An important requirement for motor vehicle ownership is insurance. Apart from it being mandatory, it provides significant benefits to motorists in the event of theft, damage, injury or death, depending on the type of coverage.

Insurance coverage is either third-party or comprehensive. Third-party compensates for one’s legal liability for property damage, injury or death to third parties resulting from a motor vehicle crash. Comprehensive insurance, on the other hand, provides coverage of legal liability to third parties, and theft and damage to one’s own vehicle.

As motor insurance is a recurring expenditure each year, it is prudent to budget for it so that spending can be prioritised in advance, to ensure that funds are available to renew the insurance policy when it comes due

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