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Read the WELCOME ALL BMWFANATICS post.
insurance premiums
- Thread starter yunuso
- Start date
What is your car and what is your premium and who's your insurance provider ?
Thought this might be helpful information for comparisons.
I just got quoted R1190. For 2018 m240i from santam
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Mind sharing your age and city you stay in? That's really decent I think
CK4LIFE
Active member
Interestingly my insurance never cared about colour of my car. Only age, address, insured for business or private, marital status & all mentioned above
Silverbird_96kw
///Member
31
2017 7.5 Gti
1.1k pm with excess Buster inc windscreen
JHB - WestRand
2017 7.5 Gti
1.1k pm with excess Buster inc windscreen
JHB - WestRand
Kyle from SA Brokers Insure - have been with him since 2015.
How did they value this?
yunuso
Member
Cape Town
age 48
R4500 excess
Married
no claims in more than 7yrs
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Last edited:
///M Individual
Well-known member
These premiums are amazing considering the inflated sum insured figures! đź‘Ś
MR_Y
Well-known member
An alternative view....
If you are a relatively safe driver, consider maxing out the excess (take the highest excess) to have the lowest monthly premium.
The saving in monthly premium, you can put towards a tax free savings investment - preferably on an offshore USD-based index tracker.
If you have to claim, you would be able to fund your excess due from your investment.
This is what I do and it has worked well.
Granted, you may need to talk to a financial advisor or someone who knows how to set up this type of investment.
If you are accident prone, then this will not work, obviously.
If you are a relatively safe driver, consider maxing out the excess (take the highest excess) to have the lowest monthly premium.
The saving in monthly premium, you can put towards a tax free savings investment - preferably on an offshore USD-based index tracker.
If you have to claim, you would be able to fund your excess due from your investment.
This is what I do and it has worked well.
Granted, you may need to talk to a financial advisor or someone who knows how to set up this type of investment.
If you are accident prone, then this will not work, obviously.
henriZA
Active member
I pay R290/month, 2011 BMW 320d, 35, Pretoria, R2500 excess
On the point above, don't withdraw from a TFSA if you really have to - "Any withdrawal made from your TFSA is deducted from your lifetime contribution limit (which is R500 000). For example, if you have R200 000 saved in your TFSA and make a full withdrawal, your total remaining lifetime contribution will reduce to R300 000. With this in mind, it makes sense to view your TFSA as a long-term investment vehicle" (source).
But it does make sense to max out the excess and save that cash elsewhere.
MR_Y
Well-known member
On the TFSA, just to clarify further, if you saved so far (say) R200k and it grows in value to (say) R400k, and you withdraw that full R400k, your lifetime contribution remaining would have already reduced by R200k (what you already put in, not the growth). So, your lifetime contribution will reduce from R500k to R300k (R500k-R200k).
Given that max excess is around R20k, that should not be too much of a dent. Especially, if you are getting dollar growth.
However, there is still some gambling involved in investing, so may be best to just save money in your access bond on your home loan and use that to pay for any excess.
Disclaimer: the above does not constitute financial advice.
