Cheap car insurance: how you’re paying in the long run
Saving is cool, we love good savings just as much as the next insurance brokerage. However, finding a cheap deal is more exciting with regards to your new juicer or your trip for two to the Okavango than it is with regards to the super important investments you’ve made: like your sweet wheels.
If you are worried about being able to pay your monthly insurance premium (fancy word for the money you pay your insurer every four weeks) and feel the solution is cheaper insurance, we’re here to maybe point you another direction. There are two reasons somebody might opt to pay for cheaper insurance:
1) They think they’re saving money (they’re not)
2) They believe nothing bad could ever happen to them (it can)
We’re here to debunk the myth that comprehensive, flexible insurance has to be the most expensive option (but worry not - inexpensive insurance is the name of the game at Oneplan).
There are plenty of reasons to consider paying a slightly higher premium for your vehicle insurance, so let’s get the show on the road.
Cheap often cuts out comprehensive (not with us, though)
If you have grown up in South Africa, you have become slightly desensitised to how chaotic our roads really are. The chances of your car being damaged in a collision are high but they aren’t the only things you need to worry about. External damage, fire and theft (so anything not caused by a collision on the road) are not covered by non-comprehensive insurance policies. Comprehensive insurance also includes third-party cover (read more about coming to the party with third party insurance here).
50 cars are stolen per day in SA, which means at some point in your life you may just stroll out of your weekly grocery shop to find an empty parking space where once upon a time was your lovely car. If this does happen please believe us when we say: you want good insurance.
Cheap insurance isn’t, well, cheap
Sure, you’re paying less on your premiums so you don’t feel like you’re being drained of your income at the end of every month BUT are you really getting the best for your buck? Probably not. Most people who opt for cheaper policies do not benefit from their insurance when the going gets tough. They end up having to pay out of pocket to rectify any damage or loss, on top of having paid numerous premiums for insurance that won’t pay you. Sounds pretty grim, yes?
Here’s the catch: we aren’t asking you to find a way to afford the business class of insurance policies, we’re just asking that you make sure you’re covered for when it matters most. We hold that sentiment close to our hearts at Oneplan, which is why even our least expensive policies are completely comprehensive.
What to keep an eye out for
There are the things we recommend you should be keeping an eye on when you’re looking at a cheaper insurance policy (or any policy, for that matter)
- Excess (super important)
- Small print
- Third-party coverage
Let’s expand on number 2 on the list: excess. Excess is the agreed-upon amount the client (you) will pay the insurance in the event of an accident before they payout. Oftentimes, clients end up paying a massive amount in excess to compensate for the cheaper premiums being paid which begs the question once again, are you really saving money with cheaper insurance?
At Oneplan, because our cover is comprehensive and has your best interests at heart, we will waiver your excess of R2,500 if you upload your claim for your vehicle onto our Oneplan App. All you have to do is snap, upload and breathe easy.
Find out all you need to know about the benefits of the Oneplan App by popping onto this blog right here.
Affordable insurance, comprehensive coverage.
Now you’re probably thinking ‘listen to these guys trying to tell me cheap insurance isn’t an option. They’re trying to get me to spend more’ and may we just stop you in your thought tracks right there. Oneplan is fully dedicated to helping South Africans from all backgrounds gain access to exceptional financial security regardless of how much they can pay month to month.
This is where our sliding scale comes in! You can choose to insure your vehicle anywhere from 30% to 95% - we just calculate the percentage off of your vehicle and create your monthly premium from there. Does January feel more like a 35% month whilst March feels like an optimistic 50%?
Your coverage can be changed on to the go depending on what you can afford. Even at our 30% coverage, you have access to comprehensive insurance that aims to protect you for an affordable price.
We would love to chat with you further about starting your insurance journey with us - we have a great team waiting to hear from you!
Yours in comprehensive car insurance you can tailor to your needs,