Free Insurance Tips 2020

Cheap is Expensive.
Third Party Insurance VS. Comprehensive Insurance.
If possible go for Comprehensive Insurance Cover instead of Third Party Insurance Cover.
The main difference between third-party and comprehensive insurance is the kind of coverage it offers. While Third-Party insurance only covers you against third-party damages and losses, a comprehensive car insurance will cover for your own damages as well.
Like I mentioned in my last article, Comprehensive insurance offers the greatest peace of mind to vehicle owners. It covers the repair or replacement of your vehicle for events including theft, collision, fire, malicious damage and weather-related damage. Apart from that, it can also cover the repair and replacement of any other vehicles that are damaged by your vehicle in an accident, and damage to property.
FOR EXAMPLE
In February this year Mr. Kaluso Shandele went and got a loan amounting to K120, 000 from one of the banks along Cairo Road in Lusaka. The loan is to be repaid in 36 months through pay roll deductions. With this money he bought himself a second hand car worth K90, 000.
When it was time for Insurance his friend advised him to buy a third party cover for just a quarter (3 Months) at K163. His friend told him buying Comprehensive Insurance was just a waste of money. His friend went on to tell him that after all Insurance Companies are thieves who will eat his money in broad day light.
Mr. Kaluso Shandele thanked his friend for his wise counsel and decided to buy a Third Party Insurance Cover for a quarter (3 months) at K163. This was way cheaper than paying Comprehensive Insurance. The reminder of the money from the loan he does not remember how it finished. He can’t even point at the things he bought.
Two weeks ago, whilst driving along Great North Road near Kabangwe he had a tyre burst and the vehicle flipped. It is beyond economical to repair.
Thank God he just sustained minor Injuries. He was wearing a seat Belt! Seat Belts save lives.
The Insurance Company could not compensate him because he was insured on Third Party Cover. With Third party cover his vehicle was not covered by.
The sad part is that the Bank will continue deducting from his salary for the next 33 Months for a car which he no longer has.
Cheap is expensive!
DID YOU KNOW
Do you know that it is Foolish (oh sorry) not wise to buy a Third Party Insurance Cover for your newly bought Car. (A car which you bought from your savings or loan.) .
If you do not have enough cash to pay for Comprehensive Insurance, Talk to your Insurance Company so that you can enter into an agreement and pay in Installments or “Pay as You Go”.
Until Next Time!

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