Did you know that there are currently 1.4 million uninsured drivers on South African roads?
There are also a further 800,000 unroadworthy and unregistered cars added to the problem.
This, therefore, means that three in ten cars do not have car insurance! Next time you are in traffic, take a look around to see how that could directly impact you!
The possibility of an accident involving a driver who is not adequately covered could be disastrous for both parties involved. Even if you are covered at the time of the accident, you could face increased premiums. If that is not enough, you could end up covering the excess yourself.
An uninsured driver faces a multitude of challenges should they be involved in an accident. Not only are they responsible for paying out the other driver, or the driver's insurance company, but they face dealing with the high costs of their own repairs alone. The long-term impact of an accident without adequate insurance could be financially crippling for the uninsured, and it could take many years to recover from the hit.
Why Are So Many Uninsured?
We are all aware that insurance is considered a grudge purchase. This, together with medical aid, is vital; yet bought begrudgingly by consumers. It is, however, a product that only holds value when you need it the most.
Why are so many still uninsured? In the current economy in South Africa, customers are finding themselves over-indebted, with very little disposable income at the end of the month. For many, car insurance seems too expensive for them to purchase. Over 45% of customers seek out budget car insurance quotes on an annual basis, hoping to lower their premiums.
The average South African customer is also extremely wary of insurance companies as a whole. The 2008 credit crisis saw a shake-up of confidence in the financial industry, with the general public opinion of companies taking a massive dip. Car insurance companies find themselves struggling to gain and maintain the trust of the consumer.
Many people are also stuck in the “It won’t happen to me” mindset. It is only when the worst happens, that you realize how much coverage you need to be financially stable in future.
What are the solutions?
Budget insurance options remains one of the dominating solutions to solve the current insurance crisis in the country.
There are three types of car insurance that you can take out, each falling within your budget.
Third Party Insurance is the most affordable car insurance quote you will receive. This budget insurance option covers the other party, should you cause an accident with someone else. Your damages, however, will not be covered. This option ensures that you are not left financially crippled trying to pay back for damages caused to another person's property.
Third Party, Theft and Fire covers another party, and the instances of your vehicle being stolen or being set alight. This too, falls within the budget insurance scope, with a few extra options for your own coverage.
Comprehensive Car Insurance is the overall car insurance plan which covers you in all incidents. Whether your car is stolen, in an accident, set alight, or whether you have caused damage to another car, it will be covered. The premiums are somewhat higher than the third party insurance. With the right car insurance quote, you will land up saving money in the long run.
How Can I Get The Right Quote For Me?
Here you will be able to quickly and effectively request a car insurance quote to suit your needs and your budget.
The quick quote process allows you to fill out a simple form and get an estimated quote in under a minute. You are provided with various car insurance quotes, all on one page, for you to compare which is better for you.
If budget car insurance is what you are looking for, we provide the one-stop engine for you to compare and buy affordable car insurance. Our team of experienced and dedicated brokers are ready to assist you in saving money on your car insurance premiums today.
If that is not enough, we will automatically reassess your car insurance premium every year to try and reduce it.
Compare budget insurance today and start saving.