Having car insurance is something that you need if you own a car. No matter how you look at it, there are numerous risks on a daily basis which could affect you.
As a new car owner that is financed through the bank or another financial institution you will be required to get the most extensive type of insurance cover in order to protect the asset from all risks. Even if you drive an older car, this doesn’t mean that you are insulated from the risk of theft, damage due to fire or even hail. If you get into a car accident and you have no cash to meet the costs associated with repairs or medical costs for yourself or a third party, it’s advisable to look into getting car insurance sooner rather than later.
Car insurance covers your expenses in the event of vehicle damage or injuries to other drivers, passengers or pedestrians.
By getting car insurance you have cover in the event that things happen to your car when you cannot afford to pay yourself.
Car insurance types:
You need this cover of you have a new vehicle which you are financing. This type of cover is for both your own vehicle damage and also damage that you may have caused to another person’s property or vehicle, theft, fire, hail and malicious damage.
Third Party, Fire and Theft cover
This is a more restricted form of car insurance. It protects you against damage you may cause to another person’s property or vehicle and also covers your own car for damage caused by fire or theft.
Third Party Only cover
This type of cover is ideal if you need cover for damage that you may cause to someone else’s vehicle or property.