Car Insurance In South Africa
Insuring your car is a necessity, particularly when you live in unpredictable times
, where the "worst-case scenario" could become a reality. For most South Africans, having a vehicle is a necessity, and thus, insuring it with the best possible cover is not a luxury; it's essential - particularly as your car is likely to be one of your most expensive possessions.But that doesn't mean that car insurance has to cost you an arm and a leg. In fact, there are a range of car insurance options that can be customised to suit motorists' individual insurance requirements, and their budgets. The "one size fits all" approach to car insurance is steadily being replaced by more adaptable, more affordable solutions. New car insurance policies are robust and flexible, providing motorists with value-for-money policies that offer sufficient cover at a price they can afford.
Below, learn about the different types of car insurance policies available in South Africa, in order to find the right one for you. Alternatively, discover one of South Africa's most affordable vehicle insurance solutions, offered by Hollard.
Which type of car insurance is right for me?
There are three primary types of car insurance policies available:
Comprehensive: Ideal for new, financed, pricy and/or high-mileage vehicles.
Third party fire and theft: For older and/or average-mileage vehicles, and/or vehicles that are mostly paid off.
Third party: For old cars and/or cars that are paid off, as well as for individuals with a limited budget.
These are the standard types of car insurance available, and have been refined over the years as motorists' needs have changed.
Then, there are new insurance options aimed at personalising your coverage - providing a solution that is not only tailored to your needs, but also to your budget. These types of options include:
Pay As Your Drive vehicle insurance: Ideal for motorists who spend less time on the road.
Motor Xtender plan: For those who want to plan for motor repairs and maintenance.
Comprehensive car insurance
Comprehensive car insurance is the ideal type of insurance cover for new and pricier vehicles, as it offers complete protection for your car. If you've financed your vehicle, your lender will probably require you to have this type of insurance.
Comprehensive car insurance covers your car against theft, natural disasters and damage, and accidental damage. Accidental damage cover insures both your vehicle and any third party vehicle or property involved in the accident, and it also provides cover for third party injury or accidental death. Comprehensive cover is ideal for new cars, financed vehicles, cars that accumulate high mileages, and expensive vehicles.
Third party fire and theft
For "middle-aged" and average-mileage vehicles, as well as those that are mostly paid off, third party fire and theft offers adequate coverage at an affordable price. Known also as limited liability cover, this type of insurance covers your vehicle against fire (as well as explosions and lightning), and also against theft or hijacking. While it doesn't insure your vehicle against accidental damage, it will cover damage that you cause to a third party vehicle, as well as injury or accidental death of the third party.
Third party
This is a low-cost insurance option that is generally recommended only for old vehicles, vehicles that are seldom on the road, and for individuals on a tight budget. It covers only accidental damage you cause to a third party vehicle, as well as injury or death of the third party involved in the accident. Your car receives no cover.
Pay As You Drive
This is a new, innovative type of car insurance that caters for motorists who spend less time on the roads. Pay As You Drive offers comprehensive car insurance at a price that is commensurate with the amount of time you spend on the roads.
Generally, accidents account for 70% of all claims, which influences the cost of motor insurance. If you spend less time on the roads, there's far less chance of being involved in an accident - and thus it makes sense that you should pay less for your insurance!
If you don't spend much time on the roads, but would like to enjoy all the benefits of comprehensive insurance, find out more about Pay As You Drive car insurance, or get a quote now.
Motor Xtender
A bit like "medical aid" for your car, the Motor Xtender plan enables you to budget for routine car maintenance and repairs - keeping you and your loved ones safer on the roads. A well-maintained car is also less likely to malfunction, break down or be involved in accidents, which could further reduce your car insurance premiums.
Find your tailor-made car insurance policy today
Does your car insurance cater to your individual motoring needs, as well as your budget? If not, it's time to explore a more flexible and affordable car insurance solution. Find out more about our tailor-made car insurance policies now.
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