You can get R150,000 car insurance for only R9,99 per month - but with a catch
- A vehicle tracking firm is offering up to R150,000 car insurance for only R9,99 per month - provided that their tracking device is installed.
- The Cartrack tracking device costs between R99 and R179 a month.
- An estimated 70% of the country’s 12 million registered vehicles are still uninsured, which is the target market for the new product.
South Africans can now get R150,000 in car insurance against vehicle theft for only R9,99 per month.
But the cover, which is underwritten by King Price Insurance, is only valid once a Cartrack tracking device is installed in the vehicle - costing you an additional R99 per month.
Cartrack is targeting vehicle owners who don't have insurance - an estimated 70% of the more than 12 million registered vehicles in South Africa are uninsured, according to the Automobile Association of South Africa. Cartrack Global CEO Zak Calisto said that the group's offer makes car insurance accessible to millions of South Africans.
“The theft of a vehicle, and in many cases with no means to fund a replacement, is a real threat for lower-income families facing financial pressures,” Calisto said.
“This type of limited insurance is therefore vitally important to protect against the risk of vehicle theft – an asset which often ensures livelihoods.”
JSE-listed Cartrack on Tuesday morning announced its financial results, and reported subscriber growth of 25% in the past year. It now has 751,380 subscribers for its vehicle tracking service.