stands for Motor Vehicles Liability Act, and is a mandatory insurance by law. The insurance offers protection to the victim (injured party) against the financial consequences of a collision.

By law, all motor vehicles, including mopeds, scooters, motorcycles, cars, buses, trucks, tractors, and heavy equipment, that are allowed on public roads, must be insured.

This insurance covers all material damage and personal injury caused as a result of the accident, such as repair costs of the vehicle, and medical treatment costs of the victims. All this, of course, up to a certain maximum amount.

What to do in case of damage or collision?

• warn the damage support services of the insurers;
• note the registration number of the driver who caused the accident, in case they want to drive off;
• in case of a mutual settlement, still report to the police;
• if it is not known who caused the collision, call the police, and then submit a claim to the Motor Traffic Guarantee Fund.

What to do when selling a vehicle?

The current owner submits the license plate to the police, and the insurance certificate to the insurer.
The new owner takes out a new insurance policy, and with that, he goes to the police who issues a new license plate.

Advice

It is proposed to take out a minimum liability insurance cover starting at SRD 20,000.00 based on a gross premium of SRD 255.00 gross (excl. turnover tax).