What is Insurable Interest?
When insuring an asset the insurance company will want to establish that you have an insurable interest in the property. I.e. You must stand to suffer a direct financial loss if there is a claim. An insurance company might not wish to cover your asset if you are not directly responsible for it.
An individual has an insurable interest in something when loss or damage to it would cause that individual to suffer a financial loss or certain other kinds of losses. For example, if your car is damaged in an accident, the value of your car has been reduced, and whether you pay to have your car repaired or sell it for scrap, you have suffered a financial loss resulting from the accident.
Car Insurance Additional Information
MiWay offers flexible car insurance to cover losses primarily due to an accident or theft.
In addition to accident or theft, comprehensive car insurance in South Africa covers losses due to fire and explosion, natural disasters like hail and floods and damage to the vehicle’s glass.
Additional options such as car hire and cover for non-standard sound systems and car accessories can also be added to your car insurance policy.
Car Insurance is sometimes referred to as Vehicle Insurance or Motor Insurance.
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