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Vehicle insurance should be considered not just for your car, but for trailers, boats and any other registered vehicle you
may own. And because your vehicles can be quite valuable – or at least expensive to replace, then you need to take car
insurance seriously.
Here are some pointers:
- Do you want to insure for market value or an agreed
value? Market value will decrease as your car gets older. Some insurance policies offer a ‘replace new’ option
for cars less than 12 months old as well.
- Third Party insurance – this is the insurance required to cover the
costs of injury and property damage to third parties – including your family. Third Party insurance is typically covered
in vehicle registration costs as compulsory insurance, so make sure it’s covered.
- What are you getting cover
for? If your car is under finance, odds are that you are required to get comprehensive coverage which covers fire, theft and
accidental damage. Note though that if you are reckless in your driving of the vehicle, this could void your insurance.
- Does
your insurance cover what’s inside the vehicle, or just the vehicle itself?
- Are there any conditions imposed
on your insurance or are there any ways you can get cheaper cover? For example if all drivers are over 25 years of age, you
may be able to get cheaper rates – just make sure you adhere to the conditions. You can also reduce the premiums if
you agree to pay a higher excess in the event of a claim.
- Be honest about the car! You MUST tell your insurance company
about any alterations to the vehicle. If you don’t and you make a claim, they may have the right to void your insurance
on the basis that the modifications contributed to the damage.
- Be honest about your driving history! Same deal, the
insurance company will probably ask about your driving history (regarding traffic violations) and may also request that you
advise them of any violations as you get them. It is vital that you do this. You may think that
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