Your Micashback™ bonus is governed by the agreements outlined in these terms and conditions and the communication upon taking out a policy with Micashback™, including any amendments by MiWay Insurance to these terms and conditions. In the event of any discrepancies, the revised terms and conditions will take precedence. These terms and conditions detail how the Micashback™ works, while the policy schedule contains your specific Micashback™ details.
Feel free to contact us with any questions on 0860 64 64 64.
Micashback™ is our way of thanking you, the policyholder, for doing things your way – for being a careful driver, for keeping your home, your gear and your wheels safe, for paying all your premiums, and for staying claim-free. With MiWay, when you don’t claim, you gain - you get 10% cashback on all your premiums every 2 years. Just make sure there’s no break in your cover and pay your premiums in full and on time.
And to make it easy for you to gain, Micashback™ kicks in on a range of qualifying products - from cars and caravans to motorbikes and mobile phones, from your home to all your household contents.
It’s just one more way for us to make your life a little easier, with a whole lot more value.
These are products that qualify for a Micashback™ bonus:
As a MiWay policyholder with at least one qualifying product, your Micashback™ bonus cycle will start automatically from the time it is noted on your policy coversheet. The bonus cycle ends 2 years after the payment date of the first full premium, which determines when your Micashback™ bonus will be paid out.
The bonus payout amount is based on the paid premiums of the qualifying products. The payout will increase or decrease if the premiums paid increase or decrease.
The Micashback™ 2-year cycle is linked to your premium payment date – the bonus will be paid to you 30 days after the 2-year cycle ends. This means that if you change your premium payment date, the bonus payout date will also be affected.
The Micashback™ bonus cycle continues provided you do not cancel your policy, you do not miss your premiums and you do not have claims.
Only claims related to the qualifying products listed above will impact your Micashback™ bonus:
It’s all in your latest policy schedule.
Your Micashback™ bonus will be paid into the same bank account that your insurance policy premiums are paid from. The payment will be made 30 days after the end of the Micashback™ cycle.
You’d lose your Micashback™ bonus entirely. The bonus depends on you completing the 2-year Micashback™ cycle to its end.
Reach out to us as soon as possible and we’ll resubmit your debit order for the full premium. You have a 15-day grace period, and if payment is received in that period, your Micashback™ cycle won’t be impacted at all.
However, if the entire premium doesn’t get paid in that grace period, you won’t have cover for that period, and your Micashback™ bonus will be lost. This is because you’ve had a break in your cover and it’s no longer continuous cover.
The good news is that your new Micashback™ cycle will automatically start on the day that your next month’s premium is paid.
Firstly, not all claims will impact Micashback™. Only claims related to the qualifying products listed above will impact Micashback™.
Secondly, using your MiHelp benefits and claims for windscreen chips won’t impact your Micashback™. However, if a windscreen chip cannot be repaired and leads to a windscreen replacement, your Micashback™ bonus will be lost.
In some cases, a MiHelp emergency benefit usage might progress to a claim. If this happens, your Micashback™ bonus will be lost.
On all other claims, the Micashback™ bonus will be lost when the claim is approved. Your new 2-year Micashback™ cycle will automatically start on the day after the incident date, with the bonus cycle ending 2 years after the payment date of the next full premium. A new projected payout amount and expected payout date will be set, based on this next premium.
Here’s some scenarios to explain how it works.
Scenario: A valid, approved claim within the Micashback™ cycle
Sibusiso takes out a policy with MiWay on 1 July 2025, and his Micashback™ bonus is set to pay out on 1 August 2027. Sibusiso has a car accident on 1 February 2026, during the Micashback™ cycle, and registers a claim. The claim is approved on 4 February 2026. Sibusiso’s car is repaired on 5 February 2026 – with Sibusiso having paid the excess and MiWay covering the rest. As expected, Sibusiso’s Micashback™ bonus is lost and his new Micashback™ cycle starts on 2 February 2026, with a payout date set at 30 days after the 2-year cycle – 1 April 2028.
Scenario: An invalid claim within the Micashback™ cycle
Sibusiso takes out a policy with MiWay on 1 July 2025, and his Micashback™ bonus is set to pay out on 1 August 2027. Sibusiso has a car accident on 1 February 2026 and registers a claim. On 4 February 2026, Sibusiso gets the feedback that the claim is not valid. Sibusiso’s Micashback™ bonus is not lost and stays in place, with the payout date set at 1 August 2027.
A single policy may cover multiple insured items - for example, your policy might cover your house, home contents, a car and a motor warranty. Micashback™ applies to all qualifying products on your policy, so a claim for a loss on one qualifying item – your car, for instance - will result in losing the Micashback™ bonus for the entire policy.
However, because your motor warranty (MiWarranty) is not a qualifying Micashback™ product, a claim on your MiWarranty cover won’t affect your Micashback™ bonus.
It’s simple – if you withdraw your claim before repairs have begun or parts have been ordered - you won’t lose your Micashback™ bonus.
Scenario: Withdrawal of claim and use of MiHelp benefit in the Micashback™ cycle period
Sibusiso takes out a policy with MiWay on 1 July 2025, and his Micashback™ bonus is set to pay out on 1 August 2027. Sibusiso has a flat tyre on 1 February 2027 and so he uses his emergency service with MiHelp to get the tyre changed. The MiHelp benefit does not affect the Micashback™ bonus.
When he takes the tyre to the tyre shop for repair, he’s told he needs the rim repaired, as it was damaged by a pothole he went over earlier in the week. The rim repair is a claim on his MiWheels cover, and an excess of R5000 needs to be paid. Sibusiso decides not to claim but to rather repair the rim himself at a total cost of R1500 – he withdraws the claim with MiWay. In this case, Sibusiso’s Micashback™ bonus will not be lost and will remain in place, with an expected payout on 1 August 2027.
The Micashback™ payout depends on you remaining claim-free until the end of the Micashback™ cycle. Any Micashback™ payout which is due at the end of the 2-year cycle will only be paid out if there are no finalised claims that impacted the Micashback™ cycle.
If there are claims in progress when the Micashback™ payout is due, the Micashback™ payout will be placed on hold until the claim is finalised. If the claim is withdrawn, then the bonus would be paid out. If the claim is approved, however, the Micashback™ bonus will be lost.
Any claim submitted after the end of the Micashback™ cycle but before the bonus is paid into your account will have no impact at all on your current Micashback™ payout. The only change will be that your new Micashback™ cycle will now start on the day after the claim incident date, rather than the day after the end of the previous Micashback™ cycle.
Once your Micashback™ bonus has been paid, you cannot go back and claim for an incident that happened in that previous Micashback™ cycle.
Your Micashback™ bonus will be lost for any liability claims that are settled or when a letter of demand or summons is referred to us, and the incident date falls within the Micashback™ cycle.
Your new cycle will start immediately after the incident date.
If you decide that you want to save your Micashback™ bonus, and you withdraw your claim, this decision will be final and cannot be reversed, even if you submit another claim after that. On top of this, once your Micashback™ bonus has been paid out, you can’t go back in time and claim for that incident.
Losing Micashback™ is based on whether there is an approved claim, not on whose fault it is. Any claims approved will lead to you losing your Micashback™ bonus.
Projected payout amount means the estimated Micashback™ bonus amount to be paid out after the 2-year Micashback™ cycle. This is based on 10% of the premiums within the current Micashback™ cycle, and assumes no future claims, cancellations, changes in premium or missed premiums will occur during the cycle.
Expected payout date means the date on which the Micashback™ bonus will be paid out – 30 days after the current Micashback™ cycle ends. Each Micashback™ cycle is a 2-year period after the first full premium is due, and assumes no future claims, cancellations, changes in premium or missed premiums will occur during the cycle.