Motor Vehicle Insurance in South Africa

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The most well-known type of insurance in South Africa is motor car insurance. Shockingly, only a third of the vehicles which travel on our roads are insured. Depending on your type of vehicle, value, age, usage, and if you still owe monies to your financier (bank), you can select the best scope of cover, and your Phoenix Insure advisor will discuss the various options with you.

The local insurance market offer motor vehicle owners three types of cover options, and we will discuss each below:

Comprehensive

Comprehensive motor vehicle insurance covers most incidents and is thus most expensive as it includes accident, windscreen, glass, fire, theft, and third-party liability damage cover. When a vehicle is on a lease or credit agreement, it is a requirement that comprehensive cover must be in place. High value, high risk (theft or hijack) perspective, newer year models, and executive or sports models which carry a high repair and part replacement cost should enjoy the comprehensive insurance cover.

Third-Party Liability, Fire and Theft 

No cover is available for accident-related events or windscreen/glass on this option, and the scope of cover is limited as defined above. Events related to theft is still high in South Africa, and advisable to select theft cover. More affordable than comprehensive insurance cover, this option could be suitable where the vehicle is not on a credit agreement, lower in value and have a sound security system fitted.  

Third-Party Liability       

This option is the most affordable and offers the basics of cover. Third-Party Liability cover will only respond to liability type of losses where you are held liable for third-party property damage. This option should only be considered when the vehicle is older with a low value and perhaps not driven often.   

Value Added Products

These products will enhance the scope and extent of your motor vehicle insurance. It is essential to know that these covers are mostly only available when you have selected comprehensive insurance. 

Excess Waiver Basic 

This allows you to buy back the basic excess on your motor vehicle insurance for an additional premium. Be aware that any compulsory excesses that may apply cannot be waived and will still be payable in the event of a claim. Maximum limits will apply as an example starting from R5 000 up to a maximum of R 30 000.     

Excess Waiver Windscreen 

With new advanced technology and various types of sensors installed in windscreens, the cost to replace the high value and executive type vehicle windscreens contributed to the need for an excess waiver on windscreens. 

The same principles as discussed above will apply. 

Vehicle Hire 

You could extend your policy to include a hired vehicle if your insured vehicle suffered accident damage, was stolen or hijacked and will allow you the same or similar type of vehicle as a replacement. Keep in mind some products limit the number of days. It is also advisable to only start the rental when you take your vehicle in for repairs and not use the days unnecessarily. A good advisor like Phoenix Insure will assist and support you through this process.  

24 HR Roadside Assistance

As an added extension to your comprehensive insurance option, you can enjoy roadside assistance for the mechanical breakdown or when you run out of fuel (often limited to 10 litres), puncture tyres and a flat battery.

SASRIA 

Any damage to your motor vehicle that results from riot, strikes, and civil unrest is insured under this option. It is advisable to include this extended cover at a small additional premium.   

DISCLAIMER

This blog does not constitute financial advice. The content is intended to provide information for educational purposes. We recommend that interested parties contact Phoenix at the contact details listed or their financial advisors for a comprehensive review and needs analysis followed by the required record of advice.”

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Since appointing Phoenix as my medical aid broker in June 2022 I have experienced nothing but exceptional service.

I have been a member of Discovery Medical Aid since 1997. Over the 24 years since joining Discovery I have had several Medical brokers, most of whom provided between little to no service, generally not replying to emails or ignoring telephonic calls. Phoenix is different. They immediately respond to any queries and monitor the query until it is resolved.

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M A Short

Although I have only been working with the Phoenix Group team for a few months, I have worked very closely with Clayton Samsodien on multiple clients. I have only experienced absolute professionalism and impressive efficiency from Clayton, who has an open, patient and friendly manner with everyone whom he interacts with. He is always willing to go the extra mile to assist his clients and their staff members with their requirements.

I would highly recommend the services of Phoenix Group.

Cherice Len

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Beverley Williams

“My experience with Phoenix has been nothing short of incredible. After a near death medical incident I was faced with the rude awakening that my finances were not in check. Clayton was very hands on and supportive – he made what was a daunting and intimidating task for me – easy, effortless and quick. My finances are now all organised and in order and I can sleep knowing that one aspect of my life is taken care of and in good hands.”

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