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Knowledge Hub

Key Trends & Tips for Car Insurance This Year

5 min read

Key Trends & Tips for Car Insurance This Year

Motoring and Travel July 20, 2023

There's no better time to revisit your budget than at the beginning of a new year. As it's a popular time for creating new goals for the upcoming months, revisiting your ongoing expenses and spending habits can highlight areas where you could save valuable time, money or effort. One expenditure worth revisiting is your Car Insurance. With so many offers on the market to choose from and new insurance products developing every year, you may find an insurance product that offers more bang for your buck.

The evolving landscape of Car Insurance

The Car Insurance industry has dramatically evolved to keep up with changes in the motor sector. As cars have become more sophisticated to accommodate the challenges of modern living and the preferences of today's drivers, insurers have had to update their offerings to address the needs of car owners. These changes include accounting for the impact of climate change on roads and customers' needs for more sustainable and autonomous forms of transportation.

Statistics reveal that these shifts have already started to take place. While sales of electric vehicles in South Africa are lower than in other countries, some experts believe sales will increase as electric and hybrid vehicles become more accessible and affordable and more entry-level models enter the market. Additionally, these types of vehicles align with the South African Government's 2023 National Development Plan, which recognises sustainable development's role in helping the country reduce its carbon footprint.

As these cars become more commonplace on the market, this will impact how service providers approach liability and all things insurance-related and could have you revisiting your Dialdirect Car Insurance policy.

The way technology is changing Car Insurance

The innovations present in your car impact your insurance in many ways. These innovations fall under the insurtech umbrella — a portmanteau of 'insurance' and 'technology' encompassing the various cutting-edge tools the insurance industry uses to enhance and streamline its operations and products. It includes the Internet of Things, machine learning, big data analytics, blockchain technology, mobile applications and artificial intelligence. This allows insurers to customise their underwriting, policy, administration, claims and customer service processes to become more efficient and cost-effective while better anticipating and meeting customers' needs.

Here are a few examples of common technology innovations and adaptations that could be present in your car and how this can impact your insurance.

Telematics involves using internet-connected devices like smartphones to collect, share and transmit data concerning a person's driving. For example, insurers can offer drivers smartphone applications that, when downloaded, can track their driving patterns and log if they speed, break or accelerate excessively or use their phone while driving. These risky behaviours mean a person who drives unsafely could pay higher premiums while a person who is a more cautious driver would pay less.
Data analytics — By inputting and analysing large data sets for patterns and trends, insurers can create more refined and individualised risk models to provide policyholders with a more accurate risk assessment, which could affect their premiums.
Artificial intelligence —This tool can provide customers with a time-saving and streamlined experience when interacting with an insurer. This can ensure they spend less time submitting and following up on claims and being able to manage the process entirely online. Chatbots, for instance, are used in many service industries for convenience and real-time assistance. Customers can correspond with a chatbot even outside of office hours.

Top Car Insurance tips for 2024

With insurtech set to become part and parcel of most standard insurance offerings, the following tips can help you prepare for its integration or make better use of its tools to get more out of your insurance — or find one better able to meet your needs.

Use comparison tools — Various online aggregator tools and platforms allow you to compare similar insurance offerings side by side so you can easily see how each differs or is similar. Insurance should also be able to address any comparative questions you have.
Watch your driving — Being more aware of the rules of the road and following them as much as you help you ensure the telematics or usage-based insurance programs that monitor your driving habits- can accurately assess your driving patterns for safety and legality. This can lower your insurance premiums.
Consider usage-based policies — data analysis can give you insights into what characteristics higher and lower premium drivers possess so you can qualify for a lower deductible due to your lower risk.
Revisit your insurance — You should revisit your insurance whenever your lifestyle or car ownership changes so that your insurance meets your most current needs. An example is moving to a more secure premises, where your car is now parked inside a locked garage, whereas previously, it was parked on the road. In this case, yourDialdirect Insurancepremiums could decrease due to the reduced risk of theft.
Maintain your finances — Risk profiles evaluate a person's entire financial situation when informing premium calculations. Paying attention to your overall credit behaviour and score by avoiding making late payments or generating a lot of debt can help keep your premiums low.

Get a Dialdirect Car Insurance quote

While insurtech can have a major positive effect on your Car Insurance experience, it won't replace the importance of partnering with a car insurer you can trust and enjoy working with. We can offer you this, so contact us for a Dialdirect insurance quote today.