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Short-term insurance savvy goes the distance

Published

2019

Wed

11

Sep

Short-term insurance savvy goes the distance

In the spirit of Spring, here are some top tips for women to follow to refresh their short-term insurance cover, while staying both cost-effective and safe.

Relook luxury and upgrade your outlook

It can be very expensive to specify items like cell phones, notebooks, designer sunglasses or jewellery under All Risk in your policy, which is often surprising when we consider their value in comparison to some of the bigger items we insure, like a house. This is strange considering how much cheaper it can be to replace a cell phone compared to a property, but premium prices reflect risk and gadgets or accessories, are more prone to frequent losses.

“We all know how quickly the value of a cell phone drops when the new model comes out and there is no use paying the higher premium on the original value of the phone when the price has dropped,” says Jacqui Mayne from the PSG Simbithi Office Park in Ballito.  “Regularly adjust your cover as insurers will only pay out to the current value.”

Dial up a new deal

Another tip is to change the approach altogether. “You could also keep your old phone locked away safely and forgo adding specified insurance on the new model. This will save you a couple hundred rand per month on average and allows for a back-up should your new device become stolen or damaged,” says Riana Wiese, Short-term Adviser from PSG Insure Meesterplan.

Get it certified…if needed

While it might be cheaper not to specify in some cases, there can be items that require special attention to get cover at all. Some special jewellery or accessories, particularly items of value, may require a valuation certificate for insurance purposes. “Each insurer has different minimum values on jewellery before a valuation certificate is required. The same goes for a safe warranty – each insurer has different minimum values on jewellery before it needs to be kept in a safe,” adds Jacqui. “It’s best to check what you need to be safe, rather than sorry.”

If you have items you want cover for, but might not need to specify, including them in your overall contents value is an option too. This should be the minimum consideration for cover.

Hot tips on handbags and travel time

Ladies should take caution when driving. Do not put any handbags or valuable items on the passenger seat, or any place visible from outside the vehicle, to prevent the cost and trauma caused by a potential smash-and-grab incident.

Rather make use of open parking areas, than parking in isolated basement parking. “It is so often a misconception that you and your vehicle are safe, so always be vigilant,” says Riana.

Do not place handbags (or other valuable items) on any chairs or tables, or in any areas where items can be grabbed (such as restaurants, banks and shopping malls). “It’s best to avoid wearing expensive jewellery at night, particularly in places where you could be targeted,” she adds.

Consider all the angles

Too often women in relationships forgo their financial planning to their partner. This often includes short-term insurance cover. In the event of a divorce, or the death of a partner, it’s not safe to assume that insurance remains as is. “To discover your jewellery isn’t covered only once you have suffered a robbery, is a devastating example of what can happen when you simply assume your ex-partner was paying for the cover,” says Riana.

“Apart from physical and emotional trauma, a huge financial loss can follow if your insurance is not in place, which can be really difficult to recover from.”

Someone to lean on

Bad decisions can lead to big financial losses out of ignorance. There may be elements of cover you don’t know you need. With so many ways to become underinsured, or to unintentionally neglect your own best interest, can you afford not to give your insurance policy the care and due diligence it deserves? Chatting to a trusted adviser really goes a long way to helping you make decisions that can go the distance.

 

 
Source: Catherine Riley cdcom
 
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