Cheapest car insurance in South Africa: Naked vs Pineapple vs Discovery vs Santam vs Old Mutual and more

 ·20 May 2024

Naked Insurance offers the cheapest car insurance in South Africa, a price comparison from BusinessTech shows.

Despite being essential in protecting your assets, getting insurance quotes is often a tedious process, with many South Africans dealing with call centre agents who try to sell you on convoluted packages.

Thus, we decided to sacrifice our own time and contact details and compare car insurance prices.

It should be noted that insurance quotes are highly dependent on one’s own circumstances, such as age, criminal history and prior insurance coverage.

The car’s make, model, colour, and how it is driven are also important factors in pricing.

What is covered is also highly important. As every insurer offers different levels of coverage per price, we only looked at the cheapest option for each insurer.

We decided to keep the comparison as true to life as possible and acted as a consumer who is strapped for time and primarily looks at the headline figures.

We compared quotes for a new white 2024 Toyota Starlet 1.5 Xr automatic (R339,000) for an under-25-year-old male driver.

Although we take our jobs seriously, receiving calls from every single short-term insurer and having to explain that we don’t actually have the car would drive us insane.

Thus, we only looked at online quotes via Hippo or, if the information wasn’t available on Hippo, through the insurer’s websites directly.

Notably, while sticking to strictly digital means, we still received several calls from insurers—some of whom were very friendly but likely annoyed by us not buying a product or even having a car to insure in the first place.

Overall, the lowest quote offered to us was from Naked Insurance, which was R1,119 per month.

This was R200 lower than the second-place MiWay Blink, which came out at R1,382.

The third place was Old Mutual Iwyze, which offered insurance of R1,657.

Old Mutal Insure was the fourth cheapest at R1,718, while Pineapple, which is underwritten by Old Mutal, came fifth at R1,740.

On the other end of the scale, Auto & General’s Virsker was the most expensive in this case study, at R2,522.

The prices offered to cover a white 2024 Toyota Starlet Starlet 1.5 Xr automatic can be found below:

Insurance Quote Per MonthExcess at price
Naked R1 119R7 500
MiWay BlinkR1 382R7 500
IwyzeR1 657R6 250
Old Mutual InsureR1 718R6 250
PineappleR1 740R6 250
Santam R1 869R8 000
Discovery R2 019N/A
King PriceR2 220R7 500
Budget InsuranceR2 323R8 700
Dialdirect InsuranceR2 345R8 500
1st for WomenR2 363R8 500
Auto & GeneralR2 381R8 500
VirsekerR2 522R8 500

Read: Problem for South Africa’s new driving licences

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