(1) Whenever an event occurs in relation to a mechanically propelled vehicle in consequence of which the vehicle insurer who issued an approved policy of insurance or an approved combined policy and guarantee or the principal debtor under an approved guarantee then in force in respect of such vehicle may become liable to pay money to any person the owner of such vehicle shall, as soon as practicable after the occurrence of such event or where such event did not occur in his presence within forty-eight hours after the occurrence of such event first came to his knowledge, give to the vehicle insurer by whom such policy or policy and guarantee was issued or to the vehicle insurer or vehicle guarantor by whom such guarantee was issued (as the case may require) notice in writing of the occurrence of such event together with such particulars of such event as are in his knowledge or procurement and are reasonably required by such insurer or guarantor.
(2) An approved policy of insurance,