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.
There has been a great deal of loss from theft and break-ins of automobiles. This means a person may not get their car back for some time or it may be damaged. Break-ins mean having to have windows, locks or another part of the vehicle repaired.
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.
Many years ago it was decided, in South Africa, to establish a Road Accident Fund to cover all drivers in a car accident. The plan is paid for with a levy on gasoline. While this was an excellent idea many have found that it actually does not cover all aspects of a car accident.
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 liability is the cost to the other driver’s vehicle or property if you are found at-fault for the accident. Should another person hit one’s car, if that person does not have liability insurance, that means that the car owner, who was not at fault, must pay for their own expenses. Having car insurance would take care of this.
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.
We’ve got the exclusive inside scoop on the importance of having car insurance cover now in our comprehensive Insurance Arbitration overview.
Tags: car insurance, Insurance
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