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Why reducing your monthly insurance premiums is not the answer to saving more money

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Car insurance

The last absolute must-have when it comes to short-term insurance is adequate car insurance. Your policy should provide cover in the event that you were negligent and caused the accident, as the other party would be able to hold you liable for any damages to their vehicle, as well as medical costs.

 

This can easily cause financial ruin if you are not adequately insured and given the high accident statistics in South Africa, it is simply not a risk anyone can afford to take.

 

Why is car insurance mandatory?
Why is car insurance mandatory?

Rimmer shares her best tips on how to ensure your cover is adequate:

 

When taking out an insurance policy, make sure that you declare all your previous claims/losses so that you cannot be found to have withheld relevant information from your insurer, which may invalidate future claims.

If you are under debt review, you need to inform your broker/insurer.

If you have a criminal record this also needs to be disclosed.

Make sure you give the correct details regarding security measures in place on your property or in your vehicle. For example, whether you have an alarm system linked to a security company at home, or a tracking device/immobiliser in your car. It is also important to ensure that these security measures are always applied and maintained.

The best way to see if there are any insurance costs you could be saving on – without risking any future benefits should you ever need to claim – is to discuss your needs and circumstances with an experienced insurance adviser

 

Insurance for household contents

 

Many people overlook the fact that your household contents need to be insured for their current replacement value – and not for the amount they cost you when you bought them.

 

It is important to revise your sum insured on an annual basis to keep up with inflation and increasing costs.

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