Last year, over a period of three-months,\u00a0over 9 500 cars and motorbikes were reported stolen across South Africa. That\u2019s around 104 cars stolen a day. Over the same three-month period, 6 009 cars were hijacked; one every 21 minutes.\u00a0<\/p>\n\n\n\n
If you math the maths, insurance is a non-negotiable.<\/p>\n\n\n\n
This month, on 28 June, its Insurance Awareness Day, the ideal time to remind South Africans about the importance of having insurance cover in place.\u00a0 <\/p>\n\n\n\n
BusinessTech recently spoke to car insurance<\/strong><\/a> experts \u00a0at Budget Insurance to find out how South Africans can stay insured, and benefit from lower monthly premiums.\u00a0<\/p>\n\n\n\n Here are 8 ways to save:<\/p>\n\n\n\n Shop around for an insurer that can offer you the best levels of cover at the most competitive price. <\/p>\n\n\n\n For example, this month, to celebrate Insurance Awareness Day, Budget Insurance<\/strong><\/a> is offering new customers an extra 10% off their already affordable premiums plus tyre and rim cover for R10 per month for 12 months!<\/p>\n\n\n\n Drivers of older vehicles must ensure that they are not over-insuring their cars. <\/p>\n\n\n\n While Budget Insurance takes into account the vehicles depreciated value, not all insurers do, so make sure your vehicle is insured for the correct value.<\/p>\n\n\n\n Your car insurance premium is calculated based on your risk profile.\u00a0 Your risk profile is based on a number of things such as where you live, the type of car you drive, and the security measures you have in place, amongst others. <\/p>\n\n\n\n You could reduce your car insurance premium if you\u2019ve fitted your car with additional safety features such as a tracking device or an alarm, for example.<\/p>\n\n\n\n Keep your insurance for real catastrophes which result in unexpected large losses and avoid claiming for small events that you could cover from your own pocket. <\/p>\n\n\n\n When you claim for every little scratch, your insurance provider will raise your premium to reflect the higher risk you pose. Also, claiming could affect your Cash Back Bonus if you have one.<\/p>\n\n\n\n You could save some money on your monthly insurance premium by increasing the excess<\/strong><\/a> you pay when you claim. Ideally, you want to pay the lowest excess you can in the event of a claim. However, opting for the lowest excess might make your premium too expensive for you. <\/p>\n\n\n\n Best practice is to find a balance where you\u2019re paying a reasonable premium and your excess is not too high that you won\u2019t be able to cover that amount should you need to make a claim.<\/strong><\/p>\n\n\n\n By insuring your car and home contents<\/strong><\/a>, or your car and buildings insurance<\/strong><\/a> with the same insurance provider, you\u2019ll qualify for a discount.<\/p>\n\n\n\n As your individual needs change so may your insurance needs. For instance, you may no longer need full comprehensive insurance<\/strong><\/a> on an older or second vehicle, and may want to consider insuring it for Lite cover<\/strong><\/a>.<\/p>\n\n\n\n Insuring your vehicle for private use if you no longer use it for business, or if your vehicle is now parked in a more secure environment overnight, like inside a locked garage, it will save you money so let your insurer know.\u00a0\u00a0\u00a0<\/p>\n\n\n\n The consequences of going without insurance can be catastrophic and not many people have the cash in-hand to replace their car if it\u2019s stolen or written-off in an accident. The good news is that with smart planning, insurance can be affordable \u2013 giving everyone peace of mind.<\/p>\n\n\n\n1<\/strong>. Look out for opportunities to save<\/strong><\/h3>\n\n\n\n
2. Insure your vehicle for the correct value<\/strong><\/h3>\n\n\n\n
3. Increase your security\u00a0 <\/strong><\/h3>\n\n\n\n
4. Don\u2019t claim unnecessarily<\/strong><\/h3>\n\n\n\n
5. Increase your excess<\/strong><\/h3>\n\n\n\n
6. Combine your policies<\/strong><\/h3>\n\n\n\n
7. Review your cover on a regular basis<\/strong><\/h3>\n\n\n\n
8. Make sure you keep your details updated<\/strong><\/h3>\n\n\n\n
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