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Friday / 24 May 2024
HomeFeaturesSouth Africa’s favourite car insurer

South Africa’s favourite car insurer

OUTsurance is South Africa’s favourite car insurer by a formidable margin, followed by Santam in second and Discovery in third.

This is according to MyBroadband’s 2024 Insurance Survey which queried over 1,800 domestic motorists about their current car insurance satisfaction levels.

When asked which insurance company their primary vehicle is insured with, these individuals said:

  • OUTsurance – 20.93%
  • Santam – 11.76%
  • Discovery – 8.22%
  • Naked – 6.27%
  • MiWay – 5.17%
  • Old Mutual – 4.96%
  • Hollard – 4.27%
  • Auto & General – 3.43%
  • King Price – 2.85%
  • 1st for Women – 2.42%
  • Budget – 2.00%
  • Renasa – 0.84%
  • DialDirect – 0.58%
  • Other – 16.82%

The most important aspect that influenced their decision to go with a certain company was the price of coverage, which garnered 36.85% of all votes.

The availability of comprehensive coverage was another regular consideration at 32.8%, customer service less so at 14.71%, and benefits offered held the least weight for insurance seekers at 7.80%.

What South Africans like and dislike about their insurer

Just like with their choice of car, “value for money” is the number one thing South Africans like most about their insurer as 27.89% of respondents submitted this reply, with “comprehensive cover” a very close second at 27.68%.

“Customer service” ranked in third at 18.08%, trailed by “benefits” such as cash-back on premiums at 13.76%.

When it comes to what local drivers like the least about their coverage provider, it probably doesn’t come as much of a surprise that the majority (39.33%) said the “price of premiums” is too high.

Well below this, the “lack of benefits” was ranked as the second-most disliked aspect at 12.92%, then “poor customer service” at 8.65% and “limited cover” at 7.38%.

Luckily for the insurers themselves, 68% of the survey respondents said they’re not considering switching providers at the moment while only 20.82% said they’re actively looking at other options.

Of all the participants, an overwhelming 40.54% said that they have had an “excellent” experience with their insurer thus far while a minuscule 1.74% said their interaction with their coverage supplier has been “terrible.”

The rest voted somewhere between not good (2.21%), average (12.34%), and very good (32.42%).

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