For many of us, our vehicle is the largest asset we own aside from our house. We rely on it for getting us to and from work (well, I guess COVID and Working from Home has put a pause to that for some of us) and for our livelihood; whether it’s running to the grocery store or out to grab takeout. It’s not an inexpensive purchase up front (or over time with a car loan) and it does require upkeep, maintenance and insurance. Outside of that, it’s also not a bad idea to think about certain investments that can give you a good ROI (return on investment) in terms of keeping your car safe, and on the road!

Physical Safety

Smash and Grab Film

In many big cities (mine included), it’s unfortunately a common sight to see busted windows in cars and seeing the car rummaged through for any valuables. I’ve known several friends to have lost valuables out of the car; whether laptops, tools or cash. Of course it’s always wise to never keep anything of value in your car, but there are other tools that you can use to prevent a thief. A smash and grab film is defined as a film that keeps shattered glass together. The idea is that it would prevent a thief from being able to break your glass, or at least make it more difficult, difficult enough to the point that they’d decide it’s not worth the risk and just move on. I wish I had this on my Jeep when it got stolen! Smash and grab film has become a popular accessory in the automotive industry and can be applied in various colors. When you think about it, smash and grab could potentially save you much more than you think as well as more than what you paid for it!

Vehicles Tires

There are a few things in life worth paying up for; mattresses, shoes and car tires. All of these can add to your overall quality of life and are things you’ll use on a daily basis. Your vehicle’s tyres are a crucial aspect of maintaining your vehicle’s reliability and even more roadworthiness in terms of safety. Worn-out tyres are very likely to pose a risk of causing an accident. Also, remember that when an illegal amount of thread on your tyres is the most probable cause for an accident caused by you, you’ll most likely have some trouble getting your insurance claim approved as well. Buying quality tires, and replacing them when it comes time that you’re due is a always a smart investment for your car!

Financial Security

Insurance 

Insurance is a contract between yourself and a financial institution where you agree to pay a monthly or annual upfront payment. The insurer agrees to cover you under specific scenarios included in your schedule. You will never be as grateful for insurance as the moment after an accident where your car is severely damaged. Most financial institutions also require you to obtain insurance when your vehicle is financed with them. This is purely a method for them to secure the credit granted to you in case of an incident. I’d say it’s a fair guess to assume that most of us either have been in a car accident or will be, and we’ve all been super thankful to have had insurance.

Insurance is a vitally important part of securing your asset’s value indefinitely, irrespective of what happens to you in the future. In the event of an accident or another type of loss, you’ll be glad that you have that insurance (and it’s also often required by law). To ensure you have the right coverage and not be paying for more than you need, it’s a good idea to read your insurance policy schedule and ensured that you understand what is covered and what is not, and for how much.

Warranties

It is important to understand the difference between insurance and your warranty for your car. Insurance is to cover you financially for any unforeseen events like; hailstorms, an accident, theft, and third-party liability. If something happens to your vehicle mechanically, it is considered wear and tear, which is foreseen to occur in any given vehicle, and hence insurance will not cover this. To protect your vehicle’s mechanical features, you will need to purchase a warranty cover from your dealership or the vehicle manufacturer. There are hundreds of mechanical components in your vehicle, and they’re bound to be damaged over time. The repair of many mechanical parts of your car can be at a tremendous cost, and in many instances, people don’t have the means to repair their vehicles. A warranty is ideal for these types of situations and will also only be appreciated upon its use. Here in the US, most new (or even used) cars come with a pretty generous warranty, with the option to extend. Make sure you’re familiar with what’s covered and for how long!

Summary

Your car is a big asset, and it should be protected with care. A vehicle damaged in an uninsured accident could cause a financial nightmare that really, really sets you back. Damage to the vehicle or even theft are also big headaches that you may or may not have budgeted for! A little investing in your car can go a long way in protecting it and allowing you to safely get from point A to point B!

Disclosure: Some links are affiliate links that earn me a commission.