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Old Mutual Car Insurance

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    Who is Old Mutual Insurance?

    Old Mutual was established in 1845, in Cape Town, as the first mutual life assurance society in South Africa. It is one of the oldest South African insurance companies that offers a variety of life-assured-based solutions and short-term insurance. 

    Old mutual’s purpose is to help their customers thrive by supporting them to achieve their lifetime financial goals by investing their funds to create a future that is positive for them. Old Mutual delivers products and services while simultaneously being committed to good governance. They are passionate about helping all South Africans either directly or indirectly. 

    Old Mutual gives back to the community through the Old Mutual Foundation. This is a commitment by them to create change and empower individuals and communities through education, skills development, job creation, and socio-economic transformation.

    Old Mutual iWyze Car insurance

    Old Mutual insurance offers a wide variety of products and services for those looking for insurance policies through both the Old Mutual brand and under their short-term insurance policy guise of iWyze. 

    iWyze was established in 2010 to offer short-term insurance policies to customers. It is backed by Old Mutual’s reputation and industry knowledge and underwritten by Old Mutual Insure. iWyze has been favourably positioned as a trusted wise insurance option for car, home, and life insurance. iWyze offers car insurance by providing the wisest car insurance by providing complete peace of mind. They offer various covers to suit all budgetary constraints and specific needs. 

    This option comes with built-in benefits by going beyond just covering your vehicle by including yourself and passengers for added protection against unforeseen circumstances. 

    iWyze offers three different options for insurance cover, these include:

    • Comprehensive car insurance
    • Third-party, fire & theft car insurance
    • Third-party car insurance

    There’s a diverse range of insurance options that Outsurance hopes will cater to those who struggle to find an insurance provider. They hope to meet their needs at affordable prices with essential cover. All it takes is a quick online insurance quote and you’re covered.

    Comprehensive Insurance

    Comprehensive cover provides cover for all eventualities and then some which include all the benefits such as road emergency services cover, available 24 hours a day and 365 days a year, and cover against damage to your vehicle that includes natural disasters (hail storms for example). 

    The comprehensive plan also offers optional extras such as car hire cover and credit shortfall at an additional premium. 

    Usage-based insurance is a perk provided to those on motorsure cover. You can save up to 30% if you’re driving less. Easily accessible via Whatsapp to setup, this feature operates on the belief that the less you drive, the less risk you’re exposed to and can therefore pay less on your premium. 

    This article on top factors that affect car insurance rates in South Africa should be helpful if you are on a budget and looking to get the best premium possible.

    Third Party, Fire & Theft Insurance

    Third-party, fire & theft insurance provides the same benefits and covers as comprehensive without the added benefit of the natural disaster and accident cover. Loss and damage are only covered from fire, lightning, and explosion.

    So if you live in an area where hail damage is a real possibility, the comprehensive insurance option would be better suited. 

    Third Party Insurance

    Third-party car insurance only provides liability to third parties. 

    All of the above policies have additional offers of a cashback bonus where you receive 10% of your premiums back in cash every 3 claim-free years. A bundle and save option is also available where the premium is attached to the number of vehicles covered, meaning the more vehicles insured on the policy, the lower the premium per vehicle becomes. 

    You can bundle your home and car insurance to save even more.

    Old Mutual Pros & Cons

    Old Mutual has a longstanding history with both positives and negatives being well documented in this time. Below are just some examples of the pros and cons of Old Mutual. 

    Have a WhatsApp customer care line for instant connection and helpThe rewards programme has a history of vouchers either disappearing or not being valid when attempting to be used
    Usage-based Insurance can save you up to 30% based on distance driven every monthUsage-Based insurance only applies to those on comprehensive plans
    Multiple insurance policies to suit all needs and budgets from two both Old Mutual and Old Mutual iWyzePayouts from claims can take long and need to be chased up to be received

    Given the vast number of policies on offer above, this article on the different types of car insurance in South Africa will be helpful to understand what you do and don’t need. This should allow you to choose the Old Mutual policy that best suits your needs.

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