Motor Vehicle Insurance
Insuring your car is one of the most important decisions you will have to make when owning a used or new automobile, motorcycle or truck. This is due to the wide range of factors one has to take into account when insuring ones motor vehicle. These factors are broken down into the following questions you are required to answer.
Your age, sex and the period of which you have had your national drivers licence, together with the driving history of the applicant are necessary as the insurance companies take all the aforementioned points into consideration to determine the risk factor and associated insurance premiums that will be levied when applying for cover.
Various influencing 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 of the vehicle falls into the same category. It is important to take out the correct insurance and furnish correct and truthful questions asked, otherwise your claim could be repudiated.
Applying for continuous use for business purposes usually falls into the high risk category as the use of a vehicle for business is due to the fact, that business use is much more frequent and falls into the high risk category of cover.
Insuring a vehicle also requires the attention of whether or not you will need other accessories such as regular driver status and vehicle security such as an alarm system which is usually mandatory and vehicle tracking devices which will either increase or reduce your insurance premiums. This is optional and hinges on whether you park in vulnerable places and if your vehicle falls into the high risk of popular vehicle makes and types that thieves tend to steal.
Specified and special motor vehicles such as modified and classic cars as well as accessories that are not factory fitted such as mag wheels, bull bars, canopies and various other optional extras will have to be specified otherwise they will not be covered.
One should always familiarize the terms and conditions of your insurance policy so as to know the extent of your coverage. It is advisable to get in touch with a well known insurance broker who will not only save you money in the long run by handling any claim that may arise but who will also act much like a lawyer on your behalf.
Should you be involved in a motor vehicle accident, you are required and entitled to acquire the necessary details of the parties involved as well as details of the vehicle such as, and most importantly, the registration plate number, type of vehicle, colour of the vehicle and the licence disc details which are very important.
The incident must be reported to a nearby police station within 24 hours. Should a traffic officer be on the scene, it is his duty to take down statements and complete the accident report forms. The insurer or broker will often specify an approved towing company in the case of an accident or breakdown of which you must strictly adhere to.
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