Best car insurance in South Africa and the worst in 2022 | A-Z exhaustive list
Change is inevitable, and so are accidents, especially on South African roads. Some accidents are caused by reckless driving, which includes high speeds, ignoring traffic safety rules, driving under the influence, and driving a malfunctioned car, among many others. Whichever the reason, it is prudent that one has their vehicle insured with a reputable car insurance company. So, which is the best car insurance in South Africa?
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It is one's hope that they will never find themselves being part of an accident. However, accidents happen when one least expects it. It could be you or your loved one, colleague, neighbour, or even friend in such a situation. When it happens, you want to have the car covered for damages. So, which insurance company is best for car insurance in South Africa?
Best car insurance in South Africa
Once an accident happens and your car is not insured, the victim may have to undergo a daunting process of meeting the expenses involved. But how do you find an insurance company that meets and exceeds your needs? The process can be challenging, especially if the market is flooded.
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Top car insurance companies in South Africa
Rating the most efficient and effective vehicle insurance firm is not an easy task. However, South African car insurance companies with some of the most competitive and best premiums take the day. So, who is the best insurer in South Africa?
King Price insurance
This firm is known for its clients' emergency assistance, fast and easy claims, and decreasing premiums.
AA car insurance
The insurance firm has been at the forefront of providing its clients with excellent services. They offer emergency medical rescue, roadside security and rescue, unlimited call-outs per year, and comprehensive assistance services. Other services include;
- Pothole damage assist
- License renewal assist
- Accident claim assist
Momentum
Momentum insurance has built its reputation across the country by offering premium services and having no hidden charges to its clients. Some of the benefits include;
- Vehicles are insured at the retail value
- Free 24-hour roadside assistance
- A fast and simple way to submit claims through the mobile application
- Full comprehensive vehicle insurance cover
- Limited cover for third party, theft, and fire
Discovery
This firm provides its clients with various value-added insurance types to choose from. They offer three different types of plans which include;
- Dynamic plan
- Essential plan
- Classic plan
- Executive plan
Some of the benefits include;
- Immediate assistance during an emergency
- Provides a hassle-free parking application
- Assists in avoiding bad weather by providing bad weather warnings
MiWay
MiWay provides customised insurance services to their clients. To stand out from the rest, they provide customers with a cover known as Total Loss, which indemnifies clients for the total loss of their cars due to hijacking or theft, limited third-party liability, and write-offs. Cars can either be insured under the following values, which include;
- Specially agreed values
- Retail value
- Trade value
- Market value
Some of the benefits enjoyed by customers include;
- Easy and quick to comprehend insurance structures
- Free roadside emergency help
- Affordable premiums
- Easy to claim process
- Excellent customer service, among many others
Top car insurances in South Africa list
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It is advisable to check various car insurance reviews before engaging a specific insurer. This will give you a leeway to ensure you choose the very best company for indemnification. So, what's the most reliable car insurance?
- King Price
- AA Insurance
- Momentum
- Discovery
- MiWay
- Outsurance
- Santam
- Dial Direct
- Auto and General
- 1st for Women
- Unity
- Hollard
- Budget
- Old Mutual
- AIG
- Iwyze
- FNB
What are the 3 major car insurances?
The South African insurance industry is one of the most efficient and reliable. A few of the benefits include top-notch covers to excellent customer service. Here are some of the leading firms in South Africa.
King Price will easily take this one if you look at the parameters of the reduced customer complaints and overall goodwill from South Africans.
- King Price insurance
- AA car insurance
- Momentum
Overview of SA's best insurance companies
The best indemnity brand is one that offers various types of cover. For example, car cover, home cover, medical cover, funeral cover, business cover, and life insurance are some of the best insurance companies' services. In addition, the agency in charge of public complaints, the Ombudsman, ensures that issues between customers and their insurance providers are resolved amicably.
So, what is the best insurance brand? Undoubtedly, the best indemnity companies in South Africa have attained a good reputation by providing their clients with favourable covers. They have also maintained a readiness to step in when valid compensation claims are made.
Types of indemnity in South Africa
The different categories of coverage that every South African should know about are:
Car cover
This protects the car owner if they get into a road accident or their car is stolen. While different indemnity companies offer this service, it is worth noting that each of their charges varies.
Home cover
Home indemnity cover protects homes and expensive household possessions. Specifically, the indemnity company assists in replacing these items if they get damaged or are stolen.
Business cover
The business cover protects one’s possessions in a business. At the same time, it covers employees and customers should they get injured within the business property.
Medical cover
Every South African needs a medical cover against any medical emergencies such as unexpected illnesses. Medical indemnity often lifts the weight of substantial medical bills.
Life insurance
The life indemnity policy protects one’s loved ones from suffering if they pass away. The company receives monthly premiums from the person who has taken the cover, and in case the person dies, the money is issued to the pre-registered beneficiaries.
Funeral cover
The hefty costs of funerals are avoided by taking funeral covers. It is a good way of relieving loved ones from the emotional burden of looking for money for the burial. Besides, this package also allows you to cover other members of your household, including your parents.
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Best short term insurance companies in South Africa
According to the South African Customer Satisfaction Index conducted by Consulta for short-term indemnity, these were the best insurance companies South Africa prides over:
- Outsurance Company
- Virseker Company
- Old Mutual
- Momentum
- Santam Company
- Discovery Insure
- Auto & General
Top 10 life insurance companies in South Africa
Life indemnity is essential for every South African citizen. Interestingly, the best life insurance in South Africa listed are ranked based on their reputation among the members of the public, customer satisfaction, and the quality of services offered in relation to the prices paid by consumers.
- Metropolitan Company
- Standard Life
- FNB Life
- 1Life Insurance
- Sanlam Company
- Momentum Life
- Old Mutual Company
- Industry
- ABSA Life
- Discovery Life Company
What is the leading insurance company in South Africa?
Getting a definitive answer to this question is quite tricky. Typically, the performance of indemnity companies is assessed using various parameters by different authorities. Some of the factors to consider are reputation, reliability and customer satisfaction.
The performance may also vary annually after each report is published. Nevertheless, every South African should know that the best indemnity is that which meets their personal needs.
Worst South African insurance companies
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The worst indemnity agencies in South Africa are those that received the most complaints from their customers. This is determined from the latest annual report by the Ombudsman for long term insurance:
- Old Mutual Life Assurance Company (South Africa) Limited
- Hollard Life Assurance Company Limited
- Liberty Group Limited
- Metropolitan Life Limited
- MMI Group Limited
- Sanlam Life Insurance Limited
- Sanlam Developing Markets
- Santam Structured Life Limited
- Assupol Life Limited
The above read is an eye-opener on some of the best car insurance in South Africa today. Some have been in existence for many years and take pride in their history. Others are newer companies that seek to fulfill the gaps in the indemnity industry. Therefore, it is essential to assess these brands' claims to hire the best insurance companies in South Africa before choosing to insure yourself or your property.
DISCLAIMER: This article is intended for general informational purposes only and does not address individual circumstances. It is not a substitute for professional advice or help and should not be relied on to make decisions of any kind. Any action you take upon the information presented in this article is strictly at your own risk and responsibility.
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Favour Adeaga (Lifestyle writer) Dr. Favour Adeaga is an author, speaker, and coach. He graduated with a degree in Mass Communication from The Polytechnic, Ibadan, Nigeria. He did his internship at The Nation Newspaper and taught diploma students in Newspaper and Magazine courses at the Nasarawa State University, Keffi. He has curated the facts and life hacks category since 2018. Dr Favour is the author of several books available on Amazon. He currently lives in Nigeria. Email: favouradeaga@gmail.com
Ruth Gitonga (Lifestyle writer) Ruth Gitonga has a background experience in Mass Communication for over six years. She graduated from the University of Nairobi with a degree in Mass Communication in December 2014. In 2023, Ruth finished the AFP course on Digital Investigation Techniques. She has worked for Briefly.co.za for five years now. She specializes in topics like lifestyle, entertainment, travel, technology, and sports. Email: gitongaruth14@gmail.com.
