Known for its innovative and affordable car insurance products, Prime Meridian Direct (PMD) is an outstanding and expanding insurance intermediary, and is a trusted and acknowledged brand in the South African short-term insurance industry. PMD is part of a well-known financial services group. As a result, many South African clients enjoy its low cost, quality, insurance products.
WHEN DID PMD START?
It all began in 2009 when PMD saw the dire need for innovative and affordable car insurance in South Africa. Seeing 65 – 70% of all South African motorists are not insured, affordability would play a key role in making PMD’s car insurance products attractive to a lot more motorists. In addition, such products could provide great relief to existing insured motorists, who currently continue to bear the financial brunt of South Africa’s economic circumstances.
While their product range continued to expand over the years, PMD created a range of affordable car insurance products, including the Prime MotorThrift and Prime MotorCoverGrow products. These were so designed to place them within the reach of those motorists who could barely afford traditional car insurance products.
PREMIUMS THAT NEVER INCREASE AND NO EXCESS PAYMENTS
PMD is well-known for its affordable car insurance products with monthly premiums that stay the same for the life of the policy and no excess payments if you claim. Both of these benefits may offer motorists large savings over time and are included in every PMD car insurance plan.
The petrol price and other living costs increase regularly, which negatively impacts motorists pockets, but not PMD’s car insurance plans, your premium will not increase with all your other escalating living costs.
A potential expensive hidden cost is an excess payment. Suddenly motorists’ need to find potentially large sums of money before they can get their cars fixed. These costs vary between a percentage of the total claim to a fixed amount. These amounts can be up to R27 000. The South African Insurance Association (SAIA) refers to an example of an R2000 excess payment.
PRIME MOTORCOVERGROW CAR INSURANCE
The name ‘CoverGrow’ refers to an insurance product with growing cover. This product covers, partially or fully the repair costs from a car accident, it all depends on how much your Growing Benefit Amount has grown to at the time you have your accident. It further covers you for total loss caused by theft, hijacking, natural fire or disaster, again, the amount of cover extended, all depends on how much you have accumulated at the time of loss. A fantastic benefit is that you will receive third party accident damage when you drive into someone else’s vehicle up to the amount of R500 000.00, this amount is not dependant on the growth rate. Cars older than 15 years are accepted on this plan.
A client can select one out of four plans, depending on budget and growing cover requirements. The good news is that the premium is guaranteed to never increase. CoverGrow is the most affordable product, with premiums starting from R165/month. When the Growing Benefit Amount (GBA) exceeds the repair cost, you will not be required to contribute to any costs associated with accident damage sustained to your motor vehicle.
This type of product is only available from PMD.
PRIME MOTORTHRIFT CAR INSURANCE
Prime MotorThrift is a more affordable version of car insurance, the monthly premium is higher than Prime MotorCoverGrow, but in many cases, still much lower than traditional car insurance, starting at R464/month. No excess is required in the event of the total loss of your car through accident, theft, hi-jacking or natural disaster. This is great news as most other car insurance companies will charge an excess payment when the car is written off. When you are involved in a motor vehicle accident that does not render your vehicle written-off, you will be covered when you have selected the optional Accident Contribution Benefit, this benefit works similar to the Prime CoverGrow product – your cover grows every month. Which means, when your growing benefit amount exceeds the repair costs, you will not be required to contribute to accident damage that does not render your vehicle written-off.
PRIME MOTORPINNACLE COMPREHENSIVE CAR INSURANCE
We are proud to have just launched our latest addition to the family. The Prime MotorPinnacle comprehensive car insurance product supersedes the two previous products. Let us examine some of its amazing features that exemplify this product.
- IN THE EVENT OF TOTAL LOSS, PMD WILL PAY OUT THE FULL MARKET VALUE
Should your car be written off, or lost through natural fire and disaster, theft or hijacking, PMD will pay out the full market value.
- GROWING COVER
This benefit works like the Prime MotorCoverGrow and Accident Contribution Benefit. It will provide growing cover for accidents that do not render your vehicle written-off. As the GBA increases, PMD will pay out up to 100% of the market value of the car.
- MINIMUM COVER GUARANTEE FOR SMALLER ACCIDENTS
Depending on the plan that is chosen, the holder begins, right from the start of the policy, with a safety net – a guaranteed amount of cover for smaller accidents notwithstanding the available growing benefit amount. You can choose from a minimum cover guarantee of R10 000, R20 000 or R30 000, this minimum cover guarantee comes without the requirement of an excess payment.
- THE CREDIT SHORTFALL BENEFIT
PMD has created an optional credit shortfall benefit for financed vehicles, to assist with outstanding amounts to a financier. This benefit will pay an additional 20% of the market value to cater for any remaining shortfall after a vehicle has been written-off. The Credit Shortfall Benefit will greatly assist policyholders to manage their credit risks with financiers.
- THE OPTIONAL ACCIDENTAL DEATH BENEFIT?
This optional benefit is another one of PMD’s creative ideas to provide extra cover where the policyholder passes away due to any accident. In this case, accident means a motor vehicle accident, but even if you slip and fall in your kitchen, it does not necessarily need to be in a car accident. The policy defines an accident quite wide. It does not matter whether the vehicle is financed or not! An amount equal to the market value of the vehicle at the time of accidental death will be paid into the estate of the policyholder.
THE FUTURE OF CAR INSURANCE
We have read about PMD’s passion to make comprehensive and non-comprehensive car insurance affordable for all South African motorists. But passion alone is not going to make any insurance product effective. It is PMD’s creative ingenuity combined with innovation that has raised the bar of excellence through its wide range of forward-thinking car insurance plans.