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Why Is Car Insurance Necessary?

The Kosi Bay

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What Is Car Insurance?

When you purchase or lease a car, it’s critical to safeguard your investment. Purchasing auto insurance can provide peace of mind in the event that you are involved in an accident or your vehicle is stolen, vandalized, or destroyed by a natural catastrophe. People pay annual payments to an auto insurance company instead of paying out of pocket for auto accidents; the business subsequently pays all or most of the costs connected with an auto accident or other vehicle damage.

If your vehicle is insured with the right policy, things like accidents, natural damage, fire, and theft will be covered for you. Plus, if you cause damage to another motorist’s property, that will be covered too.

Why Is Car Insurance Necessary?

So, let’s get back to why you need vehicle insurance. Here are three responses that will assist us to convey our argument.

  • It makes things a bit easier to forecast.

Let’s face it: predictability isn’t always a good thing when it comes to things like movie storylines and surprise parties, but it’s fantastic when it comes to financial planning. With vehicle insurance, you never have to be concerned about whether a large damage repair cost is on the horizon, and you can instead focus on having the time of your life.

  • It makes dealing with other parties easier.

Earning money from a motorist who has caused damage to your car might be as simple as getting real chuckles from a knock-knock joke. However, with vehicle insurance, your insurer handles the nitty-gritty of chasing claims, removing the stress from the process and giving you more time to practice your one-liners.

  • It protects your vehicle.
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As previously said, automobile insurance protects you against any damage to your vehicle. The appropriate coverage protects your car against natural catastrophes, the possibility of theft, fire, and accident-related damage.

Best car insurance companies in South Africa

  1. MiWay

MiWay is a licenced non-life insurer and financial services provider, offering customers a range of non-life insurance products including motor, household, homeowners, business insurance – as well as liability cover. Our major shareholder is Santam, a blue-chip JSE-listed company, giving MiWay enough financial muscle and credibility to help build our unique brand identity.

  1. Discovery

Through its many brands, Discovery Limited provides long and short-term insurance, asset management, and savings, investment, and employee benefits. South Africa, the United Kingdom, the United States, China, Singapore, and Australia all have subsidiaries.

Alexander Forbes is now available for transactions following the sale of life insurance company to Sanlam

  1. Momentum

Momentum was founded in 1966. Momentum Assurance Corporation was purchased in 1973, and the firm was renamed Momentum as a result of strategic acquisitions and mergers. Since then, we’ve been ensuring a secure future for you and your loved ones by delivering financial guidance, innovative product solutions, and exceptional service to all of our clients.

  1. AA Insurance

AA Insurance is an independently operated, New Zealand-based joint venture between the New Zealand Automobile Association (NZAA) and Suncorp Group. The company offers home, contents, car insurance, and life insurance through its subsidiary AA life.

Launched in 1994, the company underwrites its own policies and sells direct to New Zealanders. The company employs over 650 staff and has nearly 350,000 customers with over 700,000 policies.

  1. Outsurance

OUTsurance Holdings Limited, commonly referred to as OUTsurance, is a subsidiary of Rand Merchant Investment Holdings (RMI Holdings), a South African-based financial services investment holding company.

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OUTsurance Holdings Limited was formed in 1998 and is an unlisted public company with headquarters in Centurion, South Africa. It is a financial services holding company based in South Africa, with subsidiaries in Namibia, Australia, and New Zealand.

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