Industry NewsMotoring

Do not cancel your car insurance

Wesbank has warned motorists not to cancel their car insurance in an effort to cut their monthly expenditure.

Yes, times are tough and there are many reasons why one would consider such action, but times are unpredictable. What if you are involved in an accident? What about third-party claims against you? How will you survive such uncovered expenses on an already tight, and for some – impossible, budget? “Car insurance is a way of protecting your car – and yourself against the harm and the costs if your vehicle is involved in an unfortunate incident such as an accident or gets stolen. By paying a monthly insurance premium and your personal return on investment is the peace of mind that comes with knowing that your vehicle will be covered by your insurer. If it is insured with a reputable insurer catering for your needs, you will be covered for a vehicle accident, a natural disaster, fire or theft. In the unlucky incident that the accident is your fault and damage is caused to another vehicle, the driver or passengers, or even a pedestrian, your insurance should cover you for that too.” When you buy a new car, your finance company will insist on you buying comprehensive insurance for your vehicle.

Kutlwano Mogatusi – WesBank Motor Communication Specialist.

“Knowing what factors can affect the amount you pay on your monthly premium will also help you make a more informed decision on what insurance policy to use. This starts with the type of vehicle you drive – a luxury car will attract a higher insurance premium, while an older vehicle or a second-hand car with a lower market value will cost less to insure. Even the colour of the vehicle can impact the insurance cost, with white and lighter-coloured cars attracting a lower premium,” explained Kutlwano Mogatusi, WesBank Motor communication specialist. South Africa has one the worst road accident records. Road accidents and reckless drivers are not the only incidences that can land you in financial difficulty. Vehicle theft or hitting a pothole at night, are just some of the other risks vehicle owners are subjected to. It is not uncommon for more experienced and older drivers with a good safety, finance and insurance records, to pay lower premiums. It is important though, that once you have determined your exact insurance requirements, to shop around for the best offer. “With so many car insurance deals on the market, you can shop around for the best rates. Consider the extra benefits on offer too, such as roadside assistance, discounts for good driving or lowering your premiums annually as your vehicle depreciates in value. Look for the best deal to suit your pocket. We will always recommend comprehensive insurance as first prize. If this is not affordable in your current circumstances, make sure that at the very minimum you then have the basics of fire, theft and third-party covered,” said Mogatusi. Source: QuickPic / Wesbank

Back to top button