Cartrack and Drive and Save’s affordable theft-only vehicle insurance

In a country where between 65% and 70% of motor vehicles remain uninsured (according to the Automobile Association), it seems inevitable that a company would recognise the gap in the market and introduce an affordable theft-only insurance product. This is precisely what recently occurred through Cartrack’s subsidiary, Drive and Save (Pty) Ltd, with theft-only vehicle insurance now available from only R9.99 per month.

Drive and Save, underwritten by King Price Insurance, offers Cartrack’s customers vehicle theft cover of up to R150 000. This monthly premium is less than the cost of a loaf of bread, and undoubtedly demonstrates to South African vehicle owners and insurers that it is possible to offer consumers affordable vehicle theft insurance.

Any motorist that subscribes to a Cartrack vehicle tracking system, which is available at a monthly fee of between R99 and R179, is entitled to benefit from Drive and Save’s’ theft insurance cover, which is available at an additional cost from only R9,99.

Cartrack South Africa CEO, Andre Ittmann, notes the reason behind the company’s decision to offer this insurance.

“As a leading global provider of fleet management, stolen vehicle recovery and insurance telematics services, we are always looking for new ways to meet our customers and South Africans’ needs. When identifying the most pressing needs of South African motorists, we noticed that there was a significant need for affordable vehicle-only theft insurance, with thousands of motorists completely uninsured due to a variety of economic reasons.

“As such, we decided to partner with and offer Drive and Save, with this product set to offer much-needed security and relief to local motorists. This product is aligned with our mission to consistently offer our customers innovative and affordable products that result in material benefits to their lives.”

He further notes that some of the reasons for motorists not purchasing vehicle insurance include the inability to afford monthly premium or an unwillingness to pay a monthly premium for theft, as those motorists believe that they will not become victims of theft or hijacking. However, he adds, without a pay-out from an insurance company, many drivers will not be able to replace a stolen vehicle.

Ittmann concludes that he is confident that Drive and Save will have a lasting impression with South African consumers.

“We anticipate that through offering this affordable product, a range of uninsured drivers will enter the insurance space and subsequently benefit from better security and peace of mind that was not previously accessible to them. Ultimately, this benefit them in both the short and long term.”



Latest


16 Feb 2021
Transition management services partnership announced

Standard Bank has signed a memorandum of understanding (MoU) with Chicago-headquartered financial services company Northern Trust, to partner on the…

Transition management services partnership announced

Standard Bank has signed a memorandum of understanding (MoU) with Chicago-headquartered financial services company Northern Trust, to partner on the delivery of transition management services across Southern Africa. Under the partnership, Standard Bank’s clients will gain access to Northern Trust’s full suite of transition management services. Transition Management is a…

16 Feb 2021
Tax free wealth creation with property funds

By Liliane Barnard, CEO and Portfolio Manager at Metope Investment Managers, and Aimee Glisson, Director: Operations, Performance & Risk at…

Tax free wealth creation with property funds

By Liliane Barnard, CEO and Portfolio Manager at Metope Investment Managers, and Aimee Glisson, Director: Operations, Performance & Risk at Metope Investment Managers The tax year, along with the deadline for an investor’s maximum R36 000 annual tax-free savings account contribution, comes to an end on the 28 February 2021. Investors…

16 Feb 2021
Why multi-manager investing is popular

Multi-management has been around for over two decades. This investment management approach is popular among many investors because it promises…

Why multi-manager investing is popular

Multi-management has been around for over two decades. This investment management approach is popular among many investors because it promises to deliver smoother, more consistent investment returns, despite cyclical turbulence of financial markets. Given last year’s drastic swings in financial markets and continued uncertainty on how the Covid pandemic will…

16 Feb 2021
Momentum Health Solutions unpacks COVID-19 vaccine roll-out plan

Momentum Health Solutions announced its COVID-19 vaccine roll-out strategy and how it intends to support both its members, as well…

Momentum Health Solutions unpacks COVID-19 vaccine roll-out plan

Momentum Health Solutions announced its COVID-19 vaccine roll-out strategy and how it intends to support both its members, as well as the uncovered population, in being vaccinated. As the COVID-19 virus continues to spread, a third wave is imminent, should the vaccination rollout not commence soon. Speaking at a recent…


Top stories


10 Sep 2020
How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key…

How too much choice is draining your brain

By: Paul Nixon, head of technical marketing and behavioural finance at Momentum Investments From the words of Francis Scott Key that dubbed America “The land of the free”, which stuck, to the unforgettable Mel Gibson monologue where an army of painted Scots were willing to trade their lives for the…

13 Apr 2020
Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19…

Investors should keep a reasonable investment allocation outside of SA

MoneyMarketing asked Roland Gräbe, the head of Tailored Fund Portfolios at Old Mutual Wealth, about offshore investments in the COVID-19 environment and what form a global market recovery will take.

13 Apr 2020
SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The…

SA’s Proposed Covid-19 Disaster Management Tax Relief

The National Treasury recently issued the draft Disaster Management Tax Relief Bill (Bill) for public comment by 15 April. The draft Bill, together with its explanatory memorandum, provides clarity with regards the tax relief measures President Cyril Ramaphosa announced on 23 March.

10 Apr 2020
When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved…

When the going gets tough, farmers are on familiar territory

South African farmers are old hands at adapting to uncertain and daunting circumstances, and our local agricultural industry has proved to be most enterprising in acclimatising to challenges as they arise.


Visit the official COVID-19 government website to stay informed: sacoronavirus.co.za