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Comprehensive Insurance a MUST for Your Financed Vehicle
In the pulsating world of motoring, where the roar of engines and the sheen of polished metal reign supreme, a critical ally often lurks in the background, unnoticed until disaster strikes – insurance. Picture this: a sleek, new vehicle, financed to perfection, glistening under the showroom lights. It’s the dream, right? But as Lebo Gaoaketse, the savvy Head of Marketing and Communication at WesBank, cautions, “Skipping out on comprehensive insurance is like skydiving without a parachute.” A daring stunt, indeed, but one fraught with peril.
Why, you ask? Because the road is an unpredictable beast. According to the South African National Roads Agency (SANRAL), South Africa’s roads are a veritable obstacle course, with over 800,000 crashes annually. To add fuel to the fire, a report by Tracker highlights a surge in vehicle crimes, including hijackings and theft. Yet, in a twist that could make your hair stand on end, the Automobile Association of South Africa (AA) reveals that a staggering 65 to 70 percent of the country’s estimated 12 million vehicles prance about uninsured. It’s a gamble on a scale that would make even the most hardened casino veterans balk.
Enter comprehensive insurance, the knight in shining armor. This isn’t just any old insurance, it’s the Swiss Army knife of policies, offering protection against collisions, theft, fire, third-party claims, and more. Gaoaketse explains, “When you’re financing that dream ride, comprehensive insurance isn’t just recommended, it’s compulsory.” The National Credit Act backs this up, ensuring that your shiny new car doesn’t become a financial nightmare if disaster strikes.
However, there’s a plot twist. Some new car owners, perhaps emboldened by a streak of good luck or a desire to save a few coins, decide to ditch their insurance soon after driving off the dealership lot. A risky move, akin to tightrope walking without a net. “Should misfortune befall their prized possession, they’re not just left with a heap of metal, they’re on the hook for the full price of the vehicle, even if it’s been stolen or turned into scrap,” Gaoaketse warns.
But what of those who, facing economic hardship, consider insurance an expendable luxury? Gaoaketse advises against outright cancellation. “It’s better to talk to your insurer,” he says. Perhaps a change in circumstances, like shifting to remote work, could lower your premiums. And in a market where saving pennies counts, emerges as a beacon of hope, with the promise of decreasing premiums every month. It’s a notion so enticing that it would be folly not to at least entertain a quote from them, to see just how much you could keep in your pocket each month.
So, as you navigate the thrilling yet treacherous waters of car ownership, let comprehensive insurance be your unsung hero. It’s the security blanket that lets you enjoy the ride, knowing that should the unexpected happen, you’re covered. After all, in the high-stakes game of motoring, it’s always better to be safe than sorry.
The post Comprehensive Insurance a MUST for Your Financed Vehicle first appeared on Fuelled.
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