Insurance data shows how many South Africans can afford a new car right now

Santam has released the results of a new survey based on the attitudes of South African drivers towards their vehicles.

The survey was sent to a sample of more than 1,900 South African car owners with insurance policies, and was aimed at providing Santam with means to better understand driver behaviour.

Asked how they would cope if their car was written off or stolen, 40% of respondents indicated that they were in a position to purchase another vehicle, whereas 37% would not be able to go about their normal daily lives.

Almost two-thirds of respondents said that they considered themselves to be “very or extremely attached” to their vehicle, and four in ten drivers have given their vehicle a name, meaning they have a very personal and somewhat emotional relationship with their cars.

Over one-third (37%) indicated they would be “unable to function” without it, when it comes to the prospect of losing their vehicle, either as a result of a theft or write-off.

How much your car is worth

The survey further showed that when asked whether they knew the current monetary value of their vehicle, nearly half (45%) did not know this amount, even though the majority (58%) of the participants had read their insurance policy in the last six months.

However, when it came to the settlement car owners would be willing to receive if their vehicle was stolen, nearly half (48%) expected the full amount for which the vehicle was insured.

Other settlement amounts that drivers would be willing to receive were “the market value the car was insured for” (29%) and “a similar ‘replacement vehicle” (23%).

Other data published in the survey includes:

  • Nearly half of car owners (44%) do not let anyone else drive their vehicles, and for those who do, generally a spouse or partner is allowed to drive their vehicle (48%).
  • A majority (68%) of respondents considered their vehicle to be an asset, placing a high degree of value upon it with 45% being the sole driver.
  • Among those surveyed, 39% indicated they own their car outright, and of those paying off a vehicle, the average monthly payment was between R3,000 and R5,000.

Read: The 5 most popular car brands in South Africa right now

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Insurance data shows how many South Africans can afford a new car right now