As mentioned in last week’s ‘Car Journey’ post, being educated about the hidden costs, extra and additional payments and staying out of debt is a must. This information will literally help and change your future!!
Insurance, ladies and gents, has to be the most important cover you will ever get. You really don’t want to be stuck without a car. If it had to get stolen or if you were involved in a nasty accident, leaving your car dismantled could leave your study and party life in tatters too. Be wise and always be aware of the uncertainties of the financial world.
WesBank has found that buyers in financial difficulty often choose to cancel their insurance. For this, they have developed a product known as an Outstanding Debt Protection (ODP) policy, which covers the remaining debt on the vehicle in case of theft, hijacking, or a write-off. Sometimes just paying the excess (which fluctuates) can negatively influence your financial situation. (This is what every insurance company should do-ha!)
We reiterate that having car insurance is a necessity, and with that being said, there are short and long-term insurance products to manage these situations. An income protector policy can alleviate some of the financial burden if you lose your job, allowing you to keep your car. And a life insurance policy can help your loved ones take care of debts after you’ve passed, but generally these are only necessary if you’ve got dependents.
“When planning your budget and considering these products, speak to the Finance and Insurance representative at the dealership. These individuals are appointed by WesBank and registered with the National Credit Regulator. They have to comply with the FAIS (Financial Advisory and Intermediary Services) Act.” say Wesbank. Don’t be afraid to ask and question which policy is best for you!
Knowing that you are covered brings stability to your monthly budget and your peace of mind! Be educated about your finances before committing to buying a new vehicle.
Debt is depressing and we don’t want you to be depressed!