You are Here > Home > Insurance > Video: Review your insurance and save

Video: Review your insurance and save

Sep 22, 2020

We should be in the habit of regularly reviewing our insurance cover, but if you haven’t done so for a while, COVID-19 lockdown is the perfect opportunity to make sure you have the correct cover in place and even save on premiums.

You may find that the cover you have no longer matches your needs.

When it comes to car insurance, a two-car household now working from home can reduce cover on their second car not being used for grocery purchases or other short, necessary, trips. If the second car is parked securely on a premises and not being used, either reducing the cover or increasing the excess will result in a substantial saving.

If you are working from home in lockdown – or not working at all – you could review your all risks cover. All risks cover insures your items even when you take them out of the home, so it usually includes laptops, cellphones and jewelry. If you are not leaving home with your laptop, you could remove it from all risks for a few months, although it must still be covered under your household contents insurance.

On the other hand with many employees working from home, some may have been given laptops by their companies which are not included in their household contents insurance, so you need to check with your company that it has insured your laptop.

Now is also the time to shop around for competitive quotes. It is a tough market out there and insurers will be prepared to negotiate better rates to win over good clients with a clean claims record.

Some insurers are prepared to offer discounts of up to 10% if you pay your premiums annually in advance. This may be something to consider if you are retrenched with a lump sum – at least you know your insurance remains in place.

Don’t just cancel your insurance because you are financially stretched. Having a car accident or your laptop stolen would add further financial pressure. Rather speak to your insurer or broker to work out a plan for reduced cover than having to cancel and being without any cover at all.

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

Maya Fisher-French author of Money Questions Answered

Previous Articles

Options if medical schemes are unaffordable

Medical schemes remain unaffordable for many working South Africans. According to Gary Allen, chief executive at Sanlam Health, an individual should not be spending more than 10% of their income on health cover. Considering that a basic hospital plan can set you back...

Video: Get financially fit for your next holiday

After living in lockdown for over 18 months, many of us just want to go on holiday. Like any major expense, if you plan for it, it doesn’t have to break the bank. Many tourist destinations and establishments are offering great specials, making it more affordable for...

Video: Plan for retirement

Retirement is something we can plan for ‒ and the better our planning, the more we get to enjoy our retirement years. In this video, I am joined by Guy Chennells, Head of Product at Discovery Employee Benefits, who will give us some tips around what you need to be...

Video: Five things that derail your wealth

The difference between someone who is financially secure and someone who is not, often has more to do with avoiding wealth destruction traps than earning a bigger salary or having a windfall. If you want to be financially free, you need to avoid these...

Video: Become a farmer without a farm

As a smart person once said, diversification is the only free lunch. And if the current coronavirus crisis has taught us anything, it is to make sure our investments are diversified. The idea behind diversification is that it spreads our risk. When it comes to...

Tips for filing a successful insurance claim

Filing an insurance claim can feel like a complicated and confusing undertaking. Karabo Kopeka, Head of Claims at MiWay Insurance, provides tips on how to avoid some common pitfalls. Claiming from your insurance can often be a challenging task, especially following a...

Video: Five ways to trick yourself into saving

Behavioural scientists have found that we feel loss far more greatly than gain, which is why the idea of cutting back on our lifestyle makes us very unhappy. We feel the sacrifice immediately but only reap the benefits in the future. While it may be a tough ask to...

Video: Home loan tips

Buying a home is a major financial commitment. While the rate of interest on a home loan is lower than for other forms of credit, the length of time it takes to pay off the loan means you end up paying a hefty interest bill. By reducing your interest rate, you can...

Funeral policy fraud on the increase

When fraudsters access your personal information, they can use this information to take out a funeral policy in your name, and then claim benefits on the policy using a fake death certificate and other supporting documentation. “Finding out you are the victim of a...

Video: Being rich vs being wealthy

In his book The Psychology of Money, Morgan Housel writes about the difference between being rich and being wealthy. He defines riches as an income you earn, because that allows you to take on the debt to buy that R800 000 car or R40 000 handbag. Wealth on the other...

Pin It on Pinterest

Share This