It is almost that time again when the Ombudsman for Short-Term Insurance (OSTI) reveals the best and worst insurance companies in South Africa to date.
Although we are still waiting to hear the official results with bated breath, we thought that we would take matters into our own hands and do a little comparison of the 3 insurance companies rated the best in South Africa and see why this is the case.
It is important to note that the ombudsman scores these insurance brands based on a variety of elements, one being the overturn rate. If a company’s overturn rate is high, this ultimately means that the company’s consumers are not being treated fairly. When a decision is overturned it means that the decision was changed by the insurer due to the complaint that was handled by the ombud, generally with some benefit to the insured.
OSTI also looks at issues such as premium prices, complaints, consumer payout and customer service. It is important to note that bigger companies have a higher rate of complaints as they are dealing with more queries. If you have something to say about your experiences with your insurance company let them and other consumers know by using our provider reviews platform:
Now that you are familiar with the ombud’s lingo, here are some of our findings. According to the 2018(for 2017), the top, three best short-term insurance companies are:
So what makes them so great? The table below compares the three top insurers.
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As you can see by the table above they all have great benefits but it really comes down to what is important to you.
When you are trying to choose an insurance company to sign up with, these are the main factors that we suggest you look at before making your decision: The benefits the insurance company is offering, their customer service, the amount of complaints they have had, their over-turn rate and their premium. Figure out which of those factors are most important to you and which combination suits you best to choose the right car insurance for you.