Is scratch and dent insurance worth getting
Who among us hasn’t uttered, or at the very least, thought a word from the bad word list after discovering a scratch, chip, or dent on their car?
Unfortunately, this kind of minor damage is all part and parcel of owning a car. The good news is that you don’t have to live with it. You can get these blemishes sorted out, returning your ride to its original condition. Of course, when you’re already on a tight budget then that’s easier said than done, which is why several South African insurance companies have introduced their take on a ‘scratch and dent’ policy.
The question is… Is it worth paying a monthly premium just so you don’t have to pay out of pocket to have these little dents smoothed out?
Here’s a closer look at scratch and dent insurance, and whether you should get it.
What scratch and dent insurance actually covers
Essentially, scratch and dent insurance covers damages to your car in the event of, as the name states, scratches and dents that mar your car’s paint and bodywork. By way of example, we looked at the King Price Insurance scratch and dent insurance policy, and it covers a wide range of minor types of damage, including chips, hail damage, damage to your mags and rims, minor dents, light scratches, and tar removal.
Apart from checking how much you’ll pay per month, there are a few things that you should check when you look at this policy.
What to check when it comes to scratch and dent insurance:
How many times can you claim in a year? For example, King Price has an unlimited number of claims per year.
What’s the limit per claim?
Is there an excess that you’ll have to pay when you claim and how much is it?
Can you take this policy on its own or do you have to add it to another policy with the same insurer?
Is scratch and dent insurance worth having
Most people will question the need for this policy if they already have comprehensive car insurance. It’s a valid point. Comprehensive insurance isn’t exactly the cheapest around, so if you’ve gone to the trouble to take this option why would you then choose to add another expense? Especially in this economy?
There are actually 3 really good reasons to consider.
Firstly, the excess for scratch and dent is much, much lower. Seeing as the excess is a non-negotiable fee that you pay out of your own pocket when you claim, the amount matters. The excess tied to your comprehensive car insurance policy is typically significantly higher than with your scratch and dent insurance excess. We’re talking about a difference of R3,500 and R350.
With this in mind, you won’t be surprised to learn that claiming for a dent or scratch from your main policy isn’t always worth it. In some cases, your claim could be rejected because the excess is more than repair costs. But with a much lower and more affordable excess, you can keep your ride in pristine condition.
The second reason is that with the right insurer, you could claim all year-long for those little dings and chips wrecking your car’s aesthetic. Importantly, the right insurer should also offer a quick and easy claims process.
Lastly, though, is the fact that with an affordable and easy claims process, you can keep your car looking its best and maintain its overall condition. This way, if you want to sell your car in the future, you’re more likely to sell it for its maximum value. It’s not just that potential buyers will be put off by these blemishes, but dealerships deduct the cost of fixing scratches, dings, and dents from the offer they make you, and they might not deduct the repairs based on cost-price. So, if you think that you might sell your car in the future, scratch and dent insurance will help you get the most out of the sale.
With those 3 strong reasons, coupled with the general affordability of scratch and dent insurance, we’d say that this policy does have a place in your portfolio. If you’d like to find out more or get a commitment-free quote, then WhatsApp (or call) 0860 50 50 50 or click here.
Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Summary
Article Name
Is scratch and dent insurance worth getting
Description
Who among us hasn’t uttered, or at the very least, thought a word from the bad word list after discovering a scratch, chip, or dent on their car?
Author
The king
Publisher Name
King Price Insurance
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