Which Car Insurance Is Right For You And Your Budget?
Finding the perfect car insurance that suits your needs and your budget is no easy feat but there are ways you can identify what is ideal for you. Car insurance is a necessity you can’t afford not to have so which car insurance is right for you?
Did you know that approximately 70% of the drivers you see on the road today don’t have car insurance? Shocking, we know!
This means that because most of the cars around you have no insurance, any damages incurred to your vehicle by someone else will likely go uncompensated - meaning you’ll have to fit the whole bill (ouch). This is why car insurance is a necessity you can’t afford not to have.
What happens if you’re in an accident?
In South Africa, car accident claims are settled under a law known as “Partial Fault”. So, even when you aren’t wholly responsible for the damage(s) done to your vehicle, you are still liable to cover some of the cost.
For example, if you were driving down the road, and another car seemingly out of the blue, drives into you, the Partial Fault rule may apply. In this case, you may be held partially liable for the accident due to the speed you were driving. Thus, you need to have good insurance to step in to cover some of the cost of the damages to your car.
The Road Accident Fund (RAF) offers limited third-party liability for either death or bodily harm resulting from an accident but it does not cover damages incurred by your vehicle. It’s best to have your car insured because that can save you from paying a huge amount of money in damages if you are involved in an accident with an uninsured vehicle.
How to find the right car insurance for you
1. Shop around and find various quotes
Now is the time to do your research!
The best idea would be to get rates and quotes from various insurance companies and compare them but make sure you’re comparing identical rates and policies. Some providers will offer additional coverage such as Emergency Medical or Pothole Damage. Make sure that you’re looking out for a policy that covers claims that are important to you.
2. Decide what you want the car insurance for
Depending on the insurance provider, there are various types of car insurance you can get depending on your needs, such as:
● Bodily injury coverage caters to any injury or harm to the body caused by another person, including another driver, a pedestrian and in some cases, a passenger in your vehicle. Generally, there are no limits to the amount of financial compensation to bodily injury and death claims that can be filed under this policy.
● Property Damage portion covers any damage arising from your end – this can include damage to a property or another vehicle. One important thing to consider while setting a limit is the average value of other cars on the road or properties that you may damage during an accident.
● Medical payment is an optional coverage that pays a certain small fee to any occupants in your vehicle that sustains an injury in the event of an accident. This payment is automatic, regardless of the circumstances preceding the accident.
● Comprehensive coverage protects your vehicle against certain kinds of danger/damage such as fire, hijacking or accidents. The details of the coverage will vary from provider to provider, so be sure to pick one that caters to your need.
3. Choose the type of coverage you want
Third-Party Only Coverage
Third-party coverage only covers damages caused by your vehicle to either a person or property. This kind of coverage does not offer any form of cover or compensation for your own vehicle/property. This coverage provides limited coverage to protect your financial assets in the event of an accident. This coverage might seem like a good, cost-effective option but this often isn’t enough!
Comprehensive Coverage offers insurance for both your vehicle and damage to property. If a bank finances your car, they will typically demand that it is put under this coverage.
This policy insures your vehicle from theft, natural disaster, fire, hijacking or an accident with another car, regardless of the culprit. Furthermore, all claims are covered except the excess that is required for your vehicle repair or replacement (we highly recommend picking this option!).
Car insurance with Oneplan
At Oneplan, we believe in giving you options. We know that everyone is different - that’s why we give you TOTAL control of your cover. We do this by using a sliding scale. Basically, you select the percentage of insurance you can afford, selecting cover from 30% to 95% and we work out what your monthly premium will be based on this percentage. It’s that simple.
With us, you select the exact percentage of cover that you want and we will cover you for that and then you will cover the rest of the claim.
We offer comprehensive cover - always
Our sliding scale allows you to manage the percentage of your cover based on your budget but trust us, just because we give you cheaper options, doesn’t mean your cover is compromised.
A number of other insurers will offer cheaper cover in the form of third-party insurance. And in all honesty, it’s just not enough when it comes to insuring your car and helping you cover expenses from an accident.
We want to give you the best form of cover possible. So, instead of only providing insurance that covers the damage costs to a third party, we cover the costs of your own car too! No matter what percentage of cover you have chosen.
But wait, there’s more...
You can adjust your cover from the palm of your hand using the Oneplan App. All you have to do is login and use our cover slider to change the amount of cover you are paying for and we will bill you according to this exact cost.
That means you can adjust your insurance premium to suit you and your wallet.
Take a look at this article which explains why our insurance is uncomplicated, hassle-free and 100% flexible.
The cost of your insurance shouldn’t compromise your cover in the event of an accident or damage.