The fascinating developments in motor insurance

Old Mutual Insure has been providing car insurance for decades and Lizo Mnguni of Old Mutual Insure, has seen the changes that have happened in the vehicle insurance space over the years.

At present, he says, the global automotive industry is experiencing a myriad of challenges, such as supply-chain disruption and high inflation of new and second-hand vehicle prices, which have completely transformed the industry and are impacting every vehicle owner.

With the price of new vehicles skyrocketing due to limited supply and increased interest rates, people are keeping their vehicles for longer and want to keep them in showroom condition. A few years ago, the thought of a vehicle as an investment would have raised eyebrows.  Comprehensive insurance usually provides cover for vehicles against accidents and other mishaps, but it is not always enough.

In our discussion below we chatted to Lizo about this fast-changing motor insurance environment.

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