Why Car Insurance Is a MUST!
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.
Most people who have owned a car at one time or another are well aware of the minor details surrounding car insurance, which doesn’t hold true for first time car owners.
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?
If you do not have comprehensive insurance when an accident occurs, you’re left with two options. Fix the damages if applicable, buy a new car, or go without one.
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 calculated on an annual basis, and should run at around 6% of the replacement value of your car.
If you are buying your first car, this is especially important. Chances are you are young and somewhat inexperienced as a driver. Comprehensive coverage will protect your vehicle from one minor mistake you might make or from theft, especially if your vehicle contains a lot of desirable goods for thieves.
If you are young you are going to pay a lot. Comprehensive car insurance also covers your vehicle in the unfortunate instance of a car theft.
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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