INSURANCE: Insurance for the Uninsured
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MiWay launches car insurance thats affordable to everyone
Leading insurance provider MiWay has launched a revolutionary new product that makes car insurance so affordable even previously uninsured cars can now be covered.
Historically more than half the privately owned cars on the road have been uninsured, resulting in financial hardship to families that are already strapped for cash when calamity strikes, says René Otto, MiWay CEO. Statistics indicate that every year, one in four people will be involved in a vehicle accident while one in every two people will experience a collision at least every three years. You can see the effect of being uninsured is devastating.
Our new product, MiWheels Limited, gives consumers flexibility to insure their car for as much as is affordable with no excess payable. Its a completely new concept in South Africa.
While there are many insurance products on the market that provide limited cover, most of these fall under the categories of either third-party, fire and theft or total loss. However, MiWheels Limited allows you to select the limit of cover across all risks, based on how much you want to insure the car for and how much you can afford.
We have evaluated the other products in the market and concluded that some cover is better than no cover at all, says Otto.
Most everyday car accidents result in damages of varying severity, with vehicles still in a repairable state. If you only have third-party, fire and theft cover, you arent insured for own damage as a result of an accident. If you only have total loss cover, you are only insured for the 15% cases where the vehicle is written-off completely or stolen. With both these products you would have to fork out for the damage to your own repairable vehicle and potentially be financially crippled. With MiWays new MiWheels Limited, you can insure your vehicle for an amount of your choosing - from as little as R12 000 - at a premium you can afford. In essence, this product insures for the first portion of the damages, up to the limit of cover chosen.
We anticipate interest in MiWheels Limited from people who have previously been unable to afford insurance, and also by people whose finances have recently come under great pressure due to the increased cost of living, Otto says.
Business News Sector Tags: Insurance|