Don’t regard car insurance payments as the Big Bad Wolf

Rather than regarding car insurance payments as the Big, Bad Wolf, preferably consider the consequences of being uninsured and involved in an accident.

Because insurance covers the cost of vehicle damages and/or injuries to other drivers, passengers and pedestrians.

Insurance protects against financial losses that may occur in the event of an accident.

And it is a contract between the vehicle owner and an insurance company.

The vehicle owner agrees to make car insurance payments called premiums. In return, the insurance company agrees to pay for losses as defined in the insurance policy.

Vehicle insurance not only protects the policyholder, but it protects passengers travelling in the vehicle too. It also protects innocent pedestrians and drivers and occupants of other vehicles if they are in an accident with you.

The South African short-term insurance industry has designed numerous vehicle insurance packages to suit both Car Insurance Paymentsindividual needs and financial constraints. Therefore, the monthly car insurance payments depend on the package selected.

The big, bad wolf syndrome

Dismiss the tendency to regard vehicle insurance as the big, bad wolf.

All South Africans know that being in an accident without insurance cover is running a very high risk.

With roughly 65%+ of the vehicles on our roads uninsured, and untold numbers of illegal drivers and unroadworthy cars, the risk of being  in an accident can become extremely costly.

Paying a car insurance payment (premium) for vehicle insurance is as a must-have monthly overhead, much like rent, water and electricity.

Reasons for being without insurance

The primary reason given for not having vehicle insurance is affordability.

Comprehensive insurance can be exorbitantly high, but is compulsory if financing the purchase of a new or used vehicle through a bank or lending institution.

Another reason is that drivers who have never been in an accident adopt the “it can never happen to me” attitude. However, they forget that accidents happen and it could end up costing them an arm-and-a-leg if they are uninsured.

Reasons why insurance is important

Imagine causing an accident that seriously injures someone and not having the insurance to cover the cost of their injuries or disabilities. You would be personally liable for hefty third party claims.

Imagine being without transport if your vehicle is or stolen or wrecked.

Imagine the money needed to repair your damaged, stolen or vandalized vehicle.

Look at the plus factors

Insurance packages offer additional options to replace extras such as CD players. Insuring a vehicle’s accessories will cover any loss.

Causing an accident without insurance could have disastrous financial implications. Importantly, losing all your worldly goods to pay the costs of an accident is simply not worth the risk of being uninsured.

Vehicle insurance gives motorists peace of mind. That is because it offers protection against anything that may occur while driving on South Africa’s roads.

Conclusion Regarding Car Insurance Payments

Motorists should not regard vehicle insurance as a big, bad wolf expense. That is because the cost of insurance, no matter how modest in terms of the cover selected, is well worth every cent paid each month.

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All info was correct at time of publishing December 13, 2017