A national client survey by Santam revealed interesting and surprising attitudes of drivers towards their vehicles, including emotional attachment and feelings of despondency if dispossessed of their much-loved cars.
- 64% “very or extremely attached’” to their vehicle
- 4 in 10 have named their ‘wheels’
- 37% “unable to function” without their car
- However, 45% do not know the current monetary value of their vehicle
The survey further showed that when asked whether they knew the current monetary value of their vehicle, nearly half (45%) did not know this amount, even though the majority (58%) of the participants had read their insurance policy in the last six months. An impressive 81% of respondents were aware of what their insurance covers.
However, when it came to the settlement car owners would be willing to receive if their vehicle was stolen, nearly half (48%) expected the full amount for which the vehicle was insured. Other settlement amounts that drivers would be willing to receive were “the market value the car was insured for (29%) and “a similar ‘replacement vehicle’” (23%).
Click here to download the full Santam media release on the survey.