There are a number of insurers in South Africa and it can be quite tough deciding which one to go for.
Here are some tips to use when shopping around:
- Do your research and get at least three quotes to compare. Beware of simply taking the lowest quote – you might be missing out on reliability, service or benefits that the more expensive quotes could offer.
- Find an insurance company that has a good reputation for service, price and claim settlement turnaround times. You can easily do an internet search to find out what people are saying about their experience with the company.
- Make sure the company you choose is a registered Financial Services Provider.
- Don’t make a decision based on the premium costs alone. Make sure you are aware of the benefits and any additional costs such as the excess.
- Check the policy benefits carefully – some options include benefits like a courtesy car and 24/7 roadside and medical assistance.
- Check if the excess is a fixed amount or a percentage of the value of the claim. A percentage would work in your favour for a small claim but if you have a serious accident you could end up paying a huge amount of money.
- Check if your premium will change after you claim or if it is guaranteed for a certain period.
Most importantly, make sure you understand your policy. Read through everything carefully and don’t sign anything unless you know exactly what’s in the policy – both your responsibilities and what the insurance covers.