Vehicle insurance – a wise investment

While vehicle insurance is not legally required in Namibia, it’s a wise investment in case of accidents or damage.

Angelene Wiese from MoreSure Insurance says car insurance covers both accidental loss or damage to your vehicle and third-party liability.

Put simply, insurance shields vehicle owners against unexpected expenses related to accidents, such as crashes with other vehicles or wild animals.

It also takes care of third-party damage, giving you peace of mind.

You may not realise that without insurance you’re liable for another party’s damage if you’re at fault in an accident.

For instance, if you’re driving a vehicle worth N$100 000 and the vehicle of the other party in an accident is valued at N$2 million, you could be responsible for covering the entire cost of repairing the damage to that vehicle.

To ensure you’re fully covered, it’s crucial to specify any of your car’s additional accessories or custom features to your insurer.

Failing to do so may result in receiving less than the desired amount in a claim payout.

While car insurance may seem an extra expense, it could save you from significant financial strain in case of an accident.

If you’re struggling to keep up with premium payments, talk to your insurer about options to reduce costs rather than cancelling your policy. Cancelling your insurance means starting from scratch when you need vehicle coverage later, which could lead to higher premiums.

Maintain your payments to avoid policy cancellation, and report any accident to the police within 24 hours.

During an accident, gather as much information as possible, including photos and details from the other party. This will assist your insurance company in recovering costs from the other party more effectively, and help prevent unnecessary premium increases.

Avoid informal agreements with the other party – let your insurance company’s legal department handle all the negotiations.

Only leave the scene of an accident if you’re injured and need to be transported to a health facility by a registered ambulance service.

Ensure your vehicle is always roadworthy. Vehicle accident claims should be submitted within 30 days, and should include all the necessary quotes.

Steer clear of activities such as driving under the influence, using your vehicle for commercial purposes or rewards, or transporting dangerous goods, as these could lead to claim denials.

Insurance doesn’t cover damage from rodents or non-accident-related mechanical issues, so it’s important to maintain and use your vehicle responsibly.

Also, note all regular drivers on your policy to make the claim process smoother.

Wiese recommends considering a combined policy, such as one in both spouses’ names, with both listed as drivers.

This would be beneficial if one party is unavailable to sign off on a claim or needs to make policy changes.

In summary, car insurance is a smart move for financial protection and peace of mind, ensuring you’re prepared for unexpected events on the road.

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