Third party only. Comprehensive car insurance. Cheap cover. High premiums. You hear these terms all the time with regards to car insurance options, but what do they really mean? And when it comes down to it, which is best – third party insurance, or comprehensive cover? It’s a question on the minds of many vehicle owners. Particularly those purchasing insurance for the first time. It’s an important question too seeing as it could directly affect your long-term budget. Although not in the way you might think.
Third party car insurance – cover, plain and simple
Let’s start at the beginning – with the most basic level of car insurance cover there is. That’s third party only insurance cover. Designed to take care of any claims made against you. This form of insurance could be handy should you be liable for damages to another vehicle or injury to someone. As only the third party’s vehicle is covered, third party only insurance is therefore usually the cheapest form of cover. Therefore making this option attractive to first-time insurers and those on a budget.
At first, the savings inherent in third party insurance might make it feel like an appealing proposition. The fact that your vehicle will not be insured in the case of an accident can make it expensive in the long run. If you are ever in a motor vehicle accident, you will be liable for all repairs, and even a replacement vehicle should the incident be a serious one. As such, while third party cover may initially be a cheaper insurance option, the potential long-term expenses need to be considered as well.
Comprehensive car insurance – all the bells and whistles you need
If third party insurance is considered entry level, then comprehensive car insurance is king. With a range of benefits designed to give you full protection every time you get behind the wheel.
Insure your vehicle with a comprehensive car insurance policy for coverage against claims made by a third party, as well as against theft, hijacking, natural disaster, fire, and the loss or damage of your vehicle due to a road accident. In short, comprehensive car insurance is more than simply cover. It’s complete peace of mind. Rest assured knowing that whatever challenges life may have in store for you, you have every possible protective measure in place to deal with them.
Of course, that level of reassurance does come with a price tag. Comprehensive car insurance often has a higher premium than third party cover. With all your costs taken care of in the case of a road accident, damage or theft, choosing comprehensive cover could work out to be more affordable in the long run. Which is why you need to ask yourself which vehicle insurance option has more value for you – saving more today with third party insurance, or saving more tomorrow with comprehensive car cover?
Contact iWYZE for a free car insurance quote today
With only 35% of vehicles in South Africa being insured, choosing any type of cover is imperative for your financial well-being. What’s more, when you insure with Old Mutual iWYZE, you’ll receive the same cash-back rewards and Road and Emergency Services no matter which car insurance option you choose. However, it’s worth remembering that while both options give you certain levels of cover, only one gives you complete peace of mind. Comprehensive car insurance.
Consider your options, and contact us today for a car insurance quote by calling 0860 63 33 39. Submitting your details, or requesting a quick quote online. No matter which policy you choose, we’ll help safeguard you along life’s journey the best way we can.