Getting a new car is a big commitment, and The Smarter Finance Company is sure that you would do whatever you can to protect that new investment of yours! Insurance can be something worth looking into to ensure that you get some coverage for things that may happen to your car or yourself so we’ve put together a quick list about how it can work for you!

How it works
Without insurance, when car owners get into accidents or when something happens to their vehicles, they would have to come out with money from their own pockets to pay for repairing the damages or when rectifying such issues. What insurance does when it comes to cars (and any other protective cover) is give you an assurance that you’ll be able to find financial help when something happens – that any repairs and work on your vehicle would be paid for by the insurance company should it happen.

Comprehensive insurance is a little bit more robust than what is normally required by law too – besides third party liability (paying for damages to another car), it covers fire, theft, possibly even acts of God like flooding, hail and fallen trees as well as a number of other possibilities.

Pros
Of course the main pro of having insurance in place is not having to worry about where money is going to come from if your car is in an accident! Repairs can potentially be very expensive depending on how bad the damages are. That’s why there are also options for a replacement car to tide you over while your vehicle is being fixed, tyre and rim and even windshield coverage too. Even the smallest nicks and dents can be fixed at no cost to you and despite the inconvenience of the accident, there are provisions that allow you to go about your daily business with as little disruption as possible.

Cons
We can’t think of many things that would prevent you from having comprehensive insurance at all! It’s good to have some peace of mind when you’re out driving on the road. However, if you are short on funds, spending on a comprehensive insurance plan may be a bit hard to swallow since it is difficult for people to foresee just when they will be able to utilise the policy for a claim. While having the basic coverage is compulsory by law, anything in addition might seem excessive. Some people even say that counting on something happening is bad luck. If you find that you’re generally a safe person, then perhaps you may want to look at the options you’ve subscribed for.

Don’t neglect the importance of having insurance when you drive. You are not the only one on the road and anything may happen! It’s better to be safe rather than sorry! Check out our comprehensive insurance plans when exploring your car financing options with us.