Visit our COVID-19 site for latest information regarding how we can support you. For up to date information about the pandemic visit www.sacoronavirus.co.za.

bs-regular
bs-extra-light
bs-light
bs-light
bs-cond-light-webfont
bs-medium
bs-bold
bs-black

Community


Share knowledge. Ask questions. Find answers.

Community

A one-stop forum for all your banking questions

Vehicle finance

Reply
blessingsmasala
Frequent Visitor
I wanted to cancel my insurance with miway because of financial strains im having and i was told that i can not because my car is still financed...how true is that?
0 Kudos
Reply
4 REPLIES 4
StandardBank
Community Coordinator

Hi Blessingsmasala,

 

That doesn't sound correct, did they say that you have to be insured with them or you can look for cheaper alternatives?

 

Regards,

Standard Bank Team

0 Kudos
Reply
Phillipine
New Contributor

I was told the same thing by King Price. The only thing i was offered was reduced premiums, but extremely high access. I just stopped paying.

0 Kudos
Reply
Cyril
New Member
One of the conditions for a bank financed vehicle is that, it should be comprehensively insured. You do have the freedom of choice to find another insurer for your car but the Bank needs to be notified as they have their interest noted on the current policy. So, in this case, your finance provider will need to be made aware of your intention to cancel the current policy but will allow it once a replacement and confirmed policy is provided. You cannot simply cancel and drive without cover as this will be in breach of your credit agreement with the Bank.
Reply
Idrie
New Contributor
Hi, so would that mean the bank has the authority to offer/ impose car insurance? If you had already canceled one.
0 Kudos
Reply