WHEN INSURANCE MAY NOT BE ENOUGH

Whether you are buying a new or secondhand car, the chances are high that the vehicle has been financed through a bank loan. Until the car is paid off, it is owned by the financing company, meaning that it is not yet yours. Even if comprehensively insured, there are still important conditions to be aware of if you are in a serious accident or your car is stolen. “If your car is written off, the bank will be paid whatever’s still owed on the vehicle,” says Christiaan Steyn, head of MiWay Blink.