Like the Olson twins, car insurance comes in pairs. First you must have compulsory insurance which is issued by law. Secondly, you can add onto that insurance based on your own needs.
When taking out car insurance for the first time, the client must decide on a rate. Usually a parent will make the decision for their children. Compulsory insurance is a good place to start. It's required in most countries and forces you to pay a fairly high premium each year. It covers damages for other vehicles in the event of an accident.
Compulsory insurance does not cover repairs or instances where the vehicle is stolen. Third part insurance does, and most people opt to cover those privileges. Third party insurance is not compulsory and solely taken out on the owner's discretion.
What you can do stress the importance of safe and defensive driving to your children. Tell them to avoid distractions and keep their eyes fixed on the road in front of them. If they do that, there premium will slowly progress in dollar signs as the years progress.
Most car owners are sensible enough to take out third party car insurance including coverage against theft. Although your vehicle may not be worth much, the coverage still protects you in case it is stolen.
The higher the value of the vehicle, the more your monthly insurance premium will cost. It's always a great idea to have comprehensive car insurance, but especially important for rare vehicles or vehicles in mint condition.
Comprehensive insurance is very popular and another good coverage. It covers accidents as well as theft, making the vehicle protected under minor to major car thefts. The insurance is calculated based on the value and condition of the vehicle as well as the driver's age and where it's parked.
When taking out car insurance for the first time, the client must decide on a rate. Usually a parent will make the decision for their children. Compulsory insurance is a good place to start. It's required in most countries and forces you to pay a fairly high premium each year. It covers damages for other vehicles in the event of an accident.
Compulsory insurance does not cover repairs or instances where the vehicle is stolen. Third part insurance does, and most people opt to cover those privileges. Third party insurance is not compulsory and solely taken out on the owner's discretion.
What you can do stress the importance of safe and defensive driving to your children. Tell them to avoid distractions and keep their eyes fixed on the road in front of them. If they do that, there premium will slowly progress in dollar signs as the years progress.
Most car owners are sensible enough to take out third party car insurance including coverage against theft. Although your vehicle may not be worth much, the coverage still protects you in case it is stolen.
The higher the value of the vehicle, the more your monthly insurance premium will cost. It's always a great idea to have comprehensive car insurance, but especially important for rare vehicles or vehicles in mint condition.
Comprehensive insurance is very popular and another good coverage. It covers accidents as well as theft, making the vehicle protected under minor to major car thefts. The insurance is calculated based on the value and condition of the vehicle as well as the driver's age and where it's parked.
About the Author:
Graham McKenzie is the content Syndication Manager at Insurance123.co.za South Africans leading car insurance information portal
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