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
In general, Comprehensive insurance provides cover for:
- 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
- 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
- Protects your finances in the event your vehicle is damaged, involved in an accident,
- 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
- The cost of comprehensive insurance is largely rated based on your driving history.