What Are the Reviews of Budget Car Insurance?

What Are the Reviews of Budget Car Insurance?

Why Consider Budget Car Insurance Reviews before Buying?

Are you contacting insurance companies to get your car insured? Are you still doubtful about the best option for your vehicle? Should I get comprehensive insurance? Limited insurance? What will my monthly premium be? What about my excess? Do I have any extra benefits? These are just some of the questions you may have at the beginning of your search. However, another essential factor clients must consider before choosing their insurer is company feedback. What people have to say about the company may give you a valuable insight into how the company works and what to expect from them.

What do customers have to say about Budget Insurance? Find out what clients have said about the services offered by Budget Insurance and learn more about statistical information in the insurance industry, including customer complaints and overturn rates.

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About Budget Insurance

Budget Insurance Company Ltd. was launched in South Africa's insurance market in 1998. It is part of the Telesure Group, together with companies such as 1Life Direct, 1st for women, Auto & General, Dial Direct and Hippo Insurance. With over a decade of experience in the market, the company ensures that they offer value for money by cutting the prive and keeping the cover. They bring a comprehensive insurance portfolio and additional benefits, including bonus back options, 24/7 telephonic and online assistance support and car & home insurance packages. A differentiating factor is also offered to clients through Budget online quotes calculator, which allows online users to get their house, car or property quoted in just a few minutes without the need to contact the company directly.

What are Budget's Numbers on the 2014 OSTI Report?

The Ombudsman for Short-Term Insurance (OSTI) is an independent body to which customers can refer complaints in case they did not receive fair service from a given insurance company in South Africa. The 2014 OSTI Report released in May last year contains, among other data, statistical information regarding the number of complaints raised by customer and the overturn rate corresponding to the number of cases in which the Ombudsman has overturned company claims decisions.

What was the number of complaints received about Budget Insurance?

The OSTI shows information about the 20 South African insurers that received the most complaints during the 2014 period. Most of the complaints received by the Ombudsman were in the category of vehicle insurance, followed by home insurance. Budget Insurance ranked 12, having received a total of 65 559 complaints directly from its customers. Out of that number, 362 were referred to OSTI

What is the overturn rate for Budget Insurance?

While the industry overturn rate was 31%, Budget's rate was 33.2%. This rate may reflect that claims have not been processed fairly by individual companies, or else, that the Ombudsman has shown considerable efforts to revert customer satisfaction in the insurance industry.

What do Customer Reviews on Review Sites Reveal?

Budget Insurance is a widely-known insurer on independent review sites. In general terms, customers show they are satisfied with the products, premiums and, in particular, with customer service. This can give you a hint about the company.

You can read customer feedback on Budget's Facebook page under posts to page. You will find compliments, complaints and requests as well. Budget maintains a two-way communication with their clients, which is shown on this page. Their reply time is less than an hour. If you are looking for a statistical analysis of customer satisfaction, hellopeter is my suggestion.

On hellopeter, Budget has received a total 700 comments on the last 12 months. Out of this number, 257 comments represent customer compliments against 443 complaints, resulting in a customer satisfaction index of almost 37%. At a first glance, this index might be considered very low. However, considering that Budget Insurance is quite a new company in the market and that the highest ranked insurance companies received an index of 60% and 47% on hellopeter, we may conclude Budget is well positioned.

What is the nature of complaints about Budget Insurance?

Most frequent complaints on the part of Budget's customers include the following:

  • RESPONSE: Unsatisfactory or insufficient feedback (totalling 18% of complaints in the last year), including misleading information or lack of response

  • BILLING: Issues regarding billing and accounts (totalling 17% of complaints in the last year), such as being charged after cancelling an insurance policy

  • SERVICE: Repairing and servicing (totalling 15% of complaints in the last year), which included unresolved claims or customers unhappy with their car repair

Despite the large number of complaints raised, Budget Insurance has replied to each one up to date on hellopeter. This is evidence of the company's efforts in keeping up their customer satisfaction. On their feedback, Budget ensures they will either solve the issues as soon as possible or escalate the problem to an appropriate department.

What is the nature of compliments about Budget Insurance?

  • SERVICE: Overall insurance service, including claims processing and damage assessment and repair

  • PREMIUMS: Affordable prices in the market, with additional benefits included in the policies

  • REPLY: Call-centre attention, in particular callbacks for quote requests

Final Comments

Budget Insurance might be a convenient option to have your car insured while saving a lot of rands on your monthly premium. If you have not made your choice yet, it is advisable to go over customer reviews about the company beforehand. Make sure you check out reviews left by South African consumers as Budget Insurance has also office in the UK, or vía Facebook.

Consider the pros and cons raised by customers and make an informed decision to have your car protected against any potential risks.

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