Why You Have to Buy Car insurance
Why You Have to Buy Car insurance
Do you own a car? Or are you thinking of purchasing a car? Whatever your circumstance you need to be aware that you must also buy car insurance.
Now a lot of people aren't really aware of why they need car insurance - they're just told they need to get it. Now, because some people haven't been fully informed of the need for car insurance, they may think it's not worth getting especially as some insurance can be quite expensive, but if you know what you're doing then car insurance will actually be incredibly affordable.
Driving without car insurance is simply not worth risking, especially considering that its compulsory to obtain car insurance if you wish to drive your car on the road if you don't, you'll be breaking the law. Section 143(1)(a) of the Road Traffic Act 1988 states that if you want to drive a motor vehicle on a public road then you must buy car insurance (or sometimes called vehicle or motor insurance).
Imagine this scenario. You're driving along and someone pulls out in front of you from a junction. You collide into the car, heavily damaging your car and theirs, and causing injuries to yourself in the meantime. Without car insurance, you will be forced to pay for repairs on the car and any medical costs as a result of your injuries. If you buy car insurance, you can be rest assured all this will be paid for. In this scenario you may even be sued by the driver, their passengers or their insurance company for not having any car insurance. See how things can go from bad to worse? You're in an accident that isn't your fault, yet you're paying through the roof and may get sued at the same time.
So, we can see that car insurance is compulsory - and most importantly, it provides the driver with protection. You are protected from any kind of damage to the car as well as any liability which could arise from the collision.
Now, there are different types of car insurance policies available to drivers. The differences between these policies are the level of protection the driver would receive. All polices satisfy the requirements of the Road Traffic Act, with the Road Traffic Act Only Insurance Policy being the very minimum policy that satisfy's the Act. However this insurance policy is not commonly available.
The most commonly available minimum car insurance policy is third party only' Insurance (this insurance protects third parties only in the event of any collision). Next is third party, fire and theft' (this again covers the third party, but also the owner of the vehicle from fire or theft). The insurance policy that offers the most protection is called fully comprehensive' (which includes all of the above including vandalism and damage caused to the vehicle by themselves). Not surprisingly this is the most expensive type of insurance.
Not every car owner is expected to purchase fully comprehensive' car insurance, and nor should they have to. However, as a car owner or someone that is looking to drive a family or friends car, you do need to make sure that you buy car insurance of a particular level. First and foremost because it could cost you so much more if you are involved in any kind of collision whether or not it's your fault and secondly because if you don't, you'll be breaking the law.
Don't get put off by the price of car insurance, there are plenty of comparison websites and car insurance companies offering affordable policies. You just need to do a bit of research - if you buy car insurance, it'll pay dividends.
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