Looking to Ensure your Vehicle and would like to know more just how much it might cost? In South Africa, the average cost of insuring a vehicle can range from R150 for 3rd party to up upto R2000+ for fully comprehensive luxury car insurance per month. Pricing is influenced by various factors including the make and model of your car, your location, the level of cover you choose, your occupation and driving habits, your age and driving experience, and any modifications made to your car.
Factors That Influence the Cost of Car Insurance
The cost of your car insurance is influenced by a variety of factors:
- The Car: The make, model, and value of your car can significantly influence your insurance premium. High-end cars typically cost more to insure than more modest vehicles.
- Your Location: Where you live and where you park your car can affect your insurance cost. Areas with high crime rates may lead to higher premiums.
- Level of Cover: The more comprehensive your insurance cover, the higher your premium will be. For instance, comprehensive cover that protects against all types of damage or loss will cost more than third-party only cover.
- Your Occupation and Driving Habits: If your job involves a lot of driving or if you drive long distances regularly, you may face higher premiums due to the increased risk of accidents.
- Your Age and Driving Experience: Younger and less experienced drivers often face higher premiums as they are considered higher risk.
- Car Modifications: Any modifications made to your car should be reported as they could impact your premium. Some modifications might increase your premium, while others, like installing an immobiliser or tracking device, could potentially lower it.
Average Cost of Car Insurance in 2024
The average monthly insurance prices generally range from R150 – R2000+. However, this amount can vary greatly depending on the factors mentioned above. Here are some examples from our records:
- A 50-year-old woman paid R385 per month (with R5000 excess), for her 2019 Hyundai Atos 1.1 Motion.
- A 39-year-old man paid R530 per month (with R4000 excess), for his 2019 Suzuki Swift 1.2 GA.
- A 35-year-old woman paid R420 per month (with R2500 excess), for her 2021 Renault Kwid 1.0 Climber.
Example Prices For Some Popular New Vehicles in South Africa
| Vehicle | Average Monthly Insurance Premium (R) | Retail Price (R) |
| Toyota Hilux 2.8 GD-6 Legend | R730 – R1950+ | R945,400 |
| Toyota Corolla Cross 1.8 XS | R480 – R1760+ | R414,300 |
| Toyota Starlet 1.5 XR | R470 – R1150+ | R294,900 |
| Suzuki Swift 1.2 GA | R470 – R1120+ | R194,900 |
| Isuzu D-Max 1.9 Ddi HR | R850.00 to R1750+ | R571,700 |
| Ford Ranger 2.0D XL | R725 – R1760+ | R529,900 |
| Nissan NP200 1.6 | R750 + R1300+ | R212,100 |
| Volkswagen Polo | R650 – R1520+ | R334,400 |
| Volkswagen Polo Vivo | R450 – R1170+ | R247,300 |
| Volkswagen T-Cross 1.0 Comfortline | R450 – R1350+ | R393,400 |
Please note that these premiums are based on a hypothetical scenario and can vary based on individual circumstances such as age, driving history, and where the car is parked at night. Always get a personalised quote to understand the exact cost of your situation.
How to Save on Your Insurance
If you’re looking to lower your car insurance premiums, here are some strategies you can consider:
- Choose Your Car Wisely: The brand and type of car you drive can significantly affect your premiums. Cars that require special imported parts or have larger engines tend to have higher premiums. Even the colour of your car can impact your premiums, as unique colours can be more expensive to repair.
- Consider Your Age: If you’re under 25, you might be able to lower your premiums by being insured under a parent or guardian’s insurance package as the regular driver.
- Update Your Details Regularly: If your circumstances change in a way that reduces your risk profile, such as moving to a safer neighbourhood or getting married, let us know. These changes could potentially lower your premiums.
- Drive Less: The less you drive, the lower your risk of being in an accident. Consider carpooling or using public transport where possible.
- Take an Advanced Driving Course: Completing an advanced driving course can lower your premiums as it demonstrates that you are a lower-risk driver.
What is the Cheapest Car Insurance for Your Car?
When it comes to affordability, third-party insurance typically emerges as the least expensive option offered by car insurance companies in South Africa. This is primarily because it provides the most basic level of cover. However, it’s always wise to compare rates from different providers to ensure you’re getting the best deal.
Third-party insurance is designed to cover the costs of damage caused to other people’s vehicles or property by your car. It also covers injuries to your own passengers in the event of an accident. However, it’s important to note what third-party insurance does not cover:
- Damage to your own vehicle, whether accidental or intentional
- Damage caused by animals, unless they are your own domestic animals
- Loss or damage due to theft, hijacking, attempted theft, or attempted hijacking
- Damage caused by fire or explosion
- Damage caused by natural disasters such as earthquakes, storms, hail, floods, or snow
Most importantly, third-party insurance will not cover your own injuries in the event of an accident. Therefore, while it may be the cheapest option, it also provides the least protection. Always consider your individual needs and circumstances when choosing the type of car insurance that’s right for you.
