Like the Olson twins, car insurance comes in pairs. First you must have compulsory insurance which is issued by law. Secondly, you can add onto that insurance based on your own needs.
When taking out car insurance for the first time, the client must decide on a rate. Usually a parent will make the decision for their children. Compulsory insurance is a good place to start. It's required in most countries and forces you to pay a fairly high premium each year. It covers damages for other vehicles in the event of an accident.
Compulsory insurance does not cover damages to your vehicle. Compulsory insurance also does not cover money lost in the event that your vehicle is stolen. Third party insurance covers both these aspects, and many people deem them necessary "add ons" to their insurance policy.
What you can do stress the importance of safe and defensive driving to your children. Tell them to avoid distractions and keep their eyes fixed on the road in front of them. If they do that, there premium will slowly progress in dollar signs as the years progress.
If the parent wants to further their children's insurance coverage than signing up for third party insurance is a terrific idea. Chances are your son or daughter will make a few mistakes when they first start out driving alone. Hopefully these mistakes will not result in harm to your children or others. Third party insurance covers accidents involving the sole car of the driver.
The higher the value of the vehicle, the more your monthly insurance premium will cost. It's always a great idea to have comprehensive car insurance, but especially important for rare vehicles or vehicles in mint condition.
Comprehensive car insurance will be very expensive if the driver is young and lacks experience. Car insurance is also expensive for people with poor driving records.
When taking out car insurance for the first time, the client must decide on a rate. Usually a parent will make the decision for their children. Compulsory insurance is a good place to start. It's required in most countries and forces you to pay a fairly high premium each year. It covers damages for other vehicles in the event of an accident.
Compulsory insurance does not cover damages to your vehicle. Compulsory insurance also does not cover money lost in the event that your vehicle is stolen. Third party insurance covers both these aspects, and many people deem them necessary "add ons" to their insurance policy.
What you can do stress the importance of safe and defensive driving to your children. Tell them to avoid distractions and keep their eyes fixed on the road in front of them. If they do that, there premium will slowly progress in dollar signs as the years progress.
If the parent wants to further their children's insurance coverage than signing up for third party insurance is a terrific idea. Chances are your son or daughter will make a few mistakes when they first start out driving alone. Hopefully these mistakes will not result in harm to your children or others. Third party insurance covers accidents involving the sole car of the driver.
The higher the value of the vehicle, the more your monthly insurance premium will cost. It's always a great idea to have comprehensive car insurance, but especially important for rare vehicles or vehicles in mint condition.
Comprehensive car insurance will be very expensive if the driver is young and lacks experience. Car insurance is also expensive for people with poor driving records.
About the Author:
Graham McKenzie is the content Syndication Manager at Insurance123.co.za South Africans leading car insurance information portal
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