All Business Risk Insurance Brokers

It is important to understand why you are paying a specific premium to insure your car. When your car is stolen, damaged, or written off in an accident, the insurance provider will pay out an amount based on a variety of values that are determined beforehand.

These factors include:

1. The model and make of your vehicle that is insured, the age of the vehicle as well as the condition that it is in, and the replacement value of the vehicle in question.

2. If your car is damaged, the normal procedure is for the insurer to establish whether the quote to repair your car is reasonable and will ensure that all the damage is repaired. Generally, the insurer will write off your vehicle if the cost of repairing your vehicle exceeds 70 percent of its value. This varies from insurer to insurer. In this case, the insurer will pay out the vehicle's market value or retail value, depending on the terms and conditions of your contract.

3. Market value, which is what most insurers payout, is the average of the retail and the trade value. Retail value is the price you pay to buy your vehicle, whether new or second-hand, from a dealer. The trade value is what a second-hand dealer will give you if you trade in your car.

4. If your insurer pays out market value, the amount will not be enough to replace your car with a new one.

Source: https://www.arrivealive.mobi

From January to June 2022, the incidence of and among our customer base rose by 24%. Other trends include a spike in vehicle thefts during the morning hours, followed by a surge in hijackings between 7pm and 8pm. In June this year, 51,2% of -theft crimes we recorded in the country happened in . -Natal recorded the second most incidents with 23%, while the and the both registered around 6% of incidents.

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