Insurers Do Not Want You To Know This: How to Pay Less for Vehicle Insurance?

Are you one of the millions of South Africans feeling the effect of an insanely high car insurance premium on your pocket each month, or are you one of many vehicle owners forced to choose between paying school fees or vehicle insurance?

Before the COVID-19 pandemic, Jack was already struggling to pay his debts. Working hard as an accountant in the city, Jack was the provider for a family of five. Over the years, Jack managed to cover all his debts each month, with no money left for savings.

But in 2019, Jack had to make some serious financial decisions when his employment contract changed from full-day to half-day. Jack lost half of his salary and could no longer keep up with all his debt payments, forcing him to cut loose various services that he could no longer afford. Unfortunately, car insurance was one of them.

As luck would have it, a year later, someone stole Jack’s vehicle from outside his home. Not only did Jack become another vehicle-theft statistic, but he also became a no-insurance statistic. Jack, a hardworking family man with an accounting degree, now had to rely on public transport.

Insurance is invaluable. Yet, around 65% of South Africans are driving without insurance

Statistics show that South Africans are teetering on the edge of insolvency, with around 75% of household income used to service debt. In the same vein, statistics from the South African Insurance Association shows that only about 35% of vehicles on roads are insured, which means nearly 70% of South Africans are driving without insurance.

Vehicle insurance rates have become a budget pain point for millions of South Africans like Jack. But South Africans can actually afford vehicle insurance. In fact, not only can South Africans afford car insurance, but they have the power to bring their premiums down.

Here’s how?

Compare comprehensive insurance quotes

Industry experts say that one way to keep premiums down is to check the market value of the car against the insured amount and then compare quotes from different insurers to find the most affordable comprehensive insurance to meet the budget. Need a FREE vehicle insurance comparison quote from the top five providers to see how much money you could save? Use and get a quote within minutes.

Maintain zero insurance gaps and keep good credit

While gender, age, lifestyle, vehicle model and price are huge premium influencers, another key to a lower monthly rate is to drive a comfortably affordable vehicle. Providers also look at insurance history. Similar to medical cover, vehicle insurance providers dislike insurance gaps, and they are equally cautious of those with negative credit reports.

Consistency is important to providers as research shows that consumers who effectively manage their credit responsibly have fewer claims. This means that South African drivers can reduce their monthly premiums by paying bills on time and by nurturing their credit reputation.

The lower the risk, the lower the premium

Where we live, the theft risk of the area and our personal history of claims all have an effect on our premium. To reduce premiums—clean out the garage and get the car securely parked in it, rather than on the pavement. Don’t have a garage? Install extra safety and anti-theft devices because a safer car = less risk = lower premium.

Once installed, inform the insurer of any changes to the policy, and request a revised quote. Not only will a vehicle tracking device lower the comprehensive car insurance premiums, but it will also help police recover the vehicle if stolen.

Combine insurance and ditch the whistles and bells

Not all car insurance policies are equal. Whereas some come with added services and benefits at no extra cost, others charge for the same service. Before you sign the dotted line, ask yourself whether one needs all those add-ons as this will affect the premium. Also, many insurers offer a reduction for policies that cover several types of insurance, like household and vehicle insurance. You may also receive a discount if you have more than one vehicle insured with the same provider.

So, why did no one tell South African drivers about this? Probably the same reason they never told Jack about sites like CoverSearch.

Compare Rates with at least 3 Providers to get the most savings

CoverSearch is a FREE, no-strings-attached online tool that helps put South African vehicle owners in touch with the best insurer for their needs and budget. Millions of South Africans are astounded when they learn how easy it actually is to pay less for car insurance.

It’s true. Car Insurance is affordable.

Do not let high car insurance premiums force you to cancel your insurance as Jack did. Not only did Jack lose his car, but he lost all the money paid to his insurance provider over the years before cancelling his policy. If Jack had known that he could have reduced his rates by following a few of the above simple actions, Jack, like millions of other South Africans, would not have to rely on public transport today.

Are you ready to save money? Then put CoverSearch to the test.

Here’s how you do it: