TL;DR – Our version of “I’m not reading all that, *SparkNotes pls.”
- South Africans have many car insurance options. Banks like FNB, ABSA, Nedbank, and Standard Bank offer policies, but modern alternatives like Pineapple are also available.
- Bank-provided car insurance offers convenience. Customers can manage their finances and insurance under one institution, with potential bundling discounts.
- Banks may lack flexibility and digital innovation. Drawbacks can include limited standalone policy customisation, higher premiums, and less tech-driven customer service.
With insurance providers like Pineapple, plus a sea of others on Hippo.co.za’s car insurance page, South Africans are spoiled for choice when it comes to car insurance.
And yet, two-thirds of the cars on SA’s roads remain uninsured. Crazy.
So, can Mzansi’s leading banks—FNB, ABSA, Nedbank and Standard Bank—succeed where traditional insurers fail? The writer of this article went on a secret shopping trip to see how much banks charge for car insurance.
Let’s compare bank-offered car insurance policies, exploring the cost, coverage, unique features and benefits, and potential drawbacks.
Bank-Provided Car Insurance: An Overview
Bank-provided car insurance policies offer ease and convenience. Insuring with a bank means having a one-stop shop for all your financial duties: debit orders, savings and insurance under one umbrella.
Insuring your car with a bank also allows for potential additional savings and discounts.
Known as bundling in insurance, banks may offer incentives or other benefits, like reduced premiums, simply for taking out multiple policies with them (think building insurance, home contents insurance, and vehicle insurance).
Plus, banking institutions have long-standing reputations, meaning the risk of falling victim to a fly-by-night company is almost non-existent. Banks are often reliable and stable, allowing you to enjoy the peace of mind that’s only possible through genuine trust and sufficient protection.
However, there are a few downsides to insuring your car with a bank: limited policy customisation and higher monthly insurance premiums. Plus, agents may prioritise banking over insurance, affecting customer services such as claims or there may be a lack of specialised assistance.
Lastly, in the digital-dash decade that is the 2020s, most banks may struggle to offer online and mobile tools that are as focused and as advanced as modern insurers and insurtech companies like Pineapple.
Battle of the Banks: Comparing FNB, ABSA, Nedbank, and Standard Bank’s Car Insurance
As mentioned, I went on a little shopping spree for the best and most affordable car insurance policy from some of SA’s leading banks.
On the date on which this article was written, we received the following insurance quotes:
| Bank | Standout Offering | Best For | Average Starting Price |
| First National Bank | Tyre and rim cover | Convenience. Motorists can insure on the go using the FNB app. | Unfortunately, I was not able to get a quote as I am not an FNB customer. Sigh. We’ll get into it more below.* |
| ABSA | Scratch and dent cover | Personalised quote journey: Activate (digital) and iDirect (call centre) | Starting at R1746.33** |
| Nedbank | Drive-me-home service | Safety-conscious drivers. | Starting at R1614.00** |
| Standard Bank | Take-me home service | All-inclusive packaged deals for all three or as standalone cover options. | Starting at R1680.82** |
*You must have a valid FNB transactional account or vehicle asset finance with WesBank.
**Prices are estimates and vary based on an individual’s risk factor. The following indicative quotes are based on a 26-year-old female driving a 2020 Hyundai Grand i10 1.2 Fluid.
First National Bank
A division of FirstRand, FNB (First National Bank) is a financial institution providing personal, private, business, commercial, and corporate banking services to millions of South Africans.
One of their offerings is car insurance, which allows drivers to earn up to R8/litre back on fuel.
Unfortunately, quotes for their cover aren’t as easy to come by. Before getting a quote, you must have a valid FNB transactional account or vehicle asset finance with WesBank.
Still, their cover comes with unique features like tyre and rim protection.
Their insurance brokers also provide vehicle insurance policies that cover against loss and damage of your vehicle, bakkie, 4X4 or motorbike.
Plans include:
- Comprehensive cover (protection against everything)
- Third-party, fire and theft (for damage to the other person’s vehicle in an accident)
- Third-party only (only covers legal liability)
Lastly, you can receive up to 15% of your monthly premiums back in eBucks whether you claim from your insurance or not.
“I would like to express my gratitude for the service I received from FNB Short Term Insurance. The claim process was quick and easy.” – Surprise M, 07 Jun 2024, Hellopeter.
ABSA
ABSA, formerly the Amalgamated Banks of South Africa until 2005 and Barclays Africa Group Limited until 2018, is a multinational banking and financial services conglomerate.
So, it’s no surprise that their impressive portfolio includes comprehensive car insurance.
Car insurance plans include:
- Loss or damage to your car as a result of:
- Theft or attempted theft
- Fire, explosion, lightning, hailstorms, floods or snow
- Accidents
- Towing and storage charges
- Medical expenses
- Third-party liability
ABSA’s vehicle insurance promises discounts of up to 30%, 24-hour emergency assistance, and fixed excess amounts from as little as R3,000, regardless of a claim.
“I had a fantastic experience with Absa Insurance when handling my recent claim. The process was smooth and efficient from start to finish. The team was professional, attentive, and genuinely cared about resolving my issue quickly.” – Patience L, 05 Feb 2025, Hellopeter.
Nedbank
The Nedbank Group is a financial services group offering wholesale (for large clients, such as corporations and governments) and retail (for small businesses and individuals) banking services.
They’ve also branched into financial services such as insurance, asset management, and wealth management.
Stand-out features of Nedbank’s car cover are:
- comprehensive cover with third-party fire-and-theft and third-party only insurance
- emergency roadside assistance, including breakdown and accident services
- optional car hire and credit shortfall cover
Nedbank offers policies like comprehensive or basic cover and promises up to 60 days of car hire to “keep you moving in the event of theft or accident.”
As an extra, the claims process promises simplicity and speed.
“In August 2024, my wife was hijacked, and a car [with] the police and car track took place, [the] vehicle was damaged, and my wife was unharmed due to the swift response and action of the police and security service. The vehicle was damaged, [but] Nedbank Insurance wasted no time in getting us back on the road again with a rental car whilst my vehicle was repaired. My vehicle was restored back to factory condition. It’s not every day [an] Insurance company goes above and beyond.” – Joe K, 05 Feb 2025, Hellopeter.
Standard Bank
One of the largest banks on the continent, Standard Bank was formed in 1862 as a South African subsidiary of the British overseas bank aptly named The Standard Bank of South Africa.
Having grown into its own, Standard Bank offers a range of financial products, including vehicle insurance policies.
Standard Bank policies also offer:
- car and home insurance packages for those who want to enjoy greater bundling benefits at lower rates.
- comprehensive insurance covering loss or damage caused by collision, theft, fire or storms
- limited cover like third-party only policies or third-party and loss or damage from theft or fire
Their team of insurance brokers also helps you source up to 5 quotes from leading SA insurers and negotiate the best cover and benefits.
“I would like to thank Standard Bank for the Comprehensive cover I got from them, I have been paying R4900,3 [to] my previous insurer and did not know I could ever be relieved from this I was left with nothing, just because I love my car I had to live like that.” – Phumelele M, 07 Nov 2024, Hellopeter.
Pineapple: A Modern Alternative
Another alternative to traditional insurance would be choosing a modern insurance provider like Pineapple. With customer-centricity at the forefront, Pineapple tailors its insurance to meet its clients’ various needs.
And guess what – you can buy a policy yourself or speak with an agent to get insured. Perfect for introverts.
What Makes Pineapple’s Insurance Different?
Car insurance shouldn’t be complicated, expensive, or filled with endless paperwork. That’s what makes Pineapple different.
We use fast, digital solutions: 90-second car insurance quotes, online claims, and virtual vehicle inspections. No brokers. No paperwork. No hidden fees.
Pineapple also offers telephonic services because, for some, sometimes it’s easier to get on a quick call. Simply request a callback via WhatsApp (060 012 3771), and one of our very friendly agents will assist you swiftly.
Plus, Pineapple’s comprehensive car insurance premiums are transparent and affordable; cover starts from a low R590* monthly. Would you believe that we have someone paying R109.67 to insure their BMW 328i (E36)? THAT’S THE CHEAPEST PREMIUM PRICE I HAVE EVER SEEN IN MY LIFE!
Pineapple Comprehensive Car Insurance Benefits
Unique benefits of Pineapple’s affordable car cover include:
- App-based convenience
- Instant quotes (90 seconds or less—it takes longer to boil the kettle)
- 24/7 roadside assistance (towing, no-fuel, flat battery, tyre assistance and more)
- Third-party protection worth R5 million
- Cash refund of up to 30% when you drive less than 300km monthly.
- Cover for weather damage, including floods and hail.
- Emergency accommodation if your car is lost or damaged more than 100km from your home.
- Protection against theft and hijackings.
- Key replacement.
- Windscreen and window repair.
This digital approach to insurance also allows our claims process to be fast, fair and efficient with real-time tracking.
Say goodbye to outdated insurance. Get a quick quote with Pineapple today!
“This was my second claim within six months, and I initially expected a challenging approval process. However, I was pleasantly surprised by the professionalism with which it was handled. The frequent calls and messages kept me informed and encouraged me to submit the necessary documents as soon as possible.” – Thabo L, 05 Feb 2025, Hellopeter.
Conclusion
Whether you pick FNB, join team ABSA, go for gold with Nedbank, choose Standard Bank, or insure with Pineapple, it’s crucial to insure your vehicle because South Africa’s roads can be as dangerous.
So, why say no to the one thing that can protect your pockets in the event of an accident?
Having car insurance means not paying out of pocket for vehicle repairs, helping keep your budget intact. Plus, insurance is basically ‘round-the-clock’ help when you need it.
The best way to choose a suitable car insurance policy is to consider your priorities. Consider whether you seek eco-friendly policies, bundling discounts, or robust roadside assistance. Then, choose the option that best suits your needs.
Or, save yourself the mental gymnastics and click here for a quick 90-second quote with Pineapple.
Some call it cheap; others call it affordable, and we call it Pineapple. Get a quote and enjoy cheap, comprehensive cover now!
If you found this article helpful, here are some related topics.
- Are There Really Alternatives To Pineapple’s Car Insurance?
- Discovery Car Insurance Alternatives
- Naked Car Insurance Alternatives
**The product-related information of the abovementioned financial institutions was obtained on, or immediately prior to, the publication date of this article and is not applicable indefinitely.
Please Note: The information provided above is for informational purposes only; you should not construe any such information as legal or financial advice.
Pineapple (FSP 48650) is underwritten by Old Mutual Alternative Risk Transfer Insure Limited, a licensed Non-Life Insurer and authorised FSP. T&Cs apply.
