What property insurance should be acquired during the second stage of life?

At the end of this stage your only insurable asset is probably your vehicle. Almost certainly your car is insured by the company that the loaning bank made you hire. If you bought it in cash, you would not have been forced to get your car insured, but maybe you were conscientious enough to do it. If your car has other insurable assets, don’t think twice about getting them insured - you will sleep better at night if you do!

What coverage is provided for vehicle insurance?

The personal insurance of the driver is usually divided into five parts:

Civil liability. This is the most important since it covers accidents in which you or third parties are injured. In many countries it is mandatory to get a policy with at least the minimum coverage. To be safe, it is better to have relatively high levels of coverage. You need to keep in mind that potential losses are considerable. This kind of insurance covers legal consultancy, but only in the case of civil litigation.

Medical/personal injury protection. It covers health expenses that could result from an accident in which the driver and/or passengers had suffered injuries that require health assistance.

Death or physical disability. Most policies usually include this type of coverage.

Damages caused by drivers with no insurance. This clause covers physical injuries to you as a driver and/or to your passengers as a result of an accident with a non-insured driver or with a driver with insufficient insurance.

 

Fully comprehensive insurance. It covers damages to your car in case of animal damage, theft, fire, vandalism, etc.

Other optional coverage. This includes tow service, which could be quite practical and does not raise the price of the annual premium; possibly the rental of another car while

yours is getting fixed.

How to save while getting vehicle insurance?

Here you will find some practical recommendations:

Do not claim small damages. Each claim goes on your record and increases your premium in the years that follow.

Increase the deductible. As we said before, it is not recommended to claim small damages.

Eliminate health coverage. If you already have good health insurance, this coverage is not necessary.

Safety mechanisms. Install an alarm system, circuit breaker, satellite tracking, etc. Be sure to highlight these features to your insurance company when you are signing your policy.

Apart from this, it is recommended to buy a vehicle that is not too attractive to thieves. Insurance companies take this into account when calculating the premiums.