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When you finance the purchase of your motor vehicle, it is usually a requirement of the loan contract to have the security comprehensively insured at all times during the contract term. As a consequence, you must organise insurance before delivery of the car by transferring your current insurance or organising new cover. CFS Finance are able to provide a competitive insurance quote which may streamline the process for you.
In general, Comprehensive insurance provides cover for:
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Accidental Loss or Damage to the insured vehicle up to an agreed value (ie. a set amount the insurer agrees to with the insured) or market value (ie. the cost to replace the vehicle with a vehicle of the same make, model, age and condition immediately prior to the loss or damage). Today, most comprehensive policies are market value policies. - -
Your legal liability for damage to another person’s property as a result of an accident which is your fault up to a predefined limit for each event (including certain legal defence costs), - -
A number of other additional benefits which are automatically incorporated into the policy such as towing costs, replacement vehicle cover, emergency travel & accommodation costs, personal property. - -
Certain optional covers (where agreed) such as removal of basic excess for windscreen claims, protected no claim bonus and restricted driver cover.
Benefits of Comprehensive Insurance
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Protects your finances in the event your vehicle is damaged, involved in an accident, or stolen. - -
Comprehensive Insurance can be easily financed into most loans. - -
Comprehensive Insurance is fully transferable. - -
Comprehensive Insurance needs to be renewed every twelve months so it provides you with the opportunity to shop around for the best quote. - -
Some comprehensive insurance policies also provide additional benefits should you need to claim. - -
Comprehensive Insurance can be cancelled and the premium rebated on a pro- rata basis. - -
The cost of comprehensive insurance is largely rated based on your driving history.
