FNB Car Insurance Review 2021

Published by
Lethabo Ntsoane

First National Bank is one of the fastest-growing insurance brokers in South Africa and has been expanding its insurance portfolio time and again. The company’s car insurance solutions are very competitive and they offer a broad range of insurance products similar to those that are offered by traditional short-term insurers in South Africa. 

Costs on the FNB car insurance solution are personalized. There is no one size fits all price on the company’s car insurance offerings. Insurance products are tailor-made to suit clients’ car insurance needs. Comprehensive insurance cover can be personalized for broader coverage.

FNB Car Insurance Summary

First National Bank through its insurance brokers provides car insurance products that cover different occurrences. The FNB car insurance products can cover new and older motor vehicles. Premiums from FNB are affordable and competitive when compared to those offered by other insurers in South Africa. 

FNB Car Insurance products provide coverage against loss or damage of motor vehicles. Some products can cover a broader range of occurrences, some offer limited coverage, and some also cover third-party damage. The products are non-discriminatory and can be differentiated, which makes the FNB car insurance products offering diverse. 

Vehicles that can be covered by the FNB Car insurance include but are not limited to private cars, bakkies, 4 x 4, or motorbikes. There are no restrictions on the number of drivers that can be included on the car insurance policy. However, drivers need to have a valid driver’s license and policy owners need to grant permission to add other drivers to the car insurance policy. 

FNB Car Insurance Products

First National Bank has different car insurance products available to choose from. Car insurance products include comprehensive car insurance, third-party only car insurance, and third-party, fire and theft car insurance. These products are discussed in detail below. 

Comprehensive Car insurance

FNB comprehensive car insurance is a car insurance cover that covers a wide range of incidents. The cover covers intentional occurrences, natural occurrences, and accidents. Comprehensive insurance cover from FNB covers you against:

  • Malicious damage to your vehicle by someone,
  • Hijacking,
  • Vehicle theft,
  • Attempted hijacking,
  • Attempted vehicle theft( damages incurred during the attempt),
  • Natural occurrences such as fire, explosions, earthquakes, lightning, or hail storms.
  • Damage to third-party vehicles.
  • Accident

Roadside assistance is automatically activated upon subscribing to the comprehensive car insurance cover. You get 24/7 access to the benefit and it is available to you anywhere in South Africa. Towing costs are taken care of by FNB should your vehicle need to be towed away. 

Third-Party, Fire and Theft Car insurance

FNB third party, fire, and theft car insurance is an insurance product for motor vehicles that are paid off or that are older than 15 years. The third-party, fire, and theft car insurance cover offers lesser coverage when compared to the comprehensive car insurance but comes at a more affordable premium than the comprehensive car insurance. 

The third-party, fire and theft car insurance cover against:

  • Vehicle theft,
  • Attempted vehicle theft,
  • Vehicle hijacking,
  • Attempted vehicle hijacking,
  • Fire-related damages,
  • Damages that you may have caused to another person’s vehicle during an accident.

The purpose of the third party, fire, and theft car insurance is to offer a car insurance cover that is affordable by cutting off some of the covers included in the comprehensive car insurance cover. Accidental damage is not covered by the cover. Furthermore, the third party, fire, and theft car insurance cover doesn’t cover natural occurrences. 

Third-party only car insurance

FNB third-party only car insurance provides coverage to those that want to insure themselves against third-party damages. The third-party only car insurance covers one against third-party property damage to the extent that they are legally liable to compensate the third party. FNB only pays for the damages that are caused by the insured. 

Damage to own vehicle is not covered by the third party only car insurance. Therefore, it is important to have another car insurance product if you have third-party car insurance. With another car insurance product, you will be able to replace or repair your car at a lesser or at no additional cost in case of an accident. Otherwise, with third-party-only insurance, you will have to cover the total cost of repairing/replacing your own vehicle. 

Benefits of FNB Car Insurance

Having a First National Bank car insurance product comes with benefits, these include:

  • Affordable premiums that can be negotiated in order to secure the best cover at the best price,
  • You get multiple quotes from some of the most reputable insurance companies in South Africa,
  • Comes with a basic excess waiver,
  • Cover for natural disasters,
  • Policies are open driver policies, meaning the policies allow for the addition of multiple drivers,
  • Free roadside assistance,
  • Free evaluations on specific products,
  • FNB can cover all your risks under 1 policy,
  • Advice on what to insure and what not insure,
  • Policies come with their own claims broker who will be there to assist you with your insurance needs.

What you need to apply for an FNB Car Insurance

  • Must have a valid driver’s license that is a year older or an international permit,
  • A valid South African ID book or Smart card or passport,
  • An insurable asset (motor vehicle)
  • Proof of residence that is not older than 3 months at the time of application.

Advantages of FNB Car Insurance

  • Different types of motor vehicles can be issued by the FNB car insurance solution
  • The solution comes with free roadside assistance for all product.
  • There are different products to choose from
  • Free car insurance advisory service

Disadvantages of FNB Car Insurance

  • There are many complaints that relate to the claiming procedure by clients on HelloPeter and Google reviews.
  • Service delivery is shaky with the prolonged turnaround time.

Conclusion

First National Bank doesn’t follow the traditional way of insuring motor vehicles. The company uses a broker system to provide insurance products to South Africans. With the broker system, one gets to have better car insurance options based on different quotations.

Products that the company offers are broad and can be differentiated. The needs for different car insurance buyers are, therefore, catered for by the FNB car insurance products.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane