What is Insurance?
Insurance is a legal agreement between an insurer (insurance company) and an insured (individual), in which an insured receives financial protection from an insurer for the losses he may suffer under specific circumstances.
Cheap Insurance In South Africa
OUTsurance
OuTsurance gives you more than enough benefits, value, and superb service when you take coverage from them.
The essential car insurance policy is designed explicitly for unfinanced motors older than five years. Meanwhile, the motor warranty policy covers the costs of repairing your vehicle after sudden issues.
Unity Insurance
Unity Insure’s tire & rim cover shields you from accidental damage expenses of tires and rims, and its fines support benefit saves you the hassle of paying traffic fines. Besides, it includes a driving license support benefit to keep you on the road.
Meanwhile, the motor combo (a combination of the other two policies) will maintain the machine’s beautiful appearance.
How much is car insurance in South Africa?
How much it really costs to keep a car on the road in South Africa
Year (month) | Monthly Net Instalment Due | Monthly Fuel Cost | Monthly Insurance | Monthly Running Cost | Total Mobility Cost * | % YoY Change |
---|---|---|---|---|---|---|
2018 | R3,383.39 | R2,765.00 | R1,131.34 | R370.41 | R7,650.14 | 13.99% |
2019 | R3,564.77 | R2,731.75 | R1,187.91 | R366.97 | R7,851.39 | 2.63% |
2020 | R3,433.06 | R2,565.50 | R1,235.43 | R349.77 | R7,583.76 | -3.41% |
2021 | R3,438.11 | R2,646.00 | R1,273.73 | R358.10 | R7,715.94 | 1.74% |
2022 | R3,779.28 | R3,780.00 | R1,322.13 | R475.39 | R9,356.80 | 21.27% |
2022 (Oct) | R4,131.26 | R4,033.75 | R1,348.57 | R501.63 | R10,015.21 | 7.04% |
2022 (Nov) | R4,313.10 | R3,949.75 | R1,409.26 | R492.94 | R10,165.05 | 1.50% |
Increase | R929.71 | R1,184.75 | R277.92 | R122.53 | R2,514.91 | 32.87% |
Do you need insurance to buy a car in South Africa?
Car owners are not legally required to take out car insurance unless the car was purchased with a loan from a bank or other financial institution.
What documents are needed for car insurance in South Africa?
Requirements for applying for car insurance in South Africa
You will need the following: A valid driver’s license — yes, it is a requirement! Vehicle registration certificate: This shows the vehicle owner’s name and — if the vehicle is financed — the name of the bank or finance institution.