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INSURANCE (2)
Hot tips!
- You can use an option on your householder's comprehensive
policy to cover vehicle insurance. These premiums
are usually lower than specialised vehicle insurance
policies.
- Top-up insurance packages protect you in the
event of your car being written off. Normal insurance
policies generally don't cover the full value of
the car if it is written off. The bank will then
ask you for the outstanding money, and topup insurance
will cater for this unsavoury situation. Remember
to cancel this policy once all financing costs have
been paid off.
- Credit life assurance caters for outstanding
finance payment in the case of death, extended illness
or temporary disablement. Some car dealers or banks
try to make the signing of a policy such as this
(also called a Payment Protection Plan) a condition
of sale, but it is not required by law and as such
you don't have to take it. If you do decide to take
credit life assurance, shop around for the best
policy. Be especially sure to check under which
conditions benefits will NOT be paid out.
- Insurers will only pay out if you stick by their
rules. If, as an example, you are involved in an
accident, the insurer won't pay out if your tyres
are bald, because it effectively means the car is
unroadworthy.
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