Jono Soames Quotes (6 Quotes)

Don't think that by insuring your vehicle for less than its actual replacement value you will be saving on your monthly premiums. You could end up losing a great deal more especially if you've purchased your vehicle on HP. Not only will your insurance fall short on the replacement value of the vehicle, but you will also end up owing your financial institution the outstanding balance on that agreement.

From an insurance perspective liability, be it personal or general liability, means that the person involved must be legally liable, which can only be decided by a court of law.

With most insurance companies you can extend the limit of your liability depending on your own personal requirements.

So therefore, when determining the value of your vehicle for insurance purposes, be it based on the reasonable retail value or market value of the vehicle, it is critical to include this 'difference' in that amount.

One of the most common forms of 'financial assistance' is the Hire Purchase (HP) agreement.

So therefore, as with all insurance, stress to clients the importance of reading their policy beforehand and make sure they understand the liability cover they enjoy as well as the limitations.