On the Arrive Alive road safety website we find a section of content titled “Buying a Vehicle, Vehicle Finance and Road Safety“. This was developed with the assistance of experts in vehicle finance from Standard Bank. But what is the relationship between information on vehicle finance and a road safety initiative?
On the most important groups to target with road safety awareness initiatives are the young drivers. These drivers pose a risk significantly higher than the older generation, These are also often your first time vehicle owners who might not have sufficient knowledge on vehicle finance. By providing this information to these new and often first time vehicle owners we can also share some important road safety advice with them!
There is also a very important link between vehicle finance and car insurance! As car insurance is not a legal requirement in South Africa, it is up to the vehicle owner to make the important decision to purchase car insurance or risk going without it!
When the vehicle is however financed the vehicle asset finance provider will require that such vehicle is fully insured!
We would like to quote from the Arrive Alive website:
“Do I need insurance before I can get my car? Is this included in the product/ contract or up to me to ensure vehicle cover?
Comprehensive insurance is required for all vehicles that we finance.
Customers can arrange for their own insurance cover through their supplier of choice, or as part of our value-added offering. Standard Bank can provide this service, which is part of our comprehensive financial solutions package.
Proof and documentation that the vehicle is fully insured, must be provided by the customer to Standard Bank Vehicle and Asset Finance before the vehicle owner can take delivery of the vehicle.”
What is Comprehensive Car Insurance?
The highest level of car insurance cover, which usually covers you for:
- injuries to other people
- damage to other people’s property
- accidents caused by your passengers or a driver named on your policy
- the use of a trailer, while attached to your car
- fire damage and/or theft
- accidental damage to your own car
- medical expenses, up to a stated limit
- loss of or damage to personal effects in the car, up to a stated limit
With vehicles fully insured these vehicles will be better maintained and kept in roadworthy condition – resulting in increased road safety for all!
For more on vehicle finance also view: