You must have car insurance if you want to get a car insurance loan. Car insurance is not required for everyone, but it is required for those who want to finance a vehicle. However, in addition to being a requisite for car loans, many people believe that having car insurance is necessary to protect their vehicles from theft, loss, and damage.
Hijacking and vehicle theft are some of the most commonly reported crimes in South Africa. You don’t want to be caught without vehicle insurance. Obtaining car insurance that suits your needs will provide you with peace of mind. You will be able to drive and park your car freely anywhere in South Africa.
Vehicle insurance, such as that provided by Standard Bank, can provide you with protection for your vehicle. You are protected against theft, loss, and damage to your vehicle. Furthermore, the Standard Bank vehicle insurance product includes benefits that go beyond the cost of the premium. Benefits on the Standard Bank are available to all car insurance policyholders and 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:
- Benefits at no extra premium.
Standard Bank Car Insurance Summary
Standard Bank Car insurance is a type of car insurance that protects against natural disasters, loss, and theft. The car insurance solution includes benefits that are intended to assist clients both at home and when they are stranded on the road with their car. Benefits are provided at no additional cost and are available 24 hours a day, seven days a week, anywhere in South Africa.
The premiums for car insurance products are determined by the level of coverage selected. There are three covers to choose from, each of which protects one’s car in a different way. The car insurance solution allows for the coverage of various types of motor vehicles, which may include one or more of the following:
- Private Car,
- Speed boat,
- 4 X 4,
- Jet Ski, and
- Microlight vehicles
Standard Bank Car Insurance Products
Customers can choose from three different Standard Bank Car Insurance solutions. Comprehensive car insurance, third-party only car insurance, and third-party fire and theft car insurance are some of the products available on the market. In this chapter, we go over all three Standard Bank Car insurance products in depth.
Comprehensive Car insurance
When compared to other Standard Bank car insurance offerings, comprehensive car insurance provides the widest range of coverage. Comprehensive car insurance protects you against natural disasters, vehicle loss, and theft. This policy covers private vehicles, 4x4s, and other motor vehicles.
Comprehensive car insurance covers a wide range of occurrences. Before purchasing comprehensive car insurance, it is a necessity to understand what you are covered for under this policy. The following incidents are covered by Standard Bank comprehensive car insurance:
- 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
Third-party fire and theft car insurance
The Standard Bank third-party, fire, and theft car insurance covers theft or hijacking, fire damage, and damages incurred from an attempted theft or hijacking. Third-party, fire, and theft coverage is limited to the loss of one’s vehicle and fire damage to one’s vehicle. Legal liability is also covered by the insurance policy.
There are numerous things that the cover does not address. Third-party, fire, and theft car insurance, unlike comprehensive car insurance, does not cover accidental damage or natural disasters. The policy does not include accidental assistance.
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.
Although Standard Bank’s Car Insurance solution is not the best in the country, it does provide products that many South Africans require. To bring the products to life, the company collaborates with various underwriters. As a result, the solution’s products can be trusted, and good service delivery can be expected.
Car insurance premiums are tailored to the needs of the customer. Clients are able to pay for the coverage that they require. The premiums quoted are determined by the risk profile of the individual. You can get lower premiums if you are a good driver and have had your license for a while.
Roadside assistance is included in all Standard Bank Car Insurance solution products. Roadside assistance is provided at no cost. You can get assistance if you are in a roadside emergency anywhere in South Africa. Furthermore, you can get towed for free or use a storage facility for free.