The 1st of February is known as Car Insurance Day in South Africa, and with good reason.
When last did you actually read your car insurance policy?
Not just check the monthly premium coming off your account, but look at what you're covered for, what your excess is, who is listed as the regular driver and what you need to do if something goes wrong?
The 1st of February has become known as Car Insurance Day, making it a useful annual reminder to give your vehicle cover a proper check-up.
Your life can change considerably in a year. You may have moved home, changed jobs, added accessories to your car or changed the way you use it. Your insurance should keep up.
So, this Car Insurance Day, set aside a little time to make sure your cover still fits the way you drive.
Car Insurance Day is observed on 1 February as an opportunity for motorists to review their vehicle insurance and become more familiar with their policies.
Think of it as an annual insurance check-up.
Rather than waiting until you need to claim to find out how your policy works, use the day to understand important details such as:
Knowing those details before an accident, theft or weather event can prevent unwanted surprises later.
A policy that suited you last year may not necessarily match your circumstances today.
Maybe you've moved.
Perhaps someone else now drives your car regularly.
You could have installed expensive accessories, changed jobs or started driving significantly more or less than before.
Car Insurance Day gives you a reason to check that the information your insurer has is still correct and that you understand the protection you're paying for.
Start with the basics.
Do you know exactly what level of cover you currently have?
Different types of car insurance protect against different risks.
Comprehensive cover generally provides broader protection, while third-party-only or third-party, fire and theft policies provide more limited protection.
Miway's current comprehensive cover includes protection for risks such as accident damage, theft and natural disasters, subject to the applicable policy terms and conditions.
Don't assume you're covered for something simply because you have an insurance policy.
Check.
Look at the information recorded on your policy schedule.
Make sure details such as your:
are accurate.
If something has changed, contact your insurer.
Accurate information helps your insurer assess your risk correctly and reduces the chance of surprises when you need to claim.
Your excess is the amount you may need to contribute towards an approved claim, depending on your policy and the circumstances.
This is something every motorist should understand before an accident happens.
Check:
A cheaper monthly premium isn't necessarily the whole story if you've selected an excess that would be difficult to afford after an accident.
This isn't always the most exciting part of your policy, but it may be one of the most important.
Insurance policies contain conditions, limitations and exclusions.
These can relate to issues such as:
Don't wait until claim time to learn about them.
If something isn't clear, ask your insurer to explain it.
Cars change.
Maybe you've fitted new mags, upgraded the sound system or added other accessories since taking out the policy.
Make sure you understand whether these additions need to be declared and whether they're included in the insured value.
MiWay has a dedicated guide explaining why you should update your cover when you customise your car.
Car Insurance Day is a good opportunity to make sure your insurer knows what it's actually covering.
Being properly insured isn't only about what happens after a major accident.
Your policy may include useful assistance when you're stranded.
MiWay's current comprehensive car insurance includes 24/7 roadside emergency assistance for problems such as flat tyres, flat batteries, an empty fuel tank, towing, locksmith assistance and safe storage.
Check exactly what your own cover includes and save the relevant emergency contact information somewhere easy to access.
You don't want to be searching for it on the side of the road.
Hail, flooding and severe storms can cause expensive vehicle damage.
Current comprehensive insurance products in South Africa commonly include certain natural-event risks, but the precise protection differs between policies and insurers. FNB, Absa, Momentum and Miway all currently describe weather-related protection within their comprehensive offerings, subject to their respective terms.
Review your own policy rather than assuming you're covered.
Miway's guide to ways the environment can damage your car also explains how motorists can reduce some weather-related risks.
Would you know what to do if you had an accident tomorrow?
Car Insurance Day is a good time to find out.
Check:
MiWay customers can log claims through the MiWay App, upload vehicle photographs and track claim approval.
For more detail, read Miway's guide to the car insurance claims process.
If you're still paying off your vehicle, check the insurance requirements in your finance agreement.
Many vehicle-finance agreements require comprehensive insurance while the vehicle is being financed.
Don't assume your requirements are the same as somebody else's.
Check your finance agreement and policy documents.
Reviewing insurance isn't simply about finding the lowest premium.
Think about the relationship between:
premium + excess + level of cover + benefits + exclusions + your current financial circumstances.
A policy needs to make sense when you're paying for it and when you need to claim.
If your circumstances have changed, speak to your insurer about the available options rather than simply cancelling important protection to reduce your monthly expenses.
Use 1 February to check:
If you can't answer one of those questions, that's probably the part of your policy worth reviewing.
Car Insurance Day is observed on 1 February, providing motorists with a useful annual reminder to review their vehicle insurance.
Check your policy details, type of cover, insured vehicle information, excess, exclusions, regular driver, security requirements, roadside benefits and claims process.
Your circumstances can change over time. Reviewing your policy helps ensure your insurer has accurate information and that you understand the cover, limits and conditions that apply.
An excess is the amount you may need to contribute towards an approved insurance claim, depending on your policy. Check your schedule for the excesses that apply to your cover.
It depends on the insurer and policy. Miway currently includes 24/7 roadside emergency help with its comprehensive car insurance offering, subject to applicable terms.
Many vehicle-finance agreements require comprehensive cover while a vehicle is financed, but you should check the specific requirements of your finance agreement.
Car Insurance Day doesn't need balloons, cake or a public holiday.
Just give your policy a little attention.
A few minutes spent checking your details, excess, cover, benefits and exclusions today could save you from finding out something important at the worst possible time.
Review Miway car insurance cover to understand the protection available for your car.
Want to see what cover could cost you? Get a car insurance quote and find an option that suits the way you drive.
