When taking out car finance you should be aware of the insurance options that can be offered to you. It is a necessity to take out comprehensive car insurance when your car is under finance. Your car finance broker will be able to assist you with obtaining comprehensive car insurance. Most car finance brokers have a preferred insurer where they obtain competitive discounted rates for their customers.

Other insurances that need to be considered are gap insurance, extended warranties for new or used cars and tyre and rim insurance. By obtaining gap insurance you are covering yourself for the shortfall between the insured value of your car and your payout figure to the financier. An amount will be paid to you to assist with the expenses involved in obtaining a replacement car.

Extended warranties are available to customers purchasing not only new cars but used cars. The extended warranties are designed to provide an extension of cover, beyond the period of the original manufacturers or statutory warranty, for the repair or replacement of specified parts, which falls within the terms and conditions of the policy.

Tyre and rim insurance is also available which protects you if your motor vehicle’s tyres are punctured, suffer a blowout, or are damaged by various road hazards. It also provides cover for damage to wheel rims, also, as a result of specified road hazards. There is also an optional extra of accommodation cover should you require accommodation if this happens to you in a location at a specified distance from your home.