During this “lockdown period”, we have noticed across the board many clients have requested cancelling of their vehicle insurance, and approximately 80% of those clients have financed vehicles.
Remember comprehensive car insurance has been developed to HELP you as a vehicle owner. Simpy put, no insurance means you will have to fix your vehicle cash out of your own pocket AND if you damage another person’s vehicle, both the damages of their vehicle and your own will be your expense!
My vehicle is financed, i do not need a comprehensive insurance, You cannot be more wrong, if your vehicle does not have the relevant cover stipulated by your finance house , they will be likely to pick out an insurance cover for you and add that amount to your loan WITHOUT your consent, commonly known as forcible placed coverage.
Fine, i will just arrange a fire , theft and third party cover, Wrong again, ALL financed vehicles MUST have a full comprehensive cover or here as well you can be called out on breach of contract. You can not temporarily cancel an insurance policy – it simply doesn’t work that way. Since the vehicle is financed, most finance companies will require you to have full comprehensive cover.
For any assistance you may require, send us an email abbrokers@abbrokers.co.za, give us a call 0861 696 999 or send us a whatsapp 072 930 2743, we have consultants ready to help.