There’s a new car insurance product available which could offer a good solution for those who think they can’t afford to insure their vehicles.

Soaring petrol and maintenance costs may drive you to reconsider taking out comprehensive car insurance but short-term insurer MiWay has introduced an innovative product that can provide you with cover at a cost that suits you.

René Otto, chief executive of MiWay, says statistics show that every year, one in four people will be involved in a vehicle accident while one in two people will experience a collision at least every three years.

While there are many insurance products on the market that provide limited cover, most of these fall under the categories of either “third-party, fire and theft” or “total loss” and customers may find they are not covered for the type of accident or loss they experience.

For example if you only have third-party, fire and theft cover, you aren’t insured for own damage as a result of an accident. If you only have total loss cover, you are only insured if the vehicle is written-off completely or stolen – which only happens in 15% of cases. With both these products you would have to fork out for the damage to your own repairable vehicle, which could be financially crippling.

With MiWay’s new MiWheels Limited, you can insure your vehicle across all risks for an amount of your choosing, starting at R12 000 worth of cover with no excess payable. In essence, this product insures for the first portion of the damages, up to the limit of cover chosen.

MiWheels Limited is aimed at consumers who have older, unfinanced cars, who have never insured their car before or have previously been unable to afford car insurance as some cover is better than no cover at all. It could also appeal to consumers who may not be able to afford their current fully comprehensive insurance cover.