So what won’t your car insurance policy cover?
If you have read the terms and conditions for all three policies carefully, you will realise that some incidents are not covered, even though they are very likely to happen, for example – you would expect your car insurance to cover your death in the event of a serious accident…but does it really? 1. Your own death or bodily injury due to a motor accident You would expect that your own death would at least be coverage for a modest amount of money; well, stranger things have happened. Your personal accident insurance or medical insurance might have you covered, but not a car insurance plan. Nope, not even the comprehensive cover – that means no hospital stay coverage or funeral benefits (although – you are buying car insurance and not life insurance so…). 2. Liability against claims from your passengers  A passenger who gets injured because of a car accident will usually have an easier case compared to the driver – if the accident involves two cars, one of the drivers is sure to be found negligent and liable for the hurt sustained by the passenger. However, you will be able to pay additional premium on your motor insurance to include Passenger Liability Extension Cover, in the event that your passengers choose to sue you. 3. Theft of non-factory fitted vehicle accessories e.g. car stereos, leather seats, sports rims etc. Sure, pimping out your “ride” with custom rims, genuine leather seats, and a full blown sound system might earn you points with your friends, but you may also be drawing a lot of unwanted attention. Make sure in addition to your lavish upgrades, you install additional car security features, such as a powerful GPS tracking system! 4. Consequential loss, depreciation, wear and tear, mechanical or technical breakdown failures or breakages Cars are not unlike humans – they’re not built to last forever. As vehicle parts wear out with time (excluding parts made out of glass e.g. windshield), the value of your car depreciates along with them – and honestly, a car’s value drops the moment it leaves the showroom! Betterment, which is the process of repairing old parts of your car that were damaged with new franchise parts, is only applicable when your vehicle has been in an actual accident. 5. Loss/damage arising from an act of nature e.g. flood, landslide These unforeseen events, along with earthquakes and hurricanes are usually referred to as natural disasters or acts of God, and are not covered in standard car insurance policies. On the other hand, you may pay higher premiums to extend your policy to cover flood, landslide, landslip including adequate cover for your passengers. Evidently, it is very important that you insure your vehicle appropriately according to the current market value for one that is used. This is to avoid under-insurance that will result in only partial compensations on claims, or worse still over-insurance, where you simply waste money to insure a car above its market value, while the maximum you can claim is at the market value.
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Corwin GroupOfficial Corwin Group Archives
July 2017
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