In this day and age, there are many things that occupy our minds. We have many commitments, especially financial, with things like bonds, cars, clothing bills, credit cards, school fees, the list goes on and on. People tend to get overwhelmed, and with the price of living rising relative to inflation and interest rates, it sometimes feels necessary to cut costs wherever possible.
Unfortunately, more often than not, people find things like insurance, whether it’s auto, home, or life insurance, to be a “luxury.”
Imagine struggling to make ends meet: regarding a bond payment (if you’re not renting), buying groceries, school fees, and even the price of gas…Would you stop to think about adding another bill to the pile? ? at the end of the month for something that may never happen?
Logically speaking, there is no guarantee that your home will be broken into or that you will be in a car accident.
Now, here is a point that I want to draw attention to, one that many people may not consider. When you think of car insurance, you think of being in a car accident. They think about needing money if they get into a car accident, whether it’s their fault or someone else’s. Relatively speaking, this is probably the most likely reason for needing car insurance. But imagine this: you have your new car; you’ve worked hard to save up to pay for it, or maybe you’ve had your car for years; Regardless, it is your most prized possession and something that is absolutely necessary to get from A to B. Now imagine leaving the grocery store or pulling into any parking lot where you have inadvertently parked your car. You walk round and round in circles, so sure you parked right there, but still, you can’t find your car. A sense of panic begins to rise in you when you realize that your precious motor vehicle is nowhere to be found. has been stolen
Regardless of needing car accident auto insurance, there is another reason why one would need it. Crime. One of the biggest threats to South African society out there. Today there is an awfully large number of people who enter parking lots, who are hit with that sinking feeling when they realize their car has been stolen. If that happens and you don’t have auto insurance, what then? How would you afford to buy a new car without the deposit of selling the old one?
In addition to that aspect of crime being a threat to your motor vehicle, you need to consider the number of motor vehicle parts that are constantly being stolen.
It takes someone twenty minutes to steal the tires from your vehicle. Five minutes for hubcaps and about the same amount of time to steal your car radio. These are seemingly “small” things to steal relative to your car, but the cost will still be painfully high, especially if you don’t have the extra cash to pay with.
And yet, people go about their daily lives, feeling like car insurance is a “luxury” because they may or may not get into a car accident. This seems to be an opportunity they are willing to take. Unfortunately, the chances of loss in that regard are much higher, as one could be out of pocket with respect to their motor vehicles in several ways; be it an accident, motor vehicle theft, motor vehicle related property theft and even, chillingly, kidnapping.
In South Africa, 12,825 motor vehicles were hijacked between March 2005 and March 2006.
12,825 in one year. Suddenly, the odds of losing his car seem much, much higher. To add even more horror to this statistic, I’ll add an important detail: These are just the kidnappings that have been reported among insured people. The actual number is much higher than 12,825.
In conclusion, the mentality must be changed to one of a sense of urgency, instead of that of an “unnecessary extra monthly expense”.
Motor vehicles are valuable assets, very useful and very lucrative. It’s time to realize that it’s not just good, honest people who identify this.