Have you ever wondered what the point of a third-party car insurance cover policy would be? Yes? Then read on!
Third party car insurance cover may sound like just another expense, but could you afford the cost of not having it? iol.co.za describe it as ‘…insurance (that) protects you against claims for any losses or damages sustained by another party in an accident that you’re involved in.’
Third party liability insurance is often included in ‘comprehensive’ car insurance policies. However can also be offered as a stand alone product. This is useful for vehicle owners who;
- with owners of paid-off, low-value, older cars, and
- with people who can’t afford comprehensive insurance
So, why take out this kind of insurance policy? Great question!
When asked this by IOL, client experience partner, Wynand van Vuuren from King Price pointed out that the value of the average liability claim was around R23,000.
a little cover is still way better than noneWynand van Vuuren, King Price
So maybe, the question should be, can you afford NOT to take this insurance cover option?
Comprehensive car insurance will often include third-party liability insurance, although it’s advisable to ask your car insurer, to be sure.
What Is Third Party Liability Insurance?
Still not sure exactly what third-party liability cover is? In short, third party insurance covers the cost, specifically, of property loss and damage sustained by others, that you’re legally liable for.
It does not include your cars repairs though.
Still not convinced?
What if you knew it was one of the most affordable types of insurance? King Price say that this type of insurance tends to come in at a much lower price than comprehensive insurance policies.
Other reasons to consider third party insurance other than affordability? Convenience for full car owners ie. no outstanding credit on the car. If your car is older and the value is lower. It is also a legal requirement if driving to border countries, such as, Zimbabwe, Namibia and Lesotho where foreigners are required to have third party insurance for entry.
King Price finishes by saying, “Always remember that a little cover is still way better than none,… Having third party liability insurance is the best way to protect yourself from personally having to pay claims brought against you by other people.” We couldn’t agree more.
To read the original article, visit iol.co.za below.