The disconnect between vehicle ownership and insurance in South Africa.
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GUEST - Schalk Fischer, Insurance Vertical Sales Leader at TransUnion
TransUnion’s data shows there is a disconnect between the number of vehicles on the road and the proportion of insured drivers. Despite the public’s awareness of the risks of driving uninsured, many consumers still do not purchase vehicle insurance. This is likely due to the rising costs associated with vehicle ownership, including maintenance once the vehicle is out of service plan and high fuel prices, among other factors. While consumers appreciate the risks of driving uninsured, they may not consider the lasting effects that accidents and third-party liabilities can have on their financial well-being.
TransUnion’s data shows there is a disconnect between the number of vehicles on the road and the proportion of insured drivers. Despite the public’s awareness of the risks of driving uninsured, many consumers still do not purchase vehicle insurance. This is likely due to the rising costs associated with vehicle ownership, including maintenance once the vehicle is out of service plan and high fuel prices, among other factors. While consumers appreciate the risks of driving uninsured, they may not consider the lasting effects that accidents and third-party liabilities can have on their financial well-being.