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Why it's a bad idea to ditch or downgrade your car insurance to save on costs

5 August 2020 8:21 PM
Tags:
The Money Show
Bruce Whitfield
car insurance
Wendy Knowler
santam
third party insurance

Involved in an accident you didn't cause? Third party claims don't pay out much. Wendy Knowler shares one driver's horror story.

Around two thirds of the cars on our roads are not insured.

But even under the financial duress of the Covid-19 lockdown it's not a good idea to cancel your car insurance or even downgrade to third party insurance only, cautions consumer ninja Wendy Knowler.

The decision could backfire badly.

I get a lot of complaints where the person is not at fault... Someone shoots a robot and bashes into them and the immediate thought is the other person's insurance (if they're insured) must cover me.

Wendy Knowler, Consumer journalist

RELATED: Car insurance from R180 per month – and you don’t pay if you don’t drive

Knowler recounts the sobering tale of a driver whose car was hit by a truck.

The company that owns the truck had comprehensive insurance with Santam.

Nonetheless, the payout offer to the accident "victim" was R13,000 although the market value of his car had been set at R72,000.

The man's now been left without an income as he used the vehicle for his courier work.

I asked Santam to please take me through the numbers... The first deduction was salvage... They took off R28,000.

Wendy Knowler, Consumer journalist

It doesn't matter how not at fault you were. According to insurance law... you are liable to a small degree for not keeping a proper lookout...

Wendy Knowler, Consumer journalist

[Santam said] the truck driver was 75% to blame and Mr M was 25%.

Wendy Knowler, Consumer journalist

Listen to the cautionary tale in the audio clip below:


5 August 2020 8:21 PM
Tags:
The Money Show
Bruce Whitfield
car insurance
Wendy Knowler
santam
third party insurance

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