Liz Dobson: Compulsory insurance gets our nod
IT’S IMPORTANT TO CHECK THAT YOUR COVER ACCURATELY REFLECTS THE VALUE OF YOUR CAR.
We’re one of the few OECD countries not to have compulsory car insurance but a survey out this week shows Kiwis want that changed.
The survey by consumer satisfaction company Canstar Blue showed 82 per cent of the Kiwis polled said uninsured drivers have no place on our roads.
The survey revealed that 24 per cent of Kiwis — and a third of Aucklanders — had been involved in a car accident with an uninsured driver.
But more than half of New Zealanders had third party cover, protecting the cost of fixing any damange they may have caused to another vehicle.
The survey also showed one in five (22 per cent) of Gen Ys have let their policy lapse due to financial restraints.
A close friend last year told me they were cancelling their third party car cover due to the cost of it — despite me pushing for them to keep it.
I tried to reason with the person that if they had an accident with one of the many expensive cars frequenting their neighbourhood they’d be paying off the cost for the rest of their lives.
Canstar New Zealand general manager Jose George said there were many ways to lower the cost of their insurance. “It’s important to check that your cover accurately reflects the value of your car, as cars generally depreciate in value over time,” he said.
The survey also showed that 30 per cent of Kiwis had flexible insurance policies that considered how and when they are using their cars, and adjusted their fees accordingly.
Maybe it’s time to try to convince my friend to renew their car insurance.