Car insurance
falls into the category of short-term insurance. This is obviously a
relative term, as the time period is being compared with other forms of
insurance, specifically life insurance. Car insurance is usually sustained
for as long as you own and operate a car. It can be cancelled at any time
and is paid on a monthly basis. Contrast this with life insurance (or
assurance, as it is normally referred to) where the insurance is taken out
for your entire lifetime, which is hopefully a much longer time.
Car insurance
is mandatory when signing hire purchase agreements for cars, which is by far
the normal way people buy cars in South Africa. The onus is on the buyer to
organise the insurance, and proof has to be furnished to the financing
institution, usually a bank. This is taken very seriously by the
institution, as technically they are the owners of the vehicle until such
time as it is fully paid off, and if the car is in an accident and is
uninsured, there is no other guarantee that the debtor can pay for the
necessary repairs – if not there is a significant depreciation in the value
of the car that the bank still owns, and they would be losing money on the
entire hire purchase deal. And we all know how banks are about things like
that!
Car insurance covers a range of
contingencies. It covers repairs in the case of accident, as well as damage to
the other party’s car if it is the insured person’s fault. In a country like
South Africa, it naturally also covers car theft. Given that this is one of the
most popular pastimes in South Africa, it would be exceptionally unwise to drive
a car that is not ensured against theft.
Insurance
policies do not by default cover items installed in the car, like car radios and
CD players, so you are advised to specifically have them included in your
contract. It may cost a little extra in premiums, but this is certainly worth
it, rather than being faced with having to replace your stolen top of the range
sound equipment. You can also ensure items that are not installed in your car,
but that you travel with, like a laptop, but this will generally not be part of
your car insurance agreement.
Car Insurance Companies In South Africa
Auto & General Insurance Products| Auto and General as the name suggest offers car insurance in South Africa. Auto and General have a very good reputation and provide fantastic service with regards to getting insured and processing claims. |
Regent Insurance Products| Regent insurance provides comprehensive car insurance policies which cover individuals and businesses in most eventuallities. Regent also offers a shortfall policy that wil cover the financial burden of the car. |
Hollard Insurance Products| Hollard insurance offers a unique car insurance option in South Africa. Pay As You Drive. Your insurance premiums are based on how much you drive on a monthly basis. |
1st for Women Insurance Products| Get a huge 40% savings on car insurance with 1st for Women. Get covered for all eventualities with 1st for Women`s flexible car insurance policy options. 1st for Women come with additional benefits not offered by other insurers. |
Dial Direct Insurance Products| Dial Direct is South Africa`s favourite direct car insurance company offering savings of up to 25% on a customers premiums. With no middleman premiums are kept to a minimum but service is still 1st class. |
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Car And Household
Insurer Of The Month |
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Dial Direct Insurance offers
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Life
Insurer Of The Month |
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