When shopping for car
insurance in South Africa, it is important to be prepared to shop around.
Each insurance company’s policies are slightly different and if you just look at
the bottom line of Rands and cents you could end up trying to compare apples to
bananas.
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Types of car insurance:
Third Party Insurance: The minimum type of car insurance policy is
referred to as "third-party" or "third-party property" insurance. If you injure
another person or cause damage to their property, this insurance covers the
costs involved for them.
Third Party Fire and Theft Insurance:
The next most inclusive type of car insurance also includes fire and theft
insurance which, as the term indicates, covers the costs if your car is stolen
or subject to a fire. Note, however, that it does not cover your damage
associated with being in an accident or as the result of vandalism.
Liability Insurance:
Liability insurance covers what you are legally responsible for paying when
you hurt another person in an accident, including medical treatment,
rehabilitation and perhaps even lost wages. Liability insurance is often
included with most policies. Remember to ask about it when getting a quote.
Comprehensive Insurance:
Comprehensive insurance pays for the damages associated with a wide variety
of incidents including collisions, theft, and fire, but it also may cover the
value of any items stolen from your car (not just if your car itself is stolen),
medical expenses you may incur from your injuries (unusual), as well as personal
accident protection.
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While comprehensive coverage for every car owner seeking car insurance in South
Africa would be ideal, you must take your own personal situation into
consideration, as it is the more expensive choice on an monthly basis than, for
example, a Theft-Excluded car insurance policy.
Now that you have your basic policy picked, there are some other coverage
upgrades to consider. Do you need to have a specific accessories insured, such
high-end rims, or a custom stereo system? What about medical bills incurred from
an accident? You may want to consider getting insurance against those, too.
The
final step in getting car insurance in South Africa is actually making the
enquiry! You have decided what kind of policy you might need, what additional
coverage you might require and now you're ready to call a few different car
insurance companies and get a few quotes.
What information will I require?
Most South African car insurance companies will need to know information about
yourself such as where you live, as well as your car, driving record, driving
habits and who else might be behind the wheel. This all may seem very personal,
but each company has to access your situation so they can properly gauge the
likelihood of your car being vandalized, stolen, or in an accident. They need to
determine the likely cost of repairing any damage that is inflicted on your car,
based on the car’s age and relative value.
Various factors they will take in to consideration will include your age, years
of driving experience, the geographical area in which your car will be both
primarily driven and parked, the number of accidents and violations you have had
in the past, and how many kilometers you usually put on your car each year.
Before you sign on the dotted line on any policy for car insurance in South
Africa, make sure you read all of the fine print. Although car insurance
companies are in business to protect you and your car, they are just that – a
business – and they may try to bury some hidden costs. Be sure you know exactly
what you are paying for. Gather a variety of quotes and ask lots of questions.
Remember: You are looking for the best deal for your money!
DISCLAIMER: The information contained in this article is the opinion of the
Author and should not be taken as advice. The Author is NOT a registered
Insurance Broker or Insurance Advisor and is not associated with an Insurance
Company. The information in this article has not been verified and may be
inaccurate or incorrect. Please contact a registered Insurance Broker or Advisor
should you require any Insurance advice.