PMD’S PRODUCT OFFERINGS | OTHER INSURER OFFERINGS | |
|---|---|---|
PRIME MOTORTHRIFT | PRIME MOTOR COVERGROW | TRADITIONAL MOTOR COMPREHENSIVE |
Designed for people who cannot afford OR who are struggling to afford or maintain comprehensive car insurance. | Designed for people who cannot afford OR who are struggling to afford or maintain comprehensive car insurance. | Designed for individuals who can afford higher motor insurance premiums and who require immediate cover for the full value of their vehicle. |
Low monthly premiums – an affordable alternative to comprehensive car insurance. | Very low monthly premiums – most affordable option. | High monthly premiums (comparatively). Where premium rates are similar, a large claims excess may possibly apply. |
No excess to pay when claiming for total loss and write-off events. Where the vehicle is not written-off, there is no excess to pay when the GBA exceeds the repair cost (optional Accident Contribution Benefit must be selected) | No excess to pay when the Growing Benefit Amount exceeds the repair cost. | Various excess payments generally apply that cumulatively can become quite large. E.g. Some insurers charge an additional excess where the loss occurs at night or on weekends. |
Premium values never increase! | Premium values never increase! | Premium values could increase annually or possibly after a claim is paid. |
Non-discriminatory underwriting method. No gender, residential, garaging, tracker or other differentiation. | Non-discriminatory underwriting method. No gender, residential, garaging, tracker or other differentiation. | Risk profiling commonly applied in determining premiums – generally people living in less desirable areas with lesser security protections are charged the highest premium rates. |
No annual limit. | Limited to 2 repair claims p.a.(1 in the first year). | No annual limit but possible loss of a no claims bonus or premium hike when claiming. |
Covers the total loss of your vehicle in the event of an accidental write-off. Where the optional ACB benefit is selected, comprehensive-like benefits eventually apply in addition to the immediate total loss benefits provided by this policy. | Covers ALL motor vehicle accidents. The level of cover is determined according to how your benefits have grown since the inception of your policy. Benefits grow each month by the amount selected. With the passing of time, the Growing Benefit Amount equals the value of the vehicle and is sufficient to cover the whole of most common accidents. When this occurs, comprehensive-like benefits effectively apply. | Fully covers ALL motor vehicle accidents but is usually subject to an excess. |
Includes 3rd party vehicle liability protection up to R500,000, per incident | Includes 3rd party vehicle liability protection up to R500,000, per incident. | Often includes 3rd party protection with a higher limit. |
Covers towing and storage in the event of write-off up to R5,000. | Does NOT cover towing and storage – but optional benefits do. | Covers towing and storage for all accidents up to given limits. |
Covers theft and hijacking. | Covers theft and hijacking. The level of cover is determined according to how your benefits have grown since inception of your policy. Benefits grow each month by the amount selected. | Covers theft and hijacking. |
Covers total loss from natural fire or disaster but excludes hail damage. Hail is covered under optional ACB benefit up to R10,000. | Covers total loss from natural fire or disasters. The level of cover is determined according to how your benefits have grown since inception of your policy. Benefits grow each month by the amount selected. Hail damage claims are limited to a maximum indemnity level of R10,000. | Covers losses arising from natural disaster including hail. |
Does NOT cover internal contents of your vehicle. | Does NOT cover internal contents of your vehicle. | Some policies make a limited allowance for loss of vehicle contents. |
Does NOT cover the cost of replacing a cracked windscreen – but optional benefits do. | Does NOT cover the cost of replacing a cracked windscreen – but optional benefits do. | May cover the cost of replacing a cracked windscreen but usually an excess applies. |
Cover commences after the 1st premium where an activation premium is paid otherwise after 3 consecutive premiums, however the 6 required photographs must have been received by the Insurer before cover commences. Where no required photographs have been received by the Insurer, cover will commence after six consecutive premium payments. | Cover commences once the first premium is paid and the 6 required photographs of the vehicle have been received or alternatively once six consecutive monthly premium payments have been received when due. | Cover commences after receipt of 1st premium or, in some cases, immediately subject to an inspection certificate. |
Only nominated drivers are covered. | Only nominated drivers are covered. | Usually any licensed driver can drive the vehicle provided it’s with the policyholder’s permission. |
Provides cover for towing and storage (up to R5,000) in the event of an accident resulting in write-off only. An optional towing extension option is available to assist with towing and storage in the event of smaller accident or breakdown. | An optional towing extension option is available to assist with towing and storage in the event of accident or breakdown. | Generally covers towing and storage up to a specified limit for accidents. Breakdown related towing and storage may be included at a premium. |
Does NOT cover car hire following an accident – but optional benefits do. | Does NOT cover car hire following an accident – but optional benefits do. | May include limited car hire provisions following an accident or loss at a premium. |
OPTIONAL BENEFITS | OPTIONAL BENEFITS | OPTIONAL BENEFITS |
PRIME MOTORASSIST – 24 hour Nationwide Roadside Assistance | PRIME MOTORASSIST – 24 hour Nationwide Roadside Assistance | Each insurer offers its own unique range of optional benefits. Some of the more common options are discussed above |
Windscreen Replacement | Windscreen Replacement | |
Towing extension – increases towing indemnity levels and adds cover for breakdowns and lesser accidents. | Towing extension – adds towing indemnity for breakdowns and accidents. | |
Car Hire Extender | Car Hire Extender | |
Accident Contribution Benefit – covers lesser accidents and hail damage with an increasing amount of cover each month. | ||