When it comes to car insurance, it can feel like a lot to your head. When trying to decide which level of cover is right for you, here are a few things to keep in mind.
If your car is registered, you already have compulsory third party insurance (also known as CTP, or green slip insurance). Includes claims for compensation if you have injured someone in an accident.
But CTP will not cover you for getting lost or damaged in your car, or anyone else. Before you get to the road, you may want to consider additional insurance to cover any damage caused by the accident.
If you take out a third party damage insurance this will protect you financially if you damage someone else’s car and you are asked to pay that amount. Third-party property, fire and theft provide the same cover as third-party property damage, with additional protection from loss or damage to your vehicle as a result of fire and theft.
But if you want to protect your car from many life-threatening accidents, you need what is called complete car insurance. What does it cover, and why should you consider it? Here are five key benefits:
1.) Protect Your Car From Heavy Loss
The main difference between third party insurance and total insurance is the way your car is covered.
Third-party insurance to cover injuries in other people’s vehicles, in the event of an accident and is considered a misdemeanor. Complete insurance covers not only the damage of other people’s vehicles – but also your own car. If your car is stolen or damaged in an accident, even if you have a fault, the full cover is on your back.
It is a good idea to think about how you will fare if you find yourself without a car. Will you be able to work without it? Will you be able to buy a new car soon? If the other answer is no, the full cover may be better for you.
2.) Customised Car Insurance Is A Possibility
If your car is involved in an accident, you may not be able to drive it while it is being repaired or replaced. But your complete insurance provider can cover car rental costs to keep you moving during this time.
Some insurers will pay for car rental costs for up to 14 days if your car is stolen, and permanently if you are involved in an accidental accident. Complete insurance can also cover the cost of emergency transportation and accommodation, if needed.
Also, the decision here comes with how you can manage your daily life if you have to travel without a car. If you live in an area other than reliable public transportation, for example, that car rental can be a savior.
3.) New-For-Old Replacements
If you bought a brand new car a few years ago, some insurance providers offer a new replacement once your car is wiped/written off.
Some insurers will also take care of registering with CTP in your new car if you meet certain requirements. This would make the perfect cover a smart choice for those who have bought a new car recently.
4.) You Stay Protected Against Fire, Theft, Storm Damage And Floods
Another advantage of complete coverage is that it does not only look at road accidents.
It also protects your car in a variety of situations, including theft, fire, floods and storm damage (think: hailstones through the front window). If your car is caught in bad weather, you will not need to worry about it.
5.) Everything In Between
We have summarized the major benefits of broad coverage. But it can also help with many small things. Your insurance company can offer you a guarantee of authorized repairs, for example, and can cover some or all of these, up to a certain limit:
- If your car needs to be towed after the accident.
- If your keys or remote are stolen.
- Theft or damage of personal effects to your car.
