We found the cheapest insurance in South Africa

Everyone is on about finding the absolute cheapest insurance around… But this can often be a bit more difficult than we think because so much goes into creating a person’s monthly premium. Your age, where you live, how long you’ve been driving for, how many accidents you’ve had, how often you go out with the valuables you want to cover, etc. There are just so many details that help an insurance company calculate an accurate premium to insure your possessions. Of course, we can’t avoid the fact that some (not all) companies still want their pound of flesh, so there’s that, too.

How do you find the cheapest insurance around, then? Well, the obvious answer is to compare quotes and then choose based on the lowest price for the best value. And that’s the best advice you can ever receive. But for right now, before you head out on the hunt, we can point you in the direction of the actual cheapest insurance we’ve ever seen: R1 insurance.

That’s right. R1 insurance. You know how the oldies are always moaning about how ‘back in the day’, you could go to the movies for 17c, buy a coke for 5c, or pay a R15 deposit on a car? Well, this should make them pretty happy. And you, naturally, because everyone wants to pay the cheapest price.

What is R1 insurance?

You’re probably thinking, what’s the catch? There doesn’t seem to be a ‘catch’ so to speak, because this is an add-on product. This means that you take out the bigger insurance policy and add cover for just R1 per month. After that, it’s pretty straightforward.

The insurer in question is King Price, and the bigger insurance policy is comprehensive car insurance, and the R1 cover is for expensive valuables that you tend to take out with you, like your hearing aid, shiny new bicycle, or prized golf clubs.

Why does it exist?

These are some pretty specific items that are listed, however they’ve been intentionally selected from a range of items that you might not always think to insure. While it makes sense to consider cover for your laptop or cellphone, we don’t always remember to cover a hearing aid or bicycle. How often have you heard of your friend/uncle/sister/colleague’s bicycle being nicked?

It’s for that reason that the royal insurer decided to help people out by offering the cheapest possible cover for items that might not be obvious to insure, and yet are really costly and inconvenient to repair and replace.

Is their car insurance worth the R1 offer?

Look, this is totally your call. King Price’s comprehensive car insurance does come with all the bells and whistles, they’ve been in the business for a number of years and they’re reinsured by Munich RE (which is a big deal in the industry). Let’s not forget that they also decrease your comprehensive car insurance premium every month, in line with the depreciating value of your car.

When you weigh all these benefits up against how much your premium would cost if you were to insure your bicycle/golf clubs as a separate portable possessions policy, to your (non-decreasing) car insurance from another insurer, it makes sense to get a commitment-free quote, to see how you (and your budget) could benefit from the king’s royal touch.