Through its subsidiary, Drive and Save (Pty) Ltd., global fleet management, vehicle recovery and telematics provider, Cartrack, has launched an affordable insurance product strictly for vehicle theft that will only cost R9.99 for potential Cartrack customers.
To take advantage of this offer, customers have to first subscribe to a Cartrack vehicle tracking system with a monthly subscription of between R99 and R179. The R9.99 insurance premium remains the same regardless of the value of the vehicle being insured.
The vehicle theft insurance cover, which is underwritten by King Price Insurance, becomes valid only once a Cartrack tracking device is installed in the vehicle. The insurance offering pays up to R150, 000 in the event of theft.
Cartrack South Africa CEO, Andre Ittmann, notes that this new product will provide a much-needed lifeline to thousands of South African motorists.
“The theft of a vehicle, with no means to fund a replacement, is a real threat for many vehicle owners, especially lower-income families facing financial pressures. As such, affordable insurance is vitally important as a means to protect against the risk of vehicle theft, which is an asset that often ensures livelihoods.
“We are therefore delighted that through offering this insurance product, we can provide a value-for-money service to the uninsured, thereby ensuring that the financial risks for numerous South African motorists is considerably reduced.”
Ittmann adds that many South African motorists are uninsured, not due to apathy but owing to the unaffordability of many vehicle insurance offerings. He further maintains, therefore, that numerous drivers will be eager to purchase this new product.
Cartrack has a 93% audited stolen vehicle recovery rate and provides fleet, mobile asset and workforce management solutions, underpinned by real-time actionable business intelligence, delivered as Software-as-a-Service (‘SaaS’). This is in conjunction with the service of tracking and recovery of stolen vehicles. Its technology is widely accepted by motor manufacturers and insurers, with hardware and installations being of the highest standard.
Ittmann concludes that the R9, 99 vehicle insurance offer will have wide-ranging positive effects for South African vehicle owners.
“Drive and Save together with Cartrack understands that consumers face tough economic pressures in terms of choosing to access affordable vehicle theft insurance. We firmly maintain that through offering this product, a range of uninsured drivers will enter the insurance space and subsequently benefit from better security and peace of mind that was not previously accessible to them.”
Visit www.driveandsave.com for more information on how to qualify for your R9.99 per month vehicle theft insurance.