"No matter how tough times are it’s vital you don’t cancel your short-term insurance, particularly your motor vehicle cover,”explains van Greuning in a conversation with Standard Bank.There are a staggering 65% of South African road users who don't have car insurance. This means that if you both don't have insurance and are involved in an accident, you will both be digging deep into your pockets. Alternatively, if you have an accident and the other party does have insurance, their insurer will pay for the repair of the vehicle, and you will end up paying off the costs of the repairs to the insurer.
"This policy may be cancelled at any time at the request of the insured, but in such cases no refund or pro-rata refund of premium will become payable."In many instances, the insurance company requests that the insured pay the yearly premiums in advance. The disadvantage of this then is that you will not receive a refund when you cancel your contract.