South Africa’s most popular car insurance companies in 2024

South Africa’s most popular vehicle insurance companies are OUTsurance Holdings, the Sanlam Group, and Telesure Investment Holdings.

This is according to a survey conducted by MyBroadband, which asked readers about their vehicle insurance providers and preferences.

The survey was completed by 1,863 respondents and revealed crucial insights into South Africa’s vehicle insurance industry.

Insurer preference

The first question of the survey asked respondents which insurance company their primary vehicle was insured with.

OUTsurance was the most popular insurer, with 20.93% of all respondents choosing this option.

Sanlam was in second place, with 17.13% of the market share across its two vehicle insurance properties, Santam and MiWay.

Telesure Investment Holdings earned third place across its five insurance companies:

• 1st for Women
• Auto & General
• Budget Insurance
• Dialdirect
• Renasa

This is an excellent result for Telesure, as it is positioned as the leading contender insurance company in South Africa.

State of the car insurance industry

The survey also asked respondents to rate their current vehicle insurers, and the responses were very positive.

Over 40% of respondents gave their insurer a 5/5 rating, while only 1.72% rated their insurer 1/5.

Furthermore, 85% rated their insurer 3 out of 5 or higher — showing that South Africans are generally satisfied with their car insurance provider.

Customer satisfaction

Respondents were then asked whether they were considering switching to a different insurer, and 20.67% confirmed this was the case.

Of these respondents, 16% said they would choose OUTsurance, while 14% said they preferred a Telesure insurance company — another strong result for the contender and a good reflection on its brands.

Naked Insurance and Sanlam’s two insurance brands were also popular choices for switching.

What South Africans want from their insurer

The survey also investigated the most important benefits customers want from their insurers.

Three questions examined this topic:

• What do you like the most about your vehicle insurer?
• What do you like the least about your vehicle insurer?
• What is the most important aspect when choosing a new vehicle insurer?

In all three cases, the top two factors were clear: pricing and the level of cover offered.

Interestingly, extra benefits and customer service were far less important to customers than these elements.