Comprehensive Standard Bank car insurance covers you completely for theft, fire or third party accidents. Comprehensive cover means that nothing is left out, and regardless of whether the accident is your fault or not, you will have some vehicle cover available to you. Premiums are obviously more expensive for these additional benefits, because the amount that will be paid out to you is likely to be higher than if you opt for just 3rd party liability or fire and theft cover. Accidental damage to cars happens all the time and there is nothing worse than having to bear the brunt of the costs on your own.
There are also alternatives to comprehensive Standard Bank car insurance, such as 3rd party liability and fire and theft cover. When you opt to only have third party car insurance, it means that in the event of an accident when you were the cause, your insurance will pay out some money to the owner of the other vehicle. However, if your car has sustained accidental damage you will have to cover this yourself. Cover for theft or fire damage is self-explanatory, but again the vehicle cover you receive is less than if you opt for comprehensive benefits. Premiums are dependent on the condition of your vehicle, your previous accident history and your age. If you speak to your insurance broker they will be able to explain all of this to you.
Standard Bank has the highest bank charges of any bank in South Africa, and it’s likely that their insurance premiums will also be high. It’s always good to shop around before you select the package that you want. It is worth looking at the benefits you receive as well as the cost of the cover.