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car-insurance-mythsThere are many false beliefs that a lot of people believe about short term car insurance that often lead to customers being caught out by surprise when dealing with the claims process. A lot of these misconceptions are common reasons why claims are rejected by insurers. Here are the top most misguided myths that people hold about insurance and the facts to destroy them.

Myth 1 :  My car insurance cover applies to all drivers of my car on the same terms.

Fact: Car insurance is designed for the regular driver of the vehicle. If you specify you are the main driver of the car but your daughter actually drives the car more than you do, the insurance company can reject the claim if your daughter is the driver when the accident takes place. If you daughter borrows the car on a single occasion and is involved in an accident, the insurance company is likely to apply a young driver penalty excess. Check to see what excesses apply on your policy.

Myth 2 :  A lapse in car insurance will not affect my insurance rate.

Fact: Reccurant lapses in cover can result in higher premiums or declined insurance when a policyholder decides to resume cover. Although it may make financial sense to lapse cover as no premiums will be payable, insurers will more likely view you as a higher risk than policyholders who keep on paying premiums on time.

3. Myth 3 :  I do not have to pay an excess if the accident was not my fault.

Fact:  You should pay the overabundance paying little heed to regardless of whether the mischance was your flaw. On the off chance that someone else causes the mishap, your insurance agency will in any case charge you the abundance expressed on the arrangement yet will discount the overabundance if a fruitful recuperation is produced using the outsider. On the off chance that the outsider is guaranteed with another safety net provider, your organization is in a superior position to recoup everything of their misfortune (in addition to your abundance) than if the outsider is not protected. On the off chance that the sum is recuperated, your overabundance will be paid back to you.

4. Myth 4 :  My insurance company will automatically pay for car rental in case my car is not drivable after an accident.

Fact:  Car rental is generally an extra alternative that can be added to your spread, notwithstanding you should pay an extra sum for that cover and full the vehicle with fuel, your protection won’t take care of these expenses.

4. Myth 5 :  Car insurance rates reduces dramatically when a driver turns 25.

Fact:  Younger and older drivers tend to have more accidents so age isn’t a main factor in determining premium. As you grow older the age factor may carry less weight as you become statistically less likely to cause an accident with more years of driving experience behind you.

This information was provided by South Africa’s leading financial comparison website that allows you to compare financial products based on the product rating amongst your friends and other users, With likemoney you can compare south african credit cards ,compare bank accounts, compare investment accounts and compare many more financial products.


LiquidCapital, South African provider of branded financial services solutions in the motor industry, has boosted its service offering, adding Hollard to its panel of Vehicle & home insurance aggregators. liquid-capital-Hollard

The two organisations have established themselves as leaders in their respective markets. Managing almost a million policies and a fleet of over 11 000 vehicles, LiquidCapital provides a range of vehicle products and services for over 12 international motor brands represented in South Africa.

LiquidCapital is the financial services arm of Imperial Holdings Limited – A JSE Listed company active in two areas of mobility and also the largest motor dealer group in South Africa. Likewise, with 35 years of experience in the market, Hollard currently delivers insurance solutions to more than six million policy holders and is the largest privately-owned insurance group in the country.

Imperial holding has accepted an offer by a consortium comprising the Hollard insurance group and the yellowwoods group, the umbrella holding company of Hollard to acquire its insurance business Regent Group, incliding Regent Botswana and Regent Lesotho for 2.3 Billion Rand in cash.

LiquidCapital Managing Director, Kerry Cassel says, “Motorists who purchase their vehicle through the Imperial group have the opportunity to stay within the group they know and trust for an enhanced product offering from LiquidCapital – addressing all their motor financial services and insurance needs.”

“We are looking forward to moving ahead with this partnership and will continue looking for new ways to add value to the lives of our clients. By embracing tomorrow’s technology and partnering with other industry leaders, our ultimate goal is to consistently deliver superior customer service and competitive products,” she concludes.

Autonomous cars have the potential to reduce the rate of traffic accidents as sensors and software give a car faster and better reflexes to prevent a collision. However, a greater level of automation increases the need for cyber security and sophisticated software, experts said.

“Although accident rates will theoretically fall, new risks will come with autonomous vehicles,” said Domenico Savarese, Group head of Proposition Development and Telematics at Zurich Insurance.

“What should be done in the case of a faulty software algorithm? Should manufacturers be required to monitor vehicles post-sale in the case of a malfunction or a hacker attack?” Savarese asked.

While established models for assigning liability, such as holding the owner responsible for what the car does, will still be relevant, the onus may shift toward manufacturers.

Software and connected cars are creating new opportunities for insurance companies to customise policies to clients.

“You could pay for how much you drive, or get a lower premium based on how well you drive,” Savarese said, adding that these policies will only be made possible if the client allows the insurer to monitor them.

Without driver consent, the insurer will have no right to spy on the driver, not even for exceeding the speed limit.

“We do not want to be big brother, or big puppeteer,” Savarese said.

It will take until 2025 for fully autonomous cars to emerge, Boston Consulting Group senior partner Nikolaus Lang said, adding that carmakers will have to pave the way for winning over regulators by showing they have invested to make their cars less vulnerable to hacker attacks.



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