Insurance for your Car

Insurance for your Car

Why you need insurance for your car:

Getting insurance for your car covers your expenses in the event of vehicle damage or injuries to other drivers. It is there to cover you in the event that things happen to your car which you cannot afford to pay yourself. You may not have enough cash available to cover the cost of repair to your car, or to replace the car if it has been stolen or written off. If you are buying a new car, you may be required to get comprehensive cover.

For how much should you insure your car?

There are different solutions available. The insurance company will base its quote on a number of factors.

  • Trade value: This is the value of the car if you had to trade it in on another vehicle.
  • Market value: This is the trade and retail value of the car added together and then divided by 2
  • Retail value: This is the actual value of your car

It often advisable to insure your car for retail value.

What is excess?

This is the first amount that you have to pay in the event of a claim. If you choose to pay a higher excess, you may get a discounted premium.

What you need to look for:

Look for an insurance company that takes your personal needs into account. Find an insurer that will assess risk and do a needs assessment.

Factors that will be take n into consideration when you are looking for insurance for your car:

  • The make and model of your vehicle
  • The age and condition of your vehicle and it replacement value
  • Where you live and where your car is parked overnight and during the day
  • What your car is used for
  • Your age
  • How long you have been driving for
Leave a Reply
Your email address will not be published. *