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Submitted by: Felicity Marksman
Every person requires car insurance! The reality is that the instant we start our vehicle’s engines, we are vulnerable to something going wrong. It is possible to turn into the street, swerve out for the neighbour’s dog which got out again and drive into a telephone pole. The truck in front of you could be leaking oil, you can try to brake and slide into oncoming traffic. And then no doubt you can come out of the shopping centre one afternoon and realize that your car is not where you left it!
If you’re trying to get a car insurance quote for the first time, there are a handful of insurance phrases and lingo that you need to become acquainted with – just to make double sure that you end up choosing the proper policy to suit your requirements.
The first question you should ask yourself is for which reason you mainly use your car. Do you use your car for private purposes (general day to day traveling, including driving to the office and back) or do you mainly use your car for business purposes? A number of insurance companies also offer a policy for professional use (similar to business use, but with one or two differences) – ensure that you select the right policy.
The second thing is, you must understand that there are several types of motor insurance cover. Would you like to be protected in all circumstances, including accidents, thievery, a hijacking and even flood damage? Or would you instead opt for a cheaper option with limited cover like a third party insurance policy? Keep in mind that you pay for what you get, which means more extensive your cover, the greater your month to month premium. This does however not mean that you must select the least expensive policy with the least coverage available on the market! Evaluate your needs and make an informed decision consequently.
Thirdly, make certain you understand what the excess amount will be if you wish to put in a claim. Let’s say for instance that the damage to your vehicle amount to R30000. If your excess amount is R3000, you will pay that R3000 and your insurance company will cover the remaining R27000. It is sometimes possible to opt for a higher voluntary excess and that way pay a lower monthly premium. Just take into account that in this case it’s possible that your excess value is greater than your claim value! For example, if your excess is R5000 and you only need to replace a cracked windscreen at R3000, you will still have to pay R5000 if you opt to claim this from the insurance. (Yes, that would be a dumb move to make, but it’s plainly to illustrate the point)
Being underinsured is basically just as bad as not being insured at all! Where will you all of a sudden found a lump sum of money to pay for a new vehicle if yours is a total write-off? Make sure that you are adequately covered and that you understand what is included and what is excluded from your policy.
Drive safe!
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