I’ve been doing a lot of quotations for Discovery Insure recently! Many of these insurance quotations have been very competitive, but on the odd occasion I’ve had a few quotations where the premiums have been a tad more expensive than everyone else.
Usually when we bring the fuel discount into the equation things sort of balance out, but now and again I find a car and home insurance schedule which I just can’t beat.
Today I received an e-mail from Discovery Insure which put everything in perspective. The e-mail explained the cost involved with installing the DQ track system.
Here is the gist of this e-mail…
The DQ track system fitted by Discovery Insure would cost you R319 per month on a 36 month contract with C-Track Secure (C-Track Secure markets the product as the ‘Secure Protector’). Now that’s if you selected to have no installation fee!
C Track Secure also offers you the option of paying R209 per month, along with a R3, 999 once off installation fee.
Of course I need to mention that Discovery Insure charges R49 per month per driver for the VitalityDrive benefit linked to this free installation, but that’s still a massive saving.
To get out of this type of contract, you either have to settle the outstanding balance of the contract or transfer ownership to the new owner when you sell your car.
The advantage offered by Discovery Insure is that they install this device free of charge into your vehicle when you select VitalityDrive. Unlike other insurance companies which offer so-called “free” tracking devices (Until you decide to cancel and find out you’re locked into a tracking system contract), you as the client are not bound by any contract with Discovery Insure. Should you decide to cancel your Discovery Insure policy, then they will remove the tracking device without any further obligation from your side. Cool, hey?
So let’s look at a household with two drivers and two motor vehicles…
Let’s say you select to pay the R319 per month option:
- R319 x 2 = R638 per month x 36 months = R22, 968.
On the R209 a month option along with the R3, 999 once off installation fee, the sum is as follows:
- R209 x 2 = R418 per month x 36 months = R15, 048 + R7, 998 (R3, 999 installation fee x 2) = R23, 046.
In both cases you’re looking at over R20, 000 in costs over three years. That’s a massive chunk of change!
Now if we add to that the R600 per month which most of us should get in terms of the fuel discount, then you’re looking at an excellent deal.
If the Discovery Insure premium is in the same ballpark as your current premium, then you need to factor in the savings mentioned above.
Who knows… maybe the Discovery Insure car and home insurance product is just what the doctor ordered!
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Until next time.
The InsuranceFundi Team