I’ve always thought of car insurance as one of those unavoidable “adulting” expenses—like paying tax, fixing a leaking geyser, or replacing that washing machine just when you thought it would survive another year. It’s a cost you know you can’t escape, but you still hope to keep it as low as possible. If you live in a household with more than one car, MiWay’s multi-car discount may seem like a clever way to trim that monthly bill. On the surface, it feels straightforward: insure more than one car under the same policy, and the company rewards you with a lower premium. But like most things in insurance, the simplicity hides a few details worth unpacking.
Let’s talk about how this works, why insurers like MiWay offer it, and whether it’s really the money-saving hack it appears to be.
The Basics: What Is a Multi-Car Discount?
If you’ve got a family with two or three vehicles—say a small hatchback for the teenager, a reliable SUV for the school run, and maybe a bakkie for work—each of those cars needs its own insurance policy. Normally, that means three separate policies with three separate premiums. A multi-car discount bundles them together under a single account. MiWay calculates each car’s risk separately, but because everything sits under one policyholder, the insurer often applies a discount to the overall cost.
It’s a little like buying groceries in bulk. You pay less per item because you’re bringing more business to one store. Insurance companies love loyal, consolidated customers, and they’re willing to pass some of the savings along to keep you in their books.
But here’s where it gets interesting: unlike a box of cereal, cars carry vastly different risks. A 22-year-old with a souped-up Golf is not the same as a parent with a ten-year-old sedan. And yet, MiWay still tries to reward you for insuring them together.
Why Would MiWay Offer a Discount?
At first glance, it feels generous. Why should an insurer give you a break just because you’ve got more than one car? The answer is partly psychological and partly financial.
From the insurer’s perspective, if you’re insuring multiple cars with them, you’re less likely to shop around every year. Customers with “stickiness” are more valuable in the long run. The discount is bait to keep you from moving one car to a rival insurer.
There’s also an argument about risk spreading. If one car has a claim this year, it doesn’t mean the other two will. By holding multiple cars under one account, the insurer benefits from a diversified pool of premiums. It’s similar to how banks think about lending: a customer with multiple accounts is, strangely enough, less risky in the big picture.
Still, one could ask: is the discount genuinely about rewarding loyalty, or is it just a strategic way of locking families into a single insurer? Probably a little of both.
My Own Brush with Multi-Car Policies
A few years ago, my brother and I decided to insure our cars under the same policy. He drove a sturdy Toyota Hilux that barely blinked when it hit potholes, and I had a modest Hyundai i20 that was, let’s be honest, more bumper-car than road-warrior. When we called MiWay, the consultant explained the discount structure. Our premiums went down by about 8%. Not life-changing, but enough to feel like we’d outsmarted the system for once.
Of course, the honeymoon ended when my brother backed into a gate. The claim went through smoothly, but I couldn’t help wondering: does his accident history now affect my premium in the long run? The consultant reassured me that each car is rated individually. Still, I had this nagging suspicion that the shared policy tied our fates closer than I liked. It was one of those moments where you realise the fine print always has a way of catching up.
The Numbers Behind the Savings
So how much can you really save? MiWay doesn’t advertise a flat percentage, because it depends on your profile. Someone insuring a pair of high-end German sedans might notice a bigger discount than a family covering two older hatchbacks.
From customer reports and industry chatter, discounts typically fall between 5% and 15%. That might not sound dramatic, but if you’re paying R1,500 per car, two cars on a multi-car plan could shave off R150 to R450 every month. Over a year, that’s groceries for a few weeks, or in South Africa’s economy, almost half a tank of petrol.
The real kicker is when households have three or more cars. Then, the compounded discount starts to feel noticeable. Families with four vehicles—imagine parents plus two kids with starter cars—may see savings that really add up.
The Fine Print and Possible Drawbacks
Here’s the part insurance companies don’t always highlight in their cheerful brochures. Multi-car discounts can come with subtle strings attached.
For instance, if one car is cancelled or sold, the discount might shrink for the others. It makes sense mathematically, but it can feel like a sneaky penalty. Another point: while cars are rated separately, insurers do keep an eye on claims behaviour across the whole policy. If one member of the household files multiple claims, the insurer may reconsider the household’s overall risk profile at renewal.
It’s also worth noting that the “savings” aren’t always guaranteed to beat shopping around. A driver with an impeccable record might find a cheaper standalone premium with a competitor than a bundled rate at MiWay. So the multi-car deal isn’t automatically the best deal—it’s just a convenient one.
Why It Appeals to Families
Despite the caveats, multi-car policies do strike a chord with families. Convenience is a big factor. One policy, one renewal date, one debit order. Anyone who’s tried juggling different expiry dates knows the administrative headache it can create. Having everything under one roof may not be the cheapest option in every case, but it’s certainly less stressful.
There’s also the subtle satisfaction of feeling “rewarded” for being practical. If you’re already paying for multiple cars, you want at least some recognition for it. A discount, however modest, makes the expense slightly easier to swallow.
How MiWay Compares to Other Insurers
MiWay isn’t alone in offering multi-car discounts. OUTsurance, Santam, and King Price also use similar models. The differences often come down to flexibility. Some insurers require all cars to be registered under the same household address, while others extend the discount to family members living elsewhere. MiWay tends to be stricter about the household requirement, which could be frustrating for families with kids studying in different cities.
Another subtle point: MiWay markets itself heavily on transparency and control through its app and online platform. In practice, that means you can easily track premiums for each car and see how the discount applies. That level of visibility might appeal to people who like knowing exactly where every rand goes, rather than trusting a black-box calculation.
Could It Backfire?
There’s always a flip side to discounts. Some critics argue that bundling multiple cars under one insurer reduces your bargaining power. When you’ve got all your eggs in one basket, it’s harder to threaten “I’ll move my car elsewhere” to negotiate a better rate. Insurers know the hassle of moving four cars to a competitor is more than most people are willing to endure.
Another potential downside is that bundled policies sometimes mask the real cost of each vehicle’s insurance. If the discount is spread unevenly, one car may be subsidising another without you noticing. Unless you ask for the breakdown, you could miss that your teenager’s sporty hatchback is driving up costs across the board.
The Bottom Line: Is It Worth It?
So, does MiWay’s multi-car discount really lower your insurance costs in a meaningful way? The short answer: usually, yes—but not always. It’s not a magic bullet that guarantees the lowest premiums, but it is a practical tool for households juggling multiple vehicles.
If you value simplicity, loyalty perks, and modest savings, then it’s a solid option. But if you’re a meticulous shopper who compares quotes every year, you might find that a patchwork of individual policies still beats the bundled rate.
For me, the appeal is partly psychological. Even if the savings are small, there’s something satisfying about shaving off a few hundred rand while knowing all the admin lives in one place. Insurance rarely feels like a win, so any chance to bend it slightly in your favour is welcome.
At the end of the day, MiWay’s multi-car discount is less about reinventing insurance and more about smoothing the rough edges. It doesn’t make car insurance cheap—nothing really does—but it does make it feel a little less painful. And sometimes, that’s enough.