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