The second largest purchase that most people will make in their lifetime is the purchase of a new vehicle. This falls directly behind purchasing and wning a house. The main difference is that statistics show that whilst people might change their house two or three times in a lifetime, the same owner will change vehicles at least ten times if not closer to twenty.
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.
However if you are covered by comprehensive car insurance, the damages are covered by the insurance agency.
Insurance premiums are calculated on an annual basis, and should run at around 6% of the replacement value of your car.
For someone like you who is buying their first car and contemplating the fact that their comprehensive car insurance policy seems like a lot of money, then it's important to realize that you have no choice. Insurance providers look at the value of the car as well as the age and experience to calculate insurance premiums.
Comprehensive car insurance will cover anything from accidents where you are at fault, to accidents where no one but yourself was involved, or cases of theft. It's very important to cover yourself from damages incurred via theft.
Car theft happens all the time, as many robbers find radios, disc players, GPS systems, and other items in the car very desirable. Protect your goods with extensive coverage.
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.
However if you are covered by comprehensive car insurance, the damages are covered by the insurance agency.
Insurance premiums are calculated on an annual basis, and should run at around 6% of the replacement value of your car.
For someone like you who is buying their first car and contemplating the fact that their comprehensive car insurance policy seems like a lot of money, then it's important to realize that you have no choice. Insurance providers look at the value of the car as well as the age and experience to calculate insurance premiums.
Comprehensive car insurance will cover anything from accidents where you are at fault, to accidents where no one but yourself was involved, or cases of theft. It's very important to cover yourself from damages incurred via theft.
Car theft happens all the time, as many robbers find radios, disc players, GPS systems, and other items in the car very desirable. Protect your goods with extensive coverage.
About the Author:
Graham McKenzie is the content Syndication Manager at Insurance123.co.za South Africans leading car insurance information portal
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