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Prime Meridian Car Insurance



Prime Meridian's motto is "Sound Insurance. Pure and Simple." As part of a well-established financial services group, Prime Meridian is backed by expertise, product know-how, providing innovative products that meet the needs of all South Africans. This article explains the products available and their characteristics.

Prime Meridian offers two car insurance products that cover the biggest day-to-day risks at the lowest possible prices.

  1. Prime MOTOR THRIFT Plan
  2. Prime MOTOR ASSIST Plan

MOTOR THRIFT Plan

MOTOR THRIFT is a no-frills car insurance option that basically only covers you for your biggest motoring risks such as write-offs, fire, theft, hijacking, natural disaster.

The plans are affordable in the sense that your premiums can be lowered by altering your level of cover.

Three plans are available with level of cover at 100%, 75% or 50% of trade price.

Please take note Prime Meridian is attractive to those that prefer partial cover for their vehicles, because at 100% cover there may be cheaper insurance alternatives on the market and you will not be covering 'comprehensive' risks with this product.

Remember that age is also a factor in premiums. The younger you are the higher the premiums.

Risks covered

  • Accidental write-off where damage must exceed 80% of the trade price of car at time of accident
  • Theft and Hijacking
  • Write-off through fire and natural disaster
  • 3rd Party Protection up to R250,000.

Please take note It is very important to understand that the MOTOR THRIFT Plan does not cover the cost of repairing the damage caused by an accident where the vehicle is not written off.

(See 'Relevancy' section below for product rationale)

Towing, storage and breakdown costs are not covered on this plan as these are not the biggest risks, in the product's design. As such you can purchase an 'Accidents Contribution Benefit Policy' to cover these costs.

Conditions

  • No vehicle pre-inspection required
  • Covers individuals from age 19
  • Covers vehicles up to 15 years old at inception

Benefits to you

  • No excess payable when claiming!
  • Premiums never increase! This is a unique product feature.
  • Premiums calculated on a non-discriminatory basis.
  • Low premiums
  • You choose your desired level of cover based on what you can afford − and to only cover the big risks such as write-off and not small-to-medium accident damage costs (you are effectively 'self-insuring' these).

Relevancy

Partial motor insurance cover is relevant in the South African market, because many cars are old, and having lost most of its value, full comprehensive cover is just illogical and unaffordable, resulting in these car owners to 'self-insure'.

Research from the SAIA show that approximately 70% of all SA motorists are uninsured − this is where the MOTOR THRIFT Plan comes in − fulfilling the need for a cheaper, more affordable insurance product that gets rid of the unwanted cover and its associated cost − and just keeps the essential cover − thereby covering you for just the biggest day-to-day risks!

MOTOR ASSIST Plan

MOTOR ASSIST offers three distinct benefit packages:

  • Roadside assistance package
  • Vehicle body maintenance package
  • Mechanical and electrical failure warranty (Plus plans)

There are two plan categories available: Basic and Executive. Of these two there is a Plus package available to both − giving you a total of four options to choose from.

The Plus plans have the additional Mechanical and electrical failure warranty package.

What the MOTOR ASSIST Plan offers:

  • Insurance cover to help repair bumper scuffs, minor dents and windscreen chips
  • Jump-starting and wheel changes
  • Help retrieve locked keys
  • Reimbursed car hire allowance
  • Cover for fuel shortages and flat batteries
  • Cover to help you repair mechanical and electrical failures
  • Towing and 10 litres of petrol if you run out

Please take note Read your policy document carefully for the benefits schedule of each of the above points. These will give you the benefit limits of each depending on the plan option you choose.



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