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Here's Why Motor Insurance Premiums Increase

Here's Why Motor Insurance Premiums Increase

July 18, 2023

Have you ever wondered why motor premiums are always increasing? Did you know that insurers, such as Renasa, fight to keep premiums as low as possible?

Thanks to Renasa, we can give you some insight into these burning questions.

HERE'S WHY MOTOR INSURANCE PREMIUMS ARE ALWAYS INCREASING:

 Car thefts have more than doubled

 Reinsurance premiums are up 25% due to large losses in SA

 The average cost per claim has increased substantially

 Motor spares inflation is up over 25% in past year

 Ongoing exchange rate deterioration pushes up imported parts prices even more

 Average motor repairs cost is up over 35% in 18 months

 Towing and roadside assistance rates are up 32%

 Car hire rates have increased

 Constraints on car parts availability mean extra costs for delays in repairs and more car hire days

At Voorpos, you are guaranteed that we will always hunt for the best premium for your unique needs.