insurance premiums

[MR_Y]

Naked Insurance
2014 Cayman S PDK
39 y/o
Cover includes:
- Retail value + additional R100k to cover extras/options not covered by retail value
- Premium car hire (3 series, A4, etc.)
- R5 million cover to others
- Alloy rim cover (excluding tyres)
- Windscreen cover
- No requirement for Tracking device

Premium: R1,201 pm (max. R20k excess)
Premium: R1,630 pm (min. R1,500 excess)
Saving pm: R429

By going for the max excess and saving that R429 pm by paying it (for argument sake) towards your R1m bond*, you can knock off 25 months from a R1 million bond term. This works out to R193k in savings in bond installments.

*Assuming interest rate of 7% pa and simplistic assumption of no future interest rate changes and assuming insurance premium never goes up.

Disclaimer: the above does not constitute financial advice.

 

[Yulz9081]

Age 31
Insured with Santam via a broker.
R4k flat excess, no excess for glass claims.
2020 X3 M40i - R1586pm (Insured with R40k of extras above full retail) - R1.1m
2021 Mini JCW - R1251pm at full retail - R724k
2008 Yaris Sedan AT - R274pm at market value.

 

[VinceM]

I’m now convinced that Discovery is over charging me!!!!


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[momoPike]

Please share your brokers guys. They seem to be the magic sauce as well

 

[JoziNick]

I’m now convinced that Discovery is over charging me!!!!


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Everytime I ever tried get a coat from discovery or outsurance for that matter the pricing I get back was always double what I was paying (& we haven’t had a claim in probably 4 years)


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[SylisM]

Everytime I ever tried get a coat from discovery or outsurance for that matter the pricing I get back was always double what I was paying (& we haven’t had a claim in probably 4 years)


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I tried outsurance when I was busy shopping for insurance, they quoted me double my car installment is.
right now I’m insured with M&F, I’m paying R400 less than when I insured my 328i (now driving a 330i).

 

[Eust]

36
Fourways, Sandton
A few claims as well, about R200k, with premiums paid of circa R180k in last 5 years.
Discovery Insure:
2019 Mini Countryman S, with retail booster R1128.
2011 Mini Cooper, Retail value R590
CIB:
2011 BMW M3, value circa R600k as it includes cover for the supercharger etc, R2100pm.

 

[JoziNick]

I tried outsurance when I was busy shopping for insurance, they quoted me double my car installment is.
right now I’m insured with M&F, I’m paying R400 less than when I insured my 328i (now driving a 330i).

My broker (I_DRS) insures us through sanlam. And we get rates unheard of across any direct dealing with insurance houses (with Uber low excesses) we then tend to insure everything through them (household, contents, all risks, etc etc etc).


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[jayaynikkal]

Vehicle: 2018 Ford Fiesta ST
Age: 25
Premium: R2500
Insurer: Santam

 

[Rotinaj]

36 Male single, Pretoria claim in 2020 for the M3 that a bimbo wrote off, before that i was claim free for a good couple of years.

09 C63 - 350K R1000 pm - Excess 5k
08 C320 CDi - 145k, 500pm - Excess 2k
05 E200 - 75k R190pm - Excess 2k
02 325Ti - 65k R230pm- Excess 2k
04 IS300 - 85k R250pm. - Excess 2k

But given i can only drive one at a time i actually pay about half of that given Naked allows you to switch between 3rd party and full over in 15secs.

None of them have rental options, again if i venture out of GP i just swtich on the rental cover for the time i am out of town cost like 60 bucks for the month.

 

[Rotinaj]

Vehicle: 2018 Ford Fiesta ST
Age: 25
Premium: R2500
Insurer: Santam

Do they at least send Lube?

 

[jayaynikkal]

Do they at least send Lube?

To be fair, I don't have the best driving record. Been caught for some stupid stuff.

But I was indeed shocked when it came to looking for quotes. No excess though.

 

[VinceM]

36 Male single, Pretoria claim in 2020 for the M3 that a bimbo wrote off, before that i was claim free for a good couple of years.

09 C63 - 350K R1000 pm - Excess 5k
08 C320 CDi - 145k, 500pm - Excess 2k
05 E200 - 75k R190pm - Excess 2k
02 325Ti - 65k R230pm- Excess 2k
04 IS300 - 85k R250pm. - Excess 2k

But given i can only drive one at a time i actually pay about half of that given Naked allows you to switch between 3rd party and full over in 15secs.

None of them have rental options, again if i venture out of GP i just swtich on the rental cover for the time i am out of town cost like 60 bucks for the month.

Are these fully comprehensive insurance prices or third party only (referring to the Ti, E200 and IS300)? I’m paying for a 325ci ~R550 and 330ci ~R650 (Retail booster included)…..if I switch I’ll pay half


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[Rotinaj]

Are these fully comprehensive insurance prices or third party only (referring to the Ti, E200 and IS300)? I’m paying for a 325ci ~R550 and 330ci ~R650 (Retail booster included)…..if I switch I’ll pay half


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Full cover. It all depends on risk profile and location etc etc. Given i fall under the silverton SAPS area crime is sky high as a reported stat so depending on certain factors you might come in even cheaper.

 

[KevinC]

36 years old in JHB
2017 120d
Approximately R1k pm insurance cover with R2k excess (includes no excess on theft, hijacking or glass damage)
Santam via Carmen Financial Services

 

[TurboLlew]

This is going to inherently be different for everyone based on locations and risk profiles etc.

However one thing I have experienced in all these years owning cars (even when I was in that extremely high risk bracket of indian, male, under 25): a broker was the way to go. Sela Brokers or Silvercrest are options I can recommend. Having a consistent warm body to talk to on the other side is worth whatever small saving there might be and they have regularly reduced my rates year on year. They are extremely professional and not cocksure idiots like most of the people you speak to when doing comparisons.

38M in JHB | No Trackers on my cars: ~R1800 for M5 (with all the extras listed) and ~R1200 for 4C.
37F Wife's C200 is the same as the 4C... but not astronomical considering she has claimed a couple of times.

You can get into excesses and locations etc: either way in isolation those numbers mean nothing: However, look at this from Outsurance: LIKE FOR LIKE VS. SELA for JUST the F90 to give you an idea of a broker vs. telesurer/'mainstream' company:

HOW DOES THIS MAKE ANY SENSE? Even the guy quoting knew it was going to be futile. Ferrari 458 insured via Sela would have been half this for reference... let alone a sensible family sedan LOL. I suppose it has improved a little over time: when they did the same for my F10, the quote was more than the instalment I was paying for the car (I actually told the guy I could literally go and buy a spare car on that basis). The worst for me is that they sit there and talk to you about fuel bill savings or no claims bonuses (both dependent on not using this astronomical service and driving like miss daisy cos you're being tracked constantly) like that is going to make up for a differential of many thousands of rands per month...

I have NEVER had luck with places like Outsurance or Discovery (who will also actively and aggressively find ways to repudiate your claim). Enjoy the gamification and savings... 'til you have a R500K+ claim trashed because you were 30km/h over the speed limit 30 mins before crashing.... (there was a story on here like this as well as one that I remember where they found footage of the guy at a place "where alcohol was being served").

They CAN beat the rates in some cases (eg King Price did for my F90)... but then the fine print is full of junk (restrictions on drivers, mileages, different excesses depending on who is driving the car, requirements for trackers/tools to assess driving behaviour etc). You're then at the mercy of whoever you get at the call centre if you need to claim. The kind of support I've gotten from Sela over the years means switching is a VERY difficult thing for me to even think about for pretty small savings.

 

[Audioholic]

Im with Naked as well.
'08 MB C200 - 140k - R550pm - Excess R1500

'13 Polo 6 1.6 - 100k - R456pm - Excess - R3000

 

[KarshS]

Im With Mutual and Federal through a Broker (Univem)

35M Based in Centurion
95 e36 325i @ R390 a month, insured value R60, 000
16 F30 340I @ R1602 a month, insured value R465, 000

Flat access R2500

I have been offered cheaper elsewhere but my broker is amazing, i wont want to save a couple 100 bucks and go anywhere else.

 

[Rotinaj]

This is going to inherently be different for everyone based on locations and risk profiles etc.

However one thing I have experienced in all these years owning cars (even when I was in that extremely high risk bracket of indian, male, under 25): a broker was the way to go. Sela Brokers or Silvercrest are options I can recommend. Having a consistent warm body to talk to on the other side is worth whatever small saving there might be and they have regularly reduced my rates year on year. They are extremely professional and not cocksure idiots like most of the people you speak to when doing comparisons.

38M in JHB | No Trackers on my cars: ~R1800 for M5 (with all the extras listed) and ~R1200 for 4C.
37F Wife's C200 is the same as the 4C... but not astronomical considering she has claimed a couple of times.

You can get into excesses and locations etc: either way in isolation those numbers mean nothing: However, look at this from Outsurance: LIKE FOR LIKE VS. SELA for JUST the F90 to give you an idea of a broker vs. telesurer/'mainstream' company:

HOW DOES THIS MAKE ANY SENSE? Even the guy quoting knew it was going to be futile. Ferrari 458 insured via Sela would have been half this for reference... let alone a sensible family sedan LOL. I suppose it has improved a little over time: when they did the same for my F10, the quote was more than the instalment I was paying for the car (I actually told the guy I could literally go and buy a spare car on that basis). The worst for me is that they sit there and talk to you about fuel bill savings or no claims bonuses (both dependent on not using this astronomical service and driving like miss daisy cos you're being tracked constantly) like that is going to make up for a differential of many thousands of rands per month...

I have NEVER had luck with places like Outsurance or Discovery (who will also actively and aggressively find ways to repudiate your claim). Enjoy the gamification and savings... 'til you have a R500K+ claim trashed because you were 30km/h over the speed limit 30 mins before crashing.... (there was a story on here like this as well as one that I remember where they found footage of the guy at a place "where alcohol was being served").

They CAN beat the rates in some cases (eg King Price did for my F90)... but then the fine print is full of junk (restrictions on drivers, mileages, different excesses depending on who is driving the car, requirements for trackers/tools to assess driving behaviour etc). You're then at the mercy of whoever you get at the call centre if you need to claim. The kind of support I've gotten from Sela over the years means switching is a VERY difficult thing for me to even think about for pretty small savings.

Oh every 2 years i phone outsurance and take my partner for a nice dinner sponsored by them.

Discovery buisiness model is based on sticking to the letter of the law. Not what i would say going out of their way to not pay you, but they certainly do alot of investigation. Mate of mine is royaly fucked because of them his wife smashed his car and they repudiated because right after the accident she phoned them and fuck me they said well what she said right after the accident vs what is in the report is two different things so no claim for you. Nothing right after a accident should ever be viewed as the truth as you are in sheer shock. I know of a case of a dronkie smashing into the house next to me's garages and his discovery actually had someone come and check various CCTV footage till they found the bar he left and then they got hold of his bank statements and traced to the bill he paid. YOu had booze, no payment. Neighbour had to replace the gates and garages himself via his insurance.

I one had a insurance qoute form them for the M3, it was 6K pm, i laughed and said that is more than all my insurance permuims of my 3 other cars and the installment on the Alfa.

King Price is part of Telesure would not do business with M&F and the dubious person who founded that company ever.

Alex Forbes insurance was quite good but they started jacking their premiums in 2016 so i moved to Momentum and eventually to Naked.

 

[Bruce88]

Pay around R1100, 2007 Z4M, insured for R250k. I'm 33, CPT based.

Dude, how did you get your retail value so high, Discovery wants to insure mine at 190k but its less than 100,000kms on the clock so weird