Monday | 20 April | 2020
By Reon Janse van Rensburg
Accidents happen – we all know that. On the road, at home, wherever you may be. Geysers burst, hail falls and potholes lie in ambush waiting to cause damage. Fate has no respect for the lockdown.
During the lockdown far fewer people are using their vehicles. This reduces the risk of accidents on the roads and other events that normally effect motorists.
Several insurers have realised the need during this period and have therefore decided to offer clients a discount on their insurance premiums.
Solidarity has investigated to find out which insurers have already recognised the need and what assistance is offered.
Virseker has announced that if clients need flexibility during the Covid-19 pandemic, they will try their best to accommodate them, and depending on each person’s unique circumstances, the following options are being offered:
- If you have been retrenched and you have taken out Virseker’s Gatsakbonus (a money-back bonus, Virseker will pay your insurance premiums for six months.
- If your money-back bonus is payable within the next six months, you can contact Virseker to request that it be used to pay your premium.
- If you need a lower premium, we can help you by removing cover that you do not need right now (such as for car rental or certain wearable possessions such as jewellery).
- If you are involved in a car accident during April and you have a legitimate claim you will be exempted from the excess.
- If you are currently using a rental vehicle you do not have to pay rental insurance cover during the state of lockdown.
- You may qualify for a discount of up to 20% during April.
For more details go to https://www.virseker.co.za/virseker-se-bystand-gedurende-covid-19/?fbclid=IwAR0TiHpp58AEtYozolUg-EnzTmFu6Eu8MoIKpJcoSWzbafaiF_-YS-jwnbA
Auto & General
Auto & General offers premium relief to its clients of up to R35 million.
If you have been retrenched and have a money-back bonus Auto & General will pay your insurance premiums for six months. If your money-back bonus is payable within the next six months, you can contact Auto & General to use it to pay your premium. If you have migrated to a better premium, Auto & General can accommodate you by removing cover that you do not need right now (such as for car rental or wearable possessions such as jewellery. If you are involved in a car accident during April and you have a legitimate claim, you will be exempted from paying excess, and if you are currently using a rental vehicle you do not have to pay rental insurance cover during the period of lockdown. You may also qualify for a discount of up to 20% on your premium.
For more information go to https://www.autogen.co.za/auto-and-general-response-to-covid-19/?fbclid=IwAR3gABoGuTwM84WmcUGbJ8P-YCS52FDFecIuqzzZPfMqSiGA7gqTGRsaCJg
OUTsurance lowered its vehicle premiums for the month of May by 15%. The discount applies automatically to all vehicle insurance premiums without requiring any action from clients.
OUTsurance also offers the following to its clients:
- A 15% premium reduction on all cover for goods transported for commercial clients.
- Between April and June 2020, the excess payment of OUTsurance business clients will be reduced by 50% reduction and in the case of personal clients, excess will be reduced by 30%.
- Clients who miss a payment on their premium and cannot pay it and who will receive their OUTbonus refund within six months will be allowed to use their OUTbonus to pay their premiums.
- The period on non-payments before cancellation is effected is extended with an additional period of two months.
The total amount OUTsurance has made available to counter the Covid-19 pandemic currently stands on R209 million, of which R134 will be spent on client relief.
For more information go to https://www.outsurance.co.za/insurance-news/outsurance-announces-a-15percent-vehicle-premium-discount/
MiWay clients receive an automatic average drop of 10% on their vehicle insurance premiums during April.
Discovery Insure clients receive a 25% discount on their May premium if they have travelled less than 500 km and a 15% discount if they have travelled more than 500 km.
To be eligible for the 25% discount, you must be using Vitality Drive and must have a telematic device fitted in your vehicle that will allow Discovery to verify how many kilos you have done during April. Clients will still earn their weekly Active Rewards, even if they do not travel at all or do less than 100 km per week.
Naked Insurance clients can opt to use the “CoverPause” option and to only pay 10% of their premium. It is, however, subject to you not driving the vehicle at all. Your vehicle will still be fully covered if parked. This option is valid until 30 June 2020. According to Naked you can still go shopping during lockdown. You can activate accident cover by pressing the resume accident cover button on their app. You will pay for that specific day and will have cover for that specific day.
King Price offers two options for relief to its clients.
The first option is a lower-cost option for comprehensive auto insurance clients, enabling them to switch to third party, fire and theft cover without accident cover which will protect them during the lockdown period. The savings could be up to 70%.
The second option allows clients who insure their household items to switch to an option that covers most insured risks but excludes theft. Businesses that are comfortable with excluding theft can save up to 60% on their premium.
* All information was correct at the time of publication.