Motorists in South Africa will feel punch-drunk after months of continual fuel price hikes, while rising inflation and incoming interest rate hikes are piling on the blows, says short-term insurer, Naked.
While the latest data from Central Energy Fund points to a reprieve for fuel prices in August – a drop of R1.50 per litre for 95 Petrol – the removal of the government’s fuel price interventions will effectively halve that amount.
But it’s not only the petrol price that is bringing pain to vehicle owners. “Consumers are facing a perfect storm of higher costs for car ownership,” Naked said.The cost of servicing and maintaining a car has increased due to global supply chain pressures and a volatile currency; According to Naked, motorists in South Africa are not yet at the point where they’re making significant shifts to combat the growing cost of owning a car – such as downgrading vehicles or selling the family’s second car – but there have been some changes as drivers try to cope.New car buyers are buying cheaper vehicles;
Regarding the insurance cover itself, Naked said that customers are now more often taking the option of increasing their car insurance excess to lower their premium. The group’s data shows that there has been no significant change in the average excess chosen, at R4,200.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Not only monetary capital, but intellectual capital is rapidly leaving South Africa - South Africa TodayNot only does South Africa suffer losses of monetary capital, but the United Nations’ Migration data shows that intellectual capital is also rapidly leaving the country. South Africa’s losses of intellectual capital – skilled workers – to countries such as Britain, Australia, America, New Zealand, and Canada are attributed to job insecurity (including children’s futures) […]
Read more »
South Africa: What's Happening In South African News - July 19, 2022
Read more »
South Africa: What's Happening In South African News - July 20, 2022
Read more »
Africa: UN Summit Galvanizes Action for Development Agendas in AfricaThe development of Africa was spotlighted at a key UN meeting on Wednesday, with attention focused on advancing the 2030 Agenda for Sustainable Development and the African Union (AU) Agenda 2063.
Read more »
Africa: EU Commits to Assist Africa to Achieve Food SecurityPresident Cyril Ramaphosa has welcomed European Union (EU) Council President, Charles Michel's pledge that commits the European Union to supporting Africa's efforts to achieving food security.
Read more »
Africa: Statement by President Biden on the U.S.-Africa Leaders SummitAnnouncement - I look forward to hosting leaders from across the African continent in Washington, DC on December 13-15, 2022, for the U.S.-Africa Leaders Summit. The Summit will demonstrate the United States' enduring commitment to Africa, and will underscore the importance of U.S.-Africa relations and increased cooperation on shared global priorities.
Read more »