Car Insurance FAQ
Looking for answers to your car insurance questions? Here’s where you’ll find them, along with any information you may need on car insurance quotes, comprehensive cover, insurance in South Africa, and so much more! Alternatively if you don’t see an answer to your question here, simply call us on 0860 00 00 53 and our trained consultants will be only too happy to help.
What is the difference between third party, third party, fire and theft, and comprehensive car insurance?
- The most extensive form of motor vehicle insurance, comprehensive car insurance covers your vehicle in the case of road accidents, damage or loss due to fire, theft and natural disaster, as well as any third party claims you may be liable for.
- Third party, fire and theft insurance will cover your vehicle against loss or damage due to fire and theft, as well as third party claims.
- Third party insurance will cover you only against third party claims, should you be liable for any costs due to vehicle damage or injury to others.
While the car insurance premiums on comprehensive cover may be higher than those on other forms of insurance, it is worth noting that comprehensive cover is the only type of car insurance that will cover repair or replacement costs for your vehicle, should you ever be in a road accident.
Is it necessary for me to have my vehicle inspected before taking out car insurance?
Yes, unless your vehicle is brand-new. This will enable us to determine the exact condition of your car before insuring it. You can have your vehicle inspected by either taking it to one of our approved inspection centres, or by downloading an inspection form, completing it yourself, and submitting it to us online.
What is the difference between Retail, Trade & Market Value?
- Retail Value is the estimated price at which a dealer would be able to sell your car. Should you insure your car at its Retail Value, you would be most likely to replace it with a similar model, should your original vehicle ever be written off, stolen or hijacked.
- Trade Value is the estimated price that you would receive should you sell your vehicle to a dealer.
- Market Value is the average between the Retail and the Trade Value of your vehicle. Insuring your car for its market value will lower your premium, however the car insurance settlement you receive in the case of a theft or write-off may not be enough to purchase a similar vehicle.
Which is the best car insurance to choose – Domestic or Business?
If you use your vehicle primarily for personal or social activities, then a Domestic car insurance classification is best for you. Alternatively if your vehicle is used primarily for professional purposes such as meetings, conferences, or driving to and from work, insuring it under a Business Use classification is more appropriate.
Why does my insurance premium increase annually when the value of my car depreciates?
While it is true that the value of a vehicle depreciates each year, your car insurance quote and premium is based not simply on the value of your vehicle, but on the cost of potential repairs to it as well. Due to inflation, these labour and parts costs tend to rise each year, meaning that your car insurance premium will increase annually as a result.
Why do young drivers pay higher car insurance premiums?
According to car insurance statistics, younger drivers tend to have more accidents than older drivers, which unfortunately results in higher premiums. This is factored into your premium adjustment as you age, however, helping to reduce this effect on your car insurance premium over the years.
Do you specify the use of original manufacturer parts only when approving repairs?
If your vehicle is still under factory warranty at the time of your car insurance claim, then it will be repaired with original manufacturer parts. Should your vehicle be an older model, from time to time alternative parts may be used, in keeping with industry standards, so as to not affect the cost of your premium.
Does my iWYZE car insurance cover accidental damages incurred when a friend is driving?
As long as all your car insurance terms and conditions have been met, then yes, your policy will cover damages incurred regardless of who the driver of the vehicle is.
I regularly drive someone else’s vehicle – can I apply for iWYZE car insurance?
Unfortunately no – the only person who can apply for a car insurance policy is the registered owner of the vehicle.
I was in a car accident that was not my fault – why do I need to pay an excess?
An excess is a car insurance payment that needs to be made regardless of whose fault the vehicle accident may be. Should the third party be at fault, you can claim this amount back from them to recover your costs. The iWYZE legal recoveries team will also do their best to recoup your costs, however this cannot be guaranteed.
What is your policy on car insurance cancellations, notice periods and premium refunds?
If you choose to cancel your iWYZE car insurance policy, you may do so at any time with immediate effect by either calling iWYZE, or by notifying us in writing. Please note, however, that the initiation fee may be retained. Should iWYZE choose to cancel your car insurance policy, we will give you 30 days and notice of our intention to do so either via email or post. If you have paid a car insurance premium beyond the date of this cancellation, it will be refunded to you.
Am I liable for towing and storage costs in the event of an accident?
Should you ever be involved in a car accident, it is imperative that you contact our iALERT emergency services line on 0800 123 000 immediately, or alternatively our Call Centre on 0860 00 00 53. We will then arrange for one of our approved towing operators to transport your vehicle to the nearest iWYZE-approved panelbeater. Unless your car insurance claim is later rejected, all towing and storage costs will be for our account.
Will I be paid out my vehicle insurance claim in cash?
Should your vehicle be damaged in an accident, and need to be repaired, we will ensure that all necessary repairs are carried out at an approved iWYZE panelbeater or auto shop. In this case, no cash payout is needed, as all repairs will be taken care of on your behalf. Should your vehicle be written off, however, you will be paid a cash amount based on the insured value of your vehicle (Retail, Market or Specified Value).
How long will it take to settle my vehicle claim?
While settlement does depend on the location of your incident and the extent of the damage, iWYZE aims to assess all car insurance claims within 48 hours, and finalise them as soon as possible afterwards.
Where can I take my vehicle to be inspected?
A full list of our approved Inspection Centres is available on our website; alternatively please contact one of our consultants on 0860 00 00 53 in order to find the centre closest to you.
Can I insure an imported, non-SA registered vehicle with iWYZE?
No – unfortunately iWYZE can only offer car insurance to vehicles registered in South Africa.
Is it necessary for me to install extra security devices in my vehicle?
The more secure your vehicle, the more likely you are to reduce your risk of vehicle theft. As such, iWYZE may request the installation of certain security features in your vehicle should we feel that the cost is justified.
Times may be tough, but insuring your vehicle doesn’t have to be. Simply contact us for an affordable car insurance quote by calling 0860 00 00 53, submitting your details for a call back, or requesting a quick car insurance quote online, and let iWYZE move you forward through life as safely as possible.