Know Your Insurance Cover!

Generally, there are two Moveable Insurance options to choose from:

• Unspecified Moveables – covers items valued at less than R1500* like jewellery, sunglasses and the contents of your handbag. As the items change from day-to-day, it would be impractical to list them each time you need them covered.
• Specified Moveables – covers items valued at more than R1500* per item. So, if it’s valuable to you (such as your wedding ring or your laptop), you need to specify its value.

• Car hire
  If your car gets damaged in an accident, is stolen or you are hijacked, it could be weeks until you are back in the driver’s seat, having the option of a rental car could save you money and relieve added pressures and worries of how to get to work and the kids to school. Consider adding car hire to your car insurance policy, so that you can have access to a rental car and can keep living your way!
• Specifying vehicle sound equipment and other accessories
  Additional features like mag wheels, music systems, and sun roofs need to be specified when taking out your car insurance policy. They increase the value of your car - and thus the value of the risk covered, ultimately impacting your monthly premiums. If you don’t specify them, your car will be insured for a value that excludes them - and hence they may not be covered in the event of a claim.
• Credit Shortfall
  Credit Shortfall covers you for the shortfall when the amount you owe (including residual amounts/balloon payments) exceeds the insured retail value of your car. In other words, it covers you for the gap between the retail price and the outstanding finance amount. In order to qualify for this, your car would need to be insured for retail value. Simply put, this covers you for the difference between the amount you owe the bank or financial institution and the amount that the vehicle is insured for, bearing in mind certain financial charges that are excluded from cover. 
• Value Protect
  MiValue Protect is an optional add-on benefit for Miway car insurance clients. In the event of a total loss (hijack, theft and if the vehicle is not recovered or declared a write-off), having MiValue Protect means that you could receive 10% of market value, 10% of insured value, or the difference between the market value and the new price, whichever is lower.

When in your car, keep your belongings where they will not be in plain sight and end up as easy targets or temptation for criminals. Concealing them in the car’s boot or your cubby hole is required by most insurers – both while you’re on the move or parked. And remember to physically check that your car is locked before walking away from it!

There are various types of car insurance cover available in South Africa. They are "comprehensive" car insurance, "third-party, fire and theft" cover, "third-party only" cover and "total loss" cover. Here’s an explanation of what these really mean: 

• “Comprehensive” car insurance covers theft, hijacking, and damage caused by accidents or weather conditions. It also offers coverage if you are responsible for an accident and need to pay for damages caused to another vehicle, as well as intentional damage to your vehicle by others. This option is the most extensive car insurance option available.
• “Third party, fire and theft” cover will handle the damage costs if your car is damaged or lost due to theft or fire-related incidents. It also covers damage you may have caused to another person’s car during an accident. However, with third party cover, if you were to be involved in a car accident, then you would have to cover the repairs or replacement costs of your car on your own.
• "Total loss" cover provides cover to clients for the total loss of their vehicles, only when the vehicle is declared a write-off or when the vehicle is stolen and not recovered, as well as limited third-party liability if selected. Accidental damage that does not result in a total loss is not covered.

• Retail value (the recommended insured value - the current selling price on the dealer’s floor as per the TransUnion Dealers' Guide)
• Market value (the average between the vehicle's retail and trade values)
• Trade value (the average price that a motor dealer will pay you for the vehicle as per the TransUnion Dealers' Guide)
• Special agreed value (which applies to unlisted, vintage and collectors' vehicles, caravans and trailers where a valuation is given by an appropriate approved source)
• Values also take into account the condition and mileage of the vehicle.  There are no guideline adjustments for service history and accidents, but these are included when assessing the condition.