Your First Car And The Insurance That Will Follow
The vehicle you have or will purchase is one of your largest purchases you will ever make, next to buying a house. You never really thought of it as that big of an investment did you? Statistics prove that an average homeowner will switch homes two to three times throughout a lifetime, while an average car owner will switch at least ten times, making your car and its insurance extraordinarily important.
The law requires that every car on the road is insured. Basic insurance or compulsory insurance only covers any other cars for damage and repairs in an accident that is defined as your fault. If your car is also damaged, the costs will come out of your own pocket.
The law requires that every car on the road is insured, which leaves you no choice but to take out compulsory insurance unless you want to get fined or imprisoned heavily for ignoring the insurance. Compulsory insurance only covers the other vehicles involved in the accident if you are the one held responsible for the accident.
A vehicle is a valuable asset and one you should always maintain to protect. You would make a very unwise move not to. You don’t want to be viewed as stupid do you?
Not only will you be paying a lot of car payments and such, but also expenses for repairs and the small chance it might be involved in an accident.
If you have no comprehensive insurance when such a calamity does strike, you are left out in the cold to fend for yourself.
Insurance premiums are not extortionate; instead they are calculated on an annual basis and should run at about 6% of the replacement value of your car.
Insurance premiums are calculated on an annual basis, and should run at around 6% of the replacement value of your car. A lot of people will gladly cover that amount to insure much stronger protection from the insurance company.
These desirable goods might include radios, disc players, GPS systems, mobile computers, and other expensive items inside or outside the car. Comprehensive car insurance will protect all of that with the right policy.
As you can see, ignoring comprehensive car insurance is a grave mistake. Save yourself the hassle and spend a little extra every year on your insurance policy.
Graham McKenzie is the content Syndication Manager at Insurance123.co.za South Africans leading car insurance information portal
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