Another insurance thread

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newby_investor

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So the wisdom on this forum seems to be, don't deal with the direct insurers (Outsurance, Dial Direct, etc.) - rather go with a broker.

The problem that I'm having is that I want to switch from comprehensive insurance (with one of the aforementioned companies) to third-party-only, as my car is worth less than R70k, it's 12 years old, and I hardly drive, so I'm paying a lot more than I need to.

I've spoken to a broker at Indwe and he told me that the brokerage fee that they're going to charge me (R100/m) would make it not really worthwhile for me. (Props to him for not just trying to sell it to me anyway.)

Does anyone have suggestions? I've never worked with a broker before, and I don't know anyone who does (or anyone that I'm on good enough terms with to discuss insurance-related questions). I don't have anything else to insure (at this stage) as my flat is insured through the body corporate, and the contents aren't worth enough for me to bother with that at this point. So it's really just my car that I need to insure.

Edit: the thought has just occurred to me - can one deal directly with someone like Santam or Mutual & Federal?
 
supersunbird said:
My first question, can you afford to buy a replacement car without issue?
Click to expand...
Yeah, quite easily. I could probably get three of my current car with what I've got in my bond at the moment. Obviously I'd prefer not to, but I can.

Edit: having thought about it a bit, I don't actually really need to. I commute on a bicycle or using public transport, the car is really just for recreation on the weekend and Uber could work for that, likewise for grocery shopping trips.
 
R100 policy fee is ridiculous and if not signed of and specifically agreed to by yourself against the FAIS rules.

Why not insure as follows :-
TP, if you can afford to lose the vehicle
TP Fire & Theft, no own damage accident cover
Comprehensive with limited kilometres and a higher voluntary excess

If you shop around get quotes with minimal house contents normally R150 000 but at least you'll be covering your car and contents.

Indwe are OK so they should be advising you on the above or perhaps not worth their while.
 
jman said:
Get yourself a quote from Naked insurance. I'm with them and am happy - I think the cheapest you'll probably find. Those that have claimed have also given great feedback

https://www.naked.insure/car-insurance?utm_source=naked_referral&utm_campaign=JOS001

Edit:
Oh, they also have no call centres, so all done via an app (quoting, claiming, etc). You can do 3rd party only too
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I went to the Naked website, I got a comprehensive quote of R400 or so, which is substantially cheaper than my current one, but I didn't see an option to change it to just third-party. Let me go and have a look again.

Edit: maybe I just don't understand how to navigate modern websites, but I found this option eventually. I found it eventually and it comes to R62/m. Nice! Thanks!

Hemi300c said:
Indwe are OK so they should be advising you on the above or perhaps not worth their while.
Click to expand...
This is probably the case. I specifically said I only wanted the 3rd-party for my car, that I didn't need any other kind of cover.

Perhaps once I move into an actual house and start putting furniture and appliances in it worth actual money then I will need household insurance (both building and contents obviously but I'm not there yet).
 
newby_investor said:
So the wisdom on this forum seems to be, don't deal with the direct insurers (Outsurance, Dial Direct, etc.) - rather go with a broker.

The problem that I'm having is that I want to switch from comprehensive insurance (with one of the aforementioned companies) to third-party-only, as my car is worth less than R70k, it's 12 years old, and I hardly drive, so I'm paying a lot more than I need to.

I've spoken to a broker at Indwe and he told me that the brokerage fee that they're going to charge me (R100/m) would make it not really worthwhile for me. (Props to him for not just trying to sell it to me anyway.)

Does anyone have suggestions? I've never worked with a broker before, and I don't know anyone who does (or anyone that I'm on good enough terms with to discuss insurance-related questions). I don't have anything else to insure (at this stage) as my flat is insured through the body corporate, and the contents aren't worth enough for me to bother with that at this point. So it's really just my car that I need to insure.

Edit: the thought has just occurred to me - can one deal directly with someone like Santam or Mutual & Federal?
Click to expand...
Yes you can. Got a cheaper quote.
 
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