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Read the Fine Print When Taking Out Carprehensive Car Insurance
Listed here are the pros and cons when making use of Carprehensive Car Insurance; the Ombusdsman has strongly advised against this type of car insurance, though.
The Ombudsman for Short Term Insurance, has sent out a warning to consumers that Carprehensive Insurance, which is the imaginative insurance policy underwritten by RMB Structured Insurance; although a cheap option for cover of motor vehicles, this insurance might very well be inadequate cover for your motor vehicle.
Changeable percentages of the value of your car are promised by Carprehensive Insurance, should the vehicle be written off.
This all depends on what is stated in the insurance schedule.
Take note; most insurance companies will offer cover at the MARKET or the RETAIL price, whereas Carprehensive Motor Insurance will only insure your car at its value at which it can be traded at, and here you will find a huge discrepancy.
Paying lower premiums on insurance simply means that the insurance company has to take on more risk, and this simply means that the insurance company would lose out.
Simply put, cheaper insurance means higher risk in other areas. If risk is not included then this is excluded from the cover.
Complete and total loss is covered, and nothing else. So in other words, you are only covered when your car is written off.
Take careful note that the insurance does not cover damage if the car is not completely totaled.
Carprehensive Insurance only covers Third Party damage where there is more than 50% and less than R250 000 in damages.
Other exclusions include when the driver exceeded the speed limit, if the driver was driving off-road, or if the driver violated any of the traffic rules.
Exclusions are enforced if the tyres were worn down and not replaced.
On the plus side, if you need cheap insurance, this might be the insurance you are looking for.
Shop around for motor car insurance before deciding; perhaps Carprehensive Car Insurance is your insurance cover of choice, or you might prefer to take the advice of the Ombudsman and steer clear and find one that will offer more cover.