Buying a brand-new vehicle is near impossible without proper insurance. If you don't quite understand the value of your car, you could be cutting yourself short regarding cover. | News24Motoring
Understanding your insurance is vital when owning a car.Insuring your car under the correct value could prevent significant shortfalls should your vehicle be written off due to a crash or theft.
It's common for a vehicle owner whose car is written off or stolen to feel that the replacement value offered by their insurer is inadequate. The latest South African Police Service quarterly crime statistics note that 5 119 cars were hijacked between 1 January and 31 March 2023. This equates to 57 cars being stolen in the country every day. Many vehicle owners find themselves facing the harsh reality of inadequate coverage when this kind of incident happens - and by then, it's too late.three vehicle values value is the amount a car dealership pays you when you trade a car in.
Credit shortfall usually covers the full difference between your insurance payout and the outstanding balance on your loan, including any applicable residual or balloon payment. "For example, you may have bought a vehicle for R2 million in October last year and insured it for R2m, but you could easily buy a vehicle of the same make and model for R1.4 million this year," he says.
Because the agreed value can be up to 20% more than the retail value, this also means that your chance of being able to replace your car with a similar vehicle is more attainable, factoring in its age, mileage, and condition.
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