Standard Bank Car insurance Review 2023

Standard Bank car insurance is a type of motor vehicle insurance that covers a variety of vehicles such as cars, motorcycles, speed boats, and jet skis. The Standard Bank car insurance includes 24-hour roadside assistance for anyone who is insured under the product.

Standard banks also offer car insurance add-ons such as debt and scratch coverage. For R95.00 per month, this cover protects a vehicle from body damage such as dents, scratches, and paint chips. The product comes with a R750.00 excess per claim.

Standard Bank car insurance protects your vehicle against theft, loss, and damage. Furthermore, the Standard Bank vehicle insurance product includes benefits in addition to the premium cost. All car insurance policyholders are eligible for Standard Bank benefits, which are provided at no cost.

Using an insurer like Standard Bank has many advantages such as

• Advice from one of the best financial services providers in South Africa,
• Expert service delivery with over 150 years in business,
• Car insurance product that is underwritten by some of the best underwriters in South Africa which include:
  • Standard Insurance Limited,
  • Liberty Group Limited
  • King Price Insurance company Limited,
  • Auto and General Insurance Company Limited,
  • First For Women Insurance Company Limited,
  • Izinga Access (Pty) Ltd,
  • Hollard Insurance Company Limited, and
  • AIG Life South Africa Limited
• Benefits at no extra premium.

The Standard Bank car insurance offers a number of plans for customers. These plans are discussed in detail below.

Standard Bank Car Insurance Plan

Customers can choose from 3 different Standard Bank Car Insurance solutions. Comprehensive car insurance, third-party only car insurance, and third-party fire and theft car insurance are the products available to choose from. Below we go over all 3 Standard Bank Car insurance products in depth.

1. Comprehensive Car insurance

Comprehensive car insurance provides the best coverage when compared to other Standard Bank car insurance options. Natural disasters, vehicle loss, and theft are all covered by comprehensive car insurance. This policy applies to personal vehicles, 4x4s, and other motor vehicles.

Comprehensive car insurance protects you against a wide range of occurrences. It is essential to understand what you are covered for under this policy before purchasing comprehensive car insurance. Standard Bank comprehensive car insurance covers the following incidents:

• Hail damage to one’s car,
• Legal liability,
• Accidental damage,
• Theft or hijacking,
• Attempted theft
• Attempted hijacking that leaves the car damaged,
• Fire, explosion, or earthquake damages to your car,
• Damage to one’s car caused by natural acts such as storms, floods, or snow.

Since comprehensive coverage provides the most comprehensive coverage, it does have some limitations. Comprehensive car insurance does not cover intentional damage to a vehicle. Standard Bank comprehensive car insurance does not cover you if you have done any of the following:

• Driving Under the influence,
• Leaving the scene of an accident,
• Racing and using the car to earn an income,
• Intentional loss or damage to your car,
• Car being used without your consent,
• Using an unroadworthy car

2. Third-party fire and theft car insurance

The third-party, fire, and theft car insurance provided by Standard Bank covers theft or hijacking, fire damage, and damages incurred as a result of an attempted theft or hijacking . The insurance policy also covers legal liability cover.

There are many occurrences that the cover does not address. Unlike comprehensive car insurance, third-party, fire, and theft car insurance does not cover accidental damage or natural disasters. The policy excludes accidental assistance.

3. Third-Party Only Car Insurance

The Standard Bank Third Party Only Car Insurance is a legal liability insurance product. Legal liability is provided to cover third-party costs in the event of an accident. One is covered to the extent that they are liable for third-party vehicle damage.

Thirdparty only car insurance does not cover the insurance owner’s vehicle from accidents, loss, or damage that their vehicle may sustain in an accident. The coverage is limited to the policyholder’s legal liability in the event that their vehicle caused or is suspected of causing an accident.

Advantages of Standard Bank Car Insurance

• There are various products to choose from.
• Clients can benefit from UCount rewards.
• The amount of coverage can be changed to meet your specific requirements for car insurance.
• Before subscribing to a Standard Bank car insurance product, you receive multiple quotes from which to choose.
• Personal liability insurance is included with the products.
• The solution allows for the insurance of various types of vehicles.

Disadvantages of Standard Bank Car Insurance

• Products are underwritten by third-party insurers.
• Products don’t have cashback benefits attached to them.

Conclusion

Standard Bank’s Car Insurance solution is not the best in the country, but it does offer products that many South Africans require. The company works with various underwriters to bring the products to life. As a result, the solution’s products can be relied on, and excellent service delivery can be expected.

Car insurance premiums are tailored to the customer’s needs.   The individual’s risk profile dictates the cost of the premiums. If you are a good driver and have had your license for a while, you can get lower premiums.

All Standard Bank Car Insurance solution products include roadside assistance which is  free of charge. If you are in a roadside emergency anywhere in South Africa, you can get help as a policyholder.