Many people in South Africa regard car insurance as a complicated and intimidating subject. There are numerous insurers to select from, each offering similar but slightly different auto insurance policies.
Is car insurance required in South Africa?
No, car insurance is not required by law in South Africa. Estimates put the number of uninsured vehicles in South Africa at over 70% [2], although no one can be certain. On average, barely three out of every 10 cars on the road are insured. If you are in an accident and neither of you has insurance, you are responsible for any repairs. When you combine this with the country’s high accident rate, it is quite possible that you will be involved in an accident.
How much does auto insurance cost in South Africa each month?
According to a WesBank research conducted in 2021, the average monthly installment for comprehensive car insurance is R1,235.
What exactly does vehicle insurance cover?
Third-party coverage is usually included in the most basic plans. This essentially protects you financially if you collide with another person’s automobile or property. It will not cover your own repairs or vehicle replacement, but it will cover the other person’s damaged property.
More comprehensive plans go a step farther and cover the costs of the following:
Accident Coverage Car Hire Severe Weather Damage Vehicle Theft, Hijacking, and Loss
Breakdown Assistance with Towing and Storage
Home, medical, and legal assistance are all available.
What exactly is a quote?
A quotation is a price estimate based on the insurance coverage you selected and the information you supplied. A quote is neither an offer of insurance or a contract of insurance. Farmers provides auto insurance, home insurance, renters insurance, condo insurance, and term life insurance rates online.
