The Different Kinds Of Vehicle Insurance

Article by Greg Mingea









So you’ve just maxed out your entire budget and emptied your savings accounts buying a new vehicle and the last thing you want to spend any more money on is vehicle insurance. But on your way home from the second hand dealership with your new car it started to rain and the car in front of you slammed on its brakes and you narrowly missed driving straight into the back of it. And we all know that if you drive into the back of someone, the law says it’s your fault, no matter what the circumstances. You cursed yourself and thanked the universe simultaneously and swore that the minute you got home you would make a few phone calls and get vehicle insurance before something else went wrong, because while you couldn’t really afford vehicle insurance, you knew that you could not afford not to have it even more.

The good news is that vehicle insurance does not have to be the enormous drain on your finances that you may imagine. These days insurance companies offer a wide range of vehicle insurance products that will enable you to take out as much or as little insurance as you want, depending on your needs and priorities, and of course on your budget. There are many different types of vehicle insurance cover besides the obvious costs of simply insuring the vehicle for theft. The first entails coverage for bodily injury. This will cover you against claims for bodily injury from any people that may be injured in an accident you have caused. We all hope that we will never be responsible for hurting another due to own reckless driving or simple bad luck, but if it does then we certainly want to be able to take responsibility for it, and this way you can. The next kind of vehicle insurance covers you in respect of claims arising out damages to the property of third parties – whether it’s someone else’s car or garden wall – that you may have caused or for which you are responsible. A third type covers you for medical payments for injuries to yourself or your passengers.

Sometimes an accident won’t be your fault but the other driver has either no or inadequate insurance. In cases like this it is very handy to haven uninsured and underinsured motorist coverage as you will then be protected against other people’s negligence. Finally you of course want to protect yourself against damages to your own vehicle. You can take two types of vehicle insurance here, against collision and comprehensive cover. The first will only cover you for damages due an actual collision, while the second also extends coverage to damage caused by storms, a falling stone that may crack your windshield, or your neighour’s wall collapsing onto your car.

Depending on the value of your vehicle and an accurate assessment of your anticipated risks you can then select the combination of vehicle insurance options that works best for you and your vehicle. You may decide that your vehicle is simply not worth enough to spend too much on possible damage to it, but that it’s more important to protect yourself against possible damage to another vehicle. Alternatively you may live in an area were theft is minimal but hailstorms are regular. Either way, it is possible to structure what you spedn on vehicle insurance in a way that curtails possible unexcited costs for you down the line, giving you the peace of mind to drive safely and securely.



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For more information about vehicle insurance visit the website http://www.payasyoudrive.co.za










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