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Why You Need Fully Comprehensive Car Insurance for a New Car

May 05, 2011

Buying a new car is a big investment.  In fact after a home, most experts would agree that the next biggest purchase that most of us will ever make is our car.  Having the money to pay for a car outright is not something that many of us can afford these days and that is why we will need to get some sort of finance to pay for it.  If you do require finance for a new car then the type of insurance that you buy for this car will need to be considered very carefully.  Most people would agree that for anyone with a brand new car, fully comprehensive car insurance is the only type to buy and below are a number of reasons for this:

  • Comprehensive car insurance will offer the most cover for your car in terms of all risks such as accidents, theft, fire or other damage. 
  • If your car was involved in an accident and the accident was your fault, then with fully comprehensive car insurance, your car insurance company would pay for the damages to your car, the other car involved (if there was one) and any medical expenses.
  • If your car was stolen then you can make a claim with your car insurance if you have fully comprehensive car insurance.
  • The only damage to a car covered by fully comprehensive car insurance that won’t be covered is intentional damage by the owner for the purpose of making a fraudulent claim.
  • If you were to only get third party car insurance and your car was a write off, then you would not be covered for your own car and this would mean that you still owed the full amount to the lender for the price of the car.

As mentioned before, a brand new car is something that is very expensive and as such you need to make sure that you have protected it as best you can.  Choosing the right car insurance is the best way to do this.  Even though fully comprehensive car insurance will be more expensive than other types of insurance and hopefully you will never need to make a claim, it is there just in case.  Having this insurance means that you have peace of mind that should anything happen to your car, the car insurance company is going to be there to take care of things and you will not end up owing thousands to your lender with no car to show for it.