CRA Insurance News – South Africa
South African car insurance companies spend billions in advertising each year to encourage clients to get a quote from them to reduce their car insurance.
Companies like OUTsurance even offer people between R500 and R1,500 if they cannot beat a person’s current car insurance.
Many insurance companies also have a “no claim bonus”, where people who have not made an insurance claim for a period of time can get money back.
While these offers can put extra money into consumers’ pockets, most people are only interested in paying as little as possible to have their car insured.
It is therefore not surprising that car insurance advertisements often focus on saving consumers money.
This raises the question of which insurance companies offer the best value-for-money for basic car insurance.
To find the answer, MyBroadband asked for quotes from most of South Africa’s prominent car insurance companies.
MyBroadband used online portals to get quotes for insuring a second-hand vehicle worth around R350,000.
It quickly became clear that there was a big difference in the monthly instalments charged by the country’s top insurance providers.
The quotes ranged between R1,116 and R1,834 per month, with Naked Insurance and King Price offering the best rates.
The service received from Naked Insurance and King Price were also superior to that of their competitors.
The staff member who performed this research moved his car insurance from his period provider to Naked Insurance.
Car insurance quotes compared
The table below provides an overview of the car insurance quotes from prominent providers in South Africa.
It should be noted that the insurance excess – the first amount payable by you if you are in an accident – varies significantly between these different offers.
For King Price, for example, the excess is R12,000, while Budget and Iwyze’s excess is only R4,500. Naked Insurance’s excess is R4,750.
|Car Insurance Quotes|
|Auto & General||R1,751|
|1st for Women||R1,777|
Article Credit To My Broadband.