WAM Insurance
WAM stands for Motor Vehicles Liability Act, and is a mandatory insurance by law. The purpose of the insurance is to compensate the victims of traffic accidents for the damage they have suffered.
By law, all motor vehicles that are on the public road must be insured. You can extend this compulsory insurance with additional coverage that also insures damage to your own vehicle. All this, of course, up to a certain maximum amount.
What to do in case of damage or collision?
- You notify the support service for claims of the insurer;
- You note the license plate number of the person who caused the accident;
- You file a report with the police;
- If it is not known who caused the accident, call the police, and then submit a claim to the Motor Traffic Guarantee Fund.
What to do when selling a vehicle?
The current owner hands in 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.