March 19, 2021
For some South African motorists, especially during the COVID-19 pandemic, car insurance might be an expensive grudge purchase. Even so, it needn’t drain your monthly budget.
Perhaps consider the following tips which could help you get the best car insurance deal according to the Which financial services company.1
This article should only be considered for information purposes only as car insurance is not straightforward. Please obtain professional advice from a certified financial advisor if you want to purchase car insurance.
There is no straight forward answer to this question as it depends on so many factors, such as the driver's age and the driver profile. The driver profile covers your driving history, your marital status, and where you live and park your car.
Car insurance companies generally use different ways to calculate their premiums and so, their premiums may vary with the same car. If you are hunting for the best value for money regarding car insurance, some websites compare insurance quotes for you. You must present the same information to each insurer. In this way, you can compare apples with apples, and get the best and most accurate comparable car insurance quotes.
The insurer may provide you with a discount if you insure several cars with them instead of just one car. After all, you are providing a lot of business to the insurer.
Discuss what you do for a living in an accurate and detailed manner to your prospective car insurer. Your job description could affect your premium on the amount of risk your car is exposed to daily. So, it's best to get it right. If you are a salesperson, who travels all the time, the risk of having an accident is much greater than that of a pensioner who sells wooden birds part-time, who uses his car twice a week. However, could both individuals be considered salespeople with the same risk regarding car insurance? Always be open and accurate with insurers regarding your personal information, this could impact future claims.
Insurance renewal is automatic with most car insurers, but you could, on an annual basis, find out about any discounts before the next cycle starts.
You need to know what entails the most expensive product, namely, ‘comprehensive car insurance,’ and the cheapest product, namely, ‘third-party car insurance’. It all depends on what kind of cover suits you best for your situation. All that you need to be sure of is the extent of your cover. It would be best if you were not under the illusion that you are covered for something when you are actually not covered.
Sometimes, the most affordable insurance may not always be the best or even good car insurance. Consider your options carefully. By accessing online reviews on a particular car insurance company, you may find that this company struggles to pay out or that their communication with customers is problematic. However, most insurers could have a wide range of positive and negative reviews that are worth considering based on their individual merit.
The insurer can lower your premium but will raise your excess amount to compensate for that decrease in premium. Your excess amount is the amount you need to pay yourself before you can have your car back from a panel beater. Make sure you can afford your excess. You don’t want your vehicle left unrepaired for a long time because you can't make the excess payment.
Why not get a quote from PMD for affordable car insurance that includes unique benefits like fixed premiums*? T’s and C’s apply.
Sources:
November 7, 2023
November 7, 2023
