What you need to know in a nutshell
There are essentially 3 different types of motor vehicle insurance to choose from, each to suit your varying needs. These cover types are commonly known as comprehensive insurance, third party fire and theft insurance and third party only insurance. Here’s a bit more information on each;
Comprehensive cover
You will be indemnified if your vehicle is damaged due to an accident or stolen/hi-jacked. If the extent of damage to your vehicle is substantial and is deemed a ‘write off’ following an accident, the insurer will indemnify the financier/vehicle owner for the value of the vehicle at such time, less any excesses. It is important to note that if a vehicle is bought under finance it is a requirement for the vehicle to be insured comprehensively during the duration of the finance period.
Other benefits include cover for (optional or otherwise): hail damage, windscreen cover, sound system, vehicle hire, credit shortfall, sasria cover, road side assistance and towing benefits.
Comprehensive insurance also extends cover to third party vehicles. If the insured/regular driver is legally liable for an accident that caused damaged to another party’s property, the insurer will indemnify the third party for damages, costs and expenses resulting from such an event. Special conditions may apply to this cover type.
Third party fire and theft cover
You will be indemnified if your vehicle is damaged as a result of fire, lightning, explosion, attempted theft or if the vehicle is stolen/hi-jacked. The insurer will indemnify the insured for the value of the vehicle at such time, less any excesses. If the insured is legally liable for an accident that caused damaged to another party’s property the insurer will indemnify the third party for damages, costs and expenses resulting from such an event. Special conditions may apply to this cover type.
Other benefits include cover for (optional or otherwise): windscreen cover, sound system, vehicle hire, road side assistance and towing benefits.
Third party only cover
The vehicle is insured for third party damages only, meaning that the insurer will only indemnify you for damage caused to other party’s property. If the insured is legally liable for an accident that caused damaged to another party’s property the insurer will indemnify the third party for damages, costs and expenses resulting from such an event. Special conditions may apply to this cover type.
Specific Motor Insurance
Over and above these typical vehicle insurance types, there are other insurable objects which fall under the motor section as well. Let’s take a look at these below:
Motorcycle
The comprehensive cover type extends to motorcycles, i.e. you will be indemnified if the motorcycle is damaged due to an accident or stolen/hi-jacked. The insurer will indemnify the insured for the value of the vehicle at such time, less any excesses. Comprehensive insurance also extends cover to third party vehicles. If the insured is legally liable for an accident that caused damaged to another party’s property, the insurer will indemnify the third party for damages, costs and expenses resulting from such an event. Special conditions may apply to this cover type.
Other benefits include accessories cover, towing charges and roadside assist.
Caravan
It is possible to insure your caravan if it is damaged or stolen and/or for the damage caused to other parties’ property. The cover will only take effect if the caravan is being used by the insured solely for social, pleasure and domestic purposes. The caravan is comprehensively insured and cover is offered for towing and storage as well as to a third party on your behalf for damages, costs and expenses in accidental instances.
Under this cover, you may also claim for the loose contents inside the caravan, personal possessions and those of your family members whom live with you. Loss or damage that has been caused by fire, lightning, explosion, malicious damage, impact to the caravan, falling trees, storms, floods, break-in or theft will also be covered subject to insurer conditions.
Golf Cart
You can enjoy cover for your golf cart in the event of it being stolen or damaged. The comprehensive cover extends to damage caused to other parties’ property. The cover exists where the golf cart is being used for social, domestic and leisure purposes.
You will be indemnified for the golf cart itself, towing and storage as well as third parties damage.
Trailer
This section allows you to claim for your trailer if it is damaged due to any accident or stolen. You are also entitled to claim for the damage caused to other’s property. A trailer is designed to be drawn by a self-propelled vehicle and is comprehensively insured. Cover for it comes into effect for social, domestic and pleasure purposes. The insurer will indemnify you for towing and storage as well as the other parties for damages, costs and expenses.
Watercraft
You may claim for any accidental damage to watercrafts/jet skis/motor boats as well as for theft. The craft is comprehensively covered. If it has caused damage to other parties and/or their property the insurer will indemnify you for the damage in connection with the craft, its machinery and motor(s), standard fittings, gear, equipment and fitted accessories. Special conditions may apply.