Forbes ranks 10 SA insurers among the best in the world

Forbes has released their list of the World’s Best Auto Insurance Companies 2024 and 10 South African car insurers have made the list.

The lists were created by partnering with Statista. Over 45,000 consumers in 15 different countries were surveyed from late January to mid-March to create the lists.

Survey respondents needed to have had at least one insurance policy in the past ten years and they were asked if they would recommend their insurer to others.

Participants of the survey were also asked about how satisfied they were with their insurer as well as loyalty to their insurance company.

They also needed to evaluate the insurer based on such criteria as the advice employees offered, customer service, price performance, transparency and damage service.

Here is a look at the top ten car insurers in South Africa:

Keep, don’t cancel your insurance

People that are struggling to make ends meet due to high interest rates as well as the rising cost of living may consider cancelling their insurance to save money.

However, cancelling your insurance is not the solution.

According to Keletso Mpisane, the head of MiWay Blink, it is advisable that people review their car insurance policies to make sure that it meets all of their requirements.

Mpisane said that understanding how premiums are calculated helps in this process.

“Some prefer to pay a lower monthly premium and opt for a higher excess to be paid in the event of a claim, while others don’t want to fork out a large excess amount when they need to claim and rather prefer to pay a higher premium every month,” Mpisane said.

If there has been any lifestyle changes like working from home instead of working out of an office then they should check with their insurer to see if they will be rewarded for cutting down the amount of time that they spend on the roads.

It is essential that people check that their car insurance policy meets the industry standards.

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