From as little as R200 a month, the right car insurance policy can help you replace your vehicle or pay off what you owe in the event of an accident, theft, or fire — compare quotes from South Africa's best car insurance companies.
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In exchange for a monthly premium, your car insurer will provide you with car insurance which will cover your vehicle for theft, loss, or damage to your vehicle and someone else’s in the event that you cause the damage.
While car insurance is arguably the most important type of cover to have as a South African, it is not compulsory. In fact, more than 70% of motorists have no cover at all. You will, however, require comprehensive insurance if your vehicle is financed.
Driving without insurance is not illegal in South Africa since there are no specific laws that require a driver to have car insurance.
Vehicle insurance may cover damage to your car in an accident or as a result of fire or a natural disaster, theft, hijacking, and damage to a third party’s vehicle and person in the event that you are at fault.
There are three types of car insurance;
Basic third-party insurance covers damage caused by you to a third party’s vehicle. This is also covered by third-party fire and theft in addition to covering you in the case that your vehicle is stolen or damaged as a result of a fire.
Comprehensive car cover covers all of the above as well as damage to your own vehicle whether or not you were at fault. This is the most expensive type of cover because it offers the highest level of protection.
Comprehensive cover is recommended for new models of vehicles and classic or vintage vehicles but is not always a good idea for people with older cars with lower market value.
Third-party, fire, and theft should offer you sufficient cover if you have an older vehicle that you own outright. That said, if you’re involved in an accident the damage to your own car will be left for you to cover (whether or not it was your fault).
While Outsurance is the largest insurance provider by the number it’s King Price that receives the highest number of compliments and lowest number of complaints according to online reviews. Following King Price were AA, Momentum, and Discovery.
The retail value is the amount at which your car would sell from a dealership and the trade value is the price that a dealer would pay you to purchase your car. The market value, which is what your vehicle is likely insured for is the average of the two.
Car cover will not cover death. For funeral cover, you should look for an insurer that provides accidental death and disability cover. Note that this will be a completely separate policy.
Car cover does not cover retrenchment but you can take out an income protection plan as a separate policy from several South African insurers.
It does not have any waiting periods as it is considered short-term insurance so you can enjoy cover from the very first day.
Your insurance will not cover you for any routine maintenance or repairs on your vehicle. This must be covered by a vehicle maintenance plan or out-of-pocket.
Your premiums increase rather than decrease because of inflation as well as the ever-increasing costs of repairing a vehicle, even if the mileage increases and the age of the vehicle go up.
The amount that you will be required to pay for your insurance company to process your claim is usually expressed as a percentage of your claim amount or a fixed amount.
Many factors are taken into account when determining an insurance premium but if your quotes are high you’re likely being considered a high-risk driver.
Even if the accident wasn’t your fault you will have to pay excess for your insurance to process your claim. Your insurer will make attempts to claim the money from the responsible party and, if successful, will refund the amount you paid.
Excess fees are a way for insurance companies to encourage customers to be more responsible and not make petty claims on their car insurance. You can set your excess amount based on how much risk you’re willing and able to take on.