The Significance Of Owning Car Insurance

Car insurance should be as common to the automobile owner as having fire insurance on one’s home. With the high influx of automobiles on the roads, the increase in thefts and break-ins, protecting this valuable part of one’s property is necessary. One only has to think of what it would be like to have to walk everywhere to realize why this protection is important. Having car insurance can protect one against this possibility by providing rentals or other types of transportation.

Loss from break-ins and thefts has become more commonplace over the past few years. Being without an essential car makes one have to borrow or rent one which can run into considerable expense. In addition, if one does get the car back there may be damages which, again, will have to come out of one’s pocket.

If a person purchases a car in South Africa which requires financing they are required to have insurance. This is to protect the lender in case of loss, damage or liability. The person purchasing the car must pay the premiums. People owning their own cars are not required to have mandatory car insurance.

It is also true that in South Africa all pay a levy, which goes into a Road Accident Fund to cover a third party’s expense, however often that is not enough to cover everything. This is why the car dealer insists that an insurance be taken out if one is having a car financed. The only way car owners can fully protect themselves is to have their car covered by an insurance policy.

The Road Accident Fund, which so many drivers depend on for coverage in case of an accident, was established to compensate people or their families that were injured or their families in case of a fatal accident. In addition, it was to assist those who need rehabilitation. However, this insurance only covers a percentage of the claim, not all of it. Also, this insurance does not cover property damage. It also does not cover things like thefts and break-ins.

Property damage can amount to a large amount of money out of one’s pocket if they do not have car insurance. Property damage liability insurance covers the damage to the other person’s property (car), buildings and damages caused by other authorized drivers of one’s car.

When one lives in an area where there are bad roads and accidents are known to happen on a regular basis it is just practical to have insurance. An accident can not only ruin one’s car but one’s life as well if there is not enough insurance to cover all possibilities. The prudent car owner protects him or herself against these possibilities.

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