The cost to repair vehicles and replace parts increases every year, and your insurance premium increases as a result. Most of your vehicle claims that you will have in your lifetime will be repairs, and the cost of repairing a vehicle is not impacted by the value of the vehicle or the year model.

A: No, if your vehicle has been entrusted to somebody else as part of a sale process, you will not be covered if the vehicle is stolen. It is your responsibility to protect yourself against losses that occur under false pretences by taking due care with your belongings.

A: “Private Use” means that you only use your vehicle for private, social or domestic purposes, such as driving between your home and regular place of work, visiting friends or going to the shops.

“Business Use” means that your vehicle is being used for business purposes on a regular basis. This would include individuals who are sales representatives, estate agents and consultants. If your line of business includes carrying stock or tools, of if it is being used for deliveries, you would need to insure your vehicle on a Commercial policy. 

A: Insurable interest is the interest that a person has in a particular item, which means that the person would suffer a loss should that item be lost or damaged. You must stand to suffer a direct financial loss in the event of a claim. 

Simply put, you can only insure items in which you have insurable interest. Insurable interest must exist both at the time the item is added onto the policy and at the time of that a loss occurs.