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SA drivers ‘in love’ with their cars

2018-03-07 13:50

What would you do if you lost your car?

According to a recent national client survey of South African drivers, over one-third of car owners would be “unable to function” without their vehicle.  It seems we love our cars and are highly dependent upon them.

‘In love’ with our wheels

Among those able to afford an automobile, nearly two thirds (64%) of respondents to the survey consider themselves to be “very or extremely attached” to their car. According to the survey:

- 4 out of 10 have given their vehicle a name.

- The majority (68%) consider their vehicle to be an asset

- Almost half of them (45%) are the sole driver of their car.

Where the car-owner relationship becomes most apparent is when a vehicle is lost forever. When asked how they would cope if their car was written off or stolen, 37% would be “unable to function”, comparable to the 40% who were in a position to purchase another vehicle.

“South Africans have a love affair with their cars and breaking this connection has ramifications for drivers, emotionally and financially,” says Mokaedi Dilotsotlhe, Santam’s Chief Marketing Officer. 

Financially out of touch

While car owners claim to love their cars – with 34% of respondents “very attached” and 30%  “extremely attached” – there seems to be a disconnect when it comes to financial awareness about these valued assets. When asked whether they know the current monetary value of their vehicle, nearly half (45%) did not know this amount, even though the majority (58%) of the survey participants had read their insurance policy in the last six months.

Fortunately, South African car owners have confidence in their insurance to cover them in the event of a total loss (a car written off or stolen), with 81% of respondents aware of what their insurance covers.

“While it’s encouraging to see that drivers have confidence in the insurer to cover them, they do not seem to be completely aware of the extent of this coverage,” added Dilotsotlhe.

Guaranteed value insurance solution

For those who want to replace their ‘baby’ and avoid being out of pocket, there is a new feature from Santam – the country’s leading general insurer – that provides piece of mind in the event of a total loss of a vehicle. The guaranteed value insurance solution offers consumers more certainty in the event a car is written off or stolen without being recovered.

“Removing uncertainty – particularly at the claims stage – is an important aspect of offering insurance good and proper,” adds Dilotsotlhe. “Appreciating that consumers have an emotional connection and a high degree of dependency on their vehicles, the feature offers piece of mind when needing to replace a ‘loved asset’.”

Read more on:    santam  |  cars  |  insurance
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