Insurance
Insuring your car is one of the most important decisions you will have to make. This is due to the wide range of factors one has to take into account when insuring ones vehicle. These factors comprise of the age, sex and often the driving history of the applicant as insurance companies take all the aforementioned into consideration to determine the risk factor and associated insurance premiums that will be levied.
When you purchase your new vehicle you must always make sure your car is insured before you leave the showroom floor. If the vehicle is financed you will have to take out insurance before taking delivery of your new or used vehicle.
Various factors are taken into account when insurance companies determine the premiums payable. The most important factors are the age of the insured and the type of insurance required. Under 25’s are considered high risk and business usage falls into the same category. It is very important to take out the correct insurance otherwise your claim will be repudiated if you are not insured for the correct usage as there is a major difference between using your vehicle simply to commute to work and back than continuous use for business purposes. This is due to the fact that business use is much more frequent and falls into the higher risk category.
When insuring you must also take into account accessories as well as regular driver status and alarms and tracking devices which will either increase or reduce your insurance premiums. Accessories that are not factory fitted such as mag wheels and tow bars and various other extras will have to be specified otherwise they will not be covered. This also applies to the contents left in the vehicle while unattended such as laptops, cd’s etc. Always familiarize yourself with the terms and conditions (including small print) of your insurance policy so as to know the extent of your coverage.
Insurance companies might stipulate a vehicle inspection before validating your policy. This will take place at one of the insurance companies approved inspection centres and make sure you keep a copy of the inspection certificate
The insurer will often specify approved towing companies in the case of a motor vehicle accident or breakdown of which you must strictly adhere to. Make sure that you get your towing and recovery receipt with the panelbeaters name and address. When involved in an accident get all the details of the parties involved and report it to a police station within 24 hours.
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