The Full Range of Gap Cover Policies
December 18, 2021
Do you want to know what the full range of gap insurance policies are? Good. We are here to explain.
First off, you should know that gap cover in South Africa is super-simple, unlike medical aid, for instance.
You know how many medical scheme options there are? Fortunately, gap cover is nothing like that. At all.
Before we get to the full range…
Know these few things before we discuss the choices of gap cover available:
- Other names for gap cover are shortfall insurance, gap insurance and top up cover. They are all the same thing.
- The only other thing you can get gap cover for is a car!
- You absolutely must belong to a recognised, registered medical aid in South Africa to quality for medical gap cover.
- Everyone on your medical scheme option gets cover under a single gap cover policy.
- Short-term insurance companies offer gap cover, not medical schemes. So the product is entirely separate from your medical aid membership.
- Gap cover is cheap. No matter which in the range you choose, you can expect to pay around the equivalent of 10% of your monthly medical aid fee on gap cover per month. Example: If your gap cover costs R4500 per month, your gap cover costs around R450 per month.
Now for the choices…
Most of the companies offering a range of option offer three options: the basic option, one including extended cancer cover as well and another offering accident and/ or life cover as well.
Your choice of companies is important…
There is a wide range of companies offering gap cover. We have ranged them from 1 through 10, where our favourite is number one… Here is the list:
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All info was correct at time of publishing