MBI (Minimum Bodily Injury) insurance is a type of car insurance that covers the cost of your injuries if you’re hurt in a car accident. It’s required by law, but there are some exceptions. Here’s everything you need to know about Best MBI insurance NZ and how it works:
Some key facts
MBI is compulsory if you are a driver in New Zealand. If you are involved in an accident that causes injury or death to yourself or another person, your MBI insurance will ensure that you have the minimum cover to pay for the costs associated with your injuries and those of any other people involved in the crash.
Importantly, MBI insurance is not the same as a third-party liability (or a third party). Third-party liability covers property damage only; while MBI provides cover for both property damage and personal injury claims made against you as a result of a car accident.
What is MBI insurance?
MBI insurance is a form of health insurance that covers medical expenses for injuries sustained during a motor vehicle accident. Some states require that drivers carry MBI insurance, while others do not. Depending on whether you live in one of these states, it may be a good idea to contact your state DMV and learn more about the laws surrounding this type of coverage.
If your state does not require MBI insurance, purchasing it might still be worth your while if you want to protect yourself against high medical bills incurred after getting into an accident. In addition to covering medical costs associated with car crashes (including ambulance rides), this type of policy can also cover other types of injuries sustained while driving:
- Spinal cord injuries
- Broken bones
- Head trauma
What happens if you don’t have MBI insurance?
If you don’t have MBI insurance, there are some things you should know. First, if you get hurt and need medical treatment, you’ll likely have to pay for it yourself. If the injury is serious enough that you can’t work and your income isn’t replaced by workers’ compensation benefits or other government assistance, then your only option will be to file a claim with an insurer if one exists.
This can be tricky because most insurers require proof of injury before they offer coverage. Without documentation from a doctor or hospital visit proving that an accident happened (or at least giving a detailed description of what went wrong), insurers may not want to take on the risk associated with giving out insurance policies without knowing how much they might cost in premiums down the road (and thus whether they’re likely to make money).
Some states have laws requiring an individual or business owner who offers products that could cause harm—such as defective toys—to purchase MBI coverage for their customers; others do not.
In addition to losing out on medical care during this time period when no insurer has agreed to provide coverage yet (if ever), uninsured individuals risk facing fines from state governments if they are found guilty of driving without proof of liability insurance in place.
How do you pay for MBI insurance?
You can pay for MBI insurance with a monthly instalment or a lump sum payment. If you opt to pay the insurance via monthly instalments, the premiums will be deducted from your bank account on the first of every month.
You can also choose to use a combination of both options: some months will see premium payments deducted from your bank account as normal, but other months may have no deduction and thus no premium transfer until some later date (which could be several weeks later).
If you’re paying via monthly instalments, it’s important that you keep track of when exactly those deductions are taking place so that if something goes wrong with one of them—for example if there is an issue with your bank account—you can contact us immediately so we can work our way through it together.
Conclusion
And that’s it! With MBI insurance NZ, you can be sure that your business is protected from any potential losses. It’s easy to get an affordable one, too—all you need are a few simple documents and some basic information about your company.
