Who is Virgin Money Insurance?
Virgin Money Insurance, is part of the company “Virgin Money South-Africa” which is part of the international “Virgin Group” – a much larger international investment group headed by the famous Richard Branson (we strongly advise reading his biography, it is both interesting and fun). So, just to be clear: we have the international ‘mother’ company called “Virgin Group” who then set up “Virgin Money South-Africa” in 2006 (as a financial services company). This second company, Virgin Money South Africa, set out to offer financial products that were easy to understand and manage. Over the years, they observed what they described as a discrepancy in how insurance should be offered and how it was being offered. In response, they established “Virgin Money Insurance”, in the hopes of offering short-term insurance products and services the way they should be (see customer reviews here below to see if this goal was met). Virgin Money Insurance is also part of the Telesure Group (which owns a few of the well know insurance companies) although it is not clear exacly what percentage is owned. The current CEO of Virgin Money Insurance is Vinay Padayachee.
Where is Virgin Money Insurance located?
Virgin Money Insurance offices are located at Auto & General Park, 1 Telesure Lane Riverglen Dainfern 2191.
What services does Virgin Money Insurance offer?
Virgin Money Insurance offers the range of short-term insurance products, including car insurance and home insurance. Let’s take a closer look at their options for car insurance. These include: comprehensive car insurance, third party, fire, and theft car insurance, third party only and comprehensive off-road vehicle.
Comprehensive car insurance – With this option, you will be covered for the following:
- Cost of storing and towing your car to the nearest repair shop – as long as you use the Virgin Money Insurance’s towline;
- Accident damage;
- Theft and hijacking;
- Damage to third party property;
- Your accessories.
Third party, fire, and theft – Choosing this option will not cover you for any damages you cause to your own vehicle, but will cover you for:
- Cost of storing and towing your car to the nearest repair shop – as long as you use the Virgin Money Insurance’s towline;
- Theft and hijacking;
- Damage to third party property;
- Damage from fire, lightning or explosions;
Third party only – This choice only covers you for accidental third party property damage.
Comprehensive off-road vehicle insurance – this option is for nature lovers whose vehicles are used on the rougher roads. The coverage includes:
- Damages or loss to the vehicle, while driving through most of South African countries;
- Payment no higher than the retail value – they will replace the off road vehicle if it is stolen and less than 12 months old;
- The spare wheel;
- Medical expenses if something happens to you while driving your off-road vehicle;
- Tracking device installation if required;
- Certain accessories.
Virgin Money Insurance offers accident assistance as part of the car insurance packages. However, for an additional premium, they also offer other forms of assistance including road assistance, home assistance, medical assistance, trauma assistance and more.
How user-friendly is the Virgin Money Insurance website?
Upon opening the Virgin Money Insurance website it looks simple and easy to navigate. For the most part, that holds true. The categories and products are clearly labeled and each policy is explained in concise, but clear terms. But, although the information is available, we found that some of it was too be brief and that a little more detail or explanations could have been beneficial. Additionally, when we attempted to view specific articles/media relating to other news about Virgin Money Insurance, the website did not open the files. This left us curious and lacking of possibly additional useful information about the company.
What are the customer reviews on Virgin Money Insurance?
Over the past 12 months, Virgin Money Insurance received 785 reports of feedback through hellopeter. Of those 785, 65% were compliments and 35% were complaints. The fact that they received almost 2 times as many compliments as complaints speaks positively for Virgin Money Insurance. The only downside to this positive ratio, is the fact that most of the complaints were in categories such as “feedback/response,” “billing/accounts,” and “repairs/servicing” which are important categories. This is especially concerning seeing how “a response” is one of the more important things you will need from your insurance company when/if the time comes. Lastly, although they have historically supplied responses to reports, no response has been supplied for the past week, which adds to their lack of a timely response. Based on the above, one would have to continue monitoring the Virgin Money Insurance reviews during the next few months to see whether they have improved this or not.
Summary
Just a few years in the market, Virgin Money Insurance has set out to change the way insurance is being offered in South Africa. Exactly what benefit this change will have will only be seen as time goes by. Thus far, the reviews on hellopeter indicate almost twice as many customers are satisfied than dissatisfied which is of course a good sign, however, it is important to remember that the company is still fairly new and that only the future will tell if they can stand the test of time and continue to grow a satisfied customer base. While there are advantages to new companies, like the fact that they try harder and usually have more advanced online platforms, we always advise that you be sure to compare online car insurance quotes and research the insurance companies before agreeing to any particular company’s quote. See our full list of car insurance companies and their reviews.
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Main Subject: Virgin Money Insurance
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