Buying a car

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Motor insurance
Financial tips

Buying a car is exciting, but it also brings financial obligations. If you’re thinking about getting behind the wheel, it’s time to carefully review the associated costs.

Owning a car

Choosing the right car

Paying for your car

Motor insurance is insurance to cover loss or damage to third parties and, depending on the policy, your car as well. The loss can be a result of having a repair your car following an accident for example, or paying compensation to a third party for the property damage, bodily injury or death. However, coverage varies according to the policies.

Under the Motor Vehicles Insurance (Third Party Risks) Ordinance, it is compulsory to take out insurance with an authorized insurer to cover your liabilities for injury or death of third parties arising out of the use of your motor vehicle.

Just as the case in buying your car, you should research different options for motor insurance and select one that best fits your needs. More about motor insurance.

Consider taking these steps to keep your motoring costs low:

  • Think small. a smaller car and a smaller engine can make a big difference to saving gasoline cost.
  • Drive less frequently. Just because you own a car doesn't mean that you always need to drive it. It can save not only your money but also wear and tear on your vehicle.
  • Consolidate your trips. When you do drive, plan your trips so that you can go to multiple destinations all on the same trip instead of making separate trips.
  • Drive carefully. It keeps you safe as well as saving you costs on repair and maintenance.

Always keep an eye on how much you are spending on your car and review every now and then if you still need to keep a car.