Stay covered this Insurance Awareness Day

When was the last time you reviewed your insurance policy? If it’s been a while, then Insurance Awareness Day is the ideal time to do so. It serves as a reminder to review your policies at least once a year to ensure they still meet your needs. Remember that certain changes are time sensitive. For example, if you move home, you need to advise your insurer immediately as this affects your risk. Below are 10 more helpful tips to ensure that you’re properly covered:

1. Check that all your personal information is correct

As mentioned, if you moved home, you need to ensure that your current address is reflected on your policy schedule. Check that all your other personal details are correct and up to date, as this can affect you at claim stage.

2. Check that all your cover details are correct

Go through your most recent policy schedule carefully. This will reflect all your current cover. Check that the details of every insured item is correct. For example, if you have car insurance, check the details like the make, model and value have been captured correctly. For home insurance, check that the sum insured is correct and that your chosen cover is reflected (comprehensive or fire and storm only). For buildings insurance, also check that the sum insured is correct. Plus, if you have insured your geyser/s, ensure that these are specified (as they are not automatically included under buildings insurance.

3. Check that all the insured values are correct

The insured value, or the sum insured, tells you exactly how much each item is covered for. This is particularly important when it comes to home contents and buildings insurance as the cost to repair, replace and rebuild increases every year. As such, you need to adjust these values accordingly. You may have also purchased high value items or renovated your home. Advise your insurer of changes like these to ensure you have adequate cover.

4. Check your excesses

These can be found on your policy schedule, and are the first amounts payable, by you, for any claims made. These will differ by cover type and often depend on the value of the claim. Excesses are payable, regardless of who is at fault. For example, if you have a car accident, you are still liable to pay the excess, even if the other party is to blame. In this case, we will do our best to recover that excess from the third party. In certain instances, additional excesses may apply, on top the basic excess. For example, if the insured car was driven by someone not listed on the policy, you may have to pay an additional excess. Knowing the excesses that apply to your cover will help ensure that you are well prepared in case of a claim. The excess amount will also guide you on

whether it is worthwhile to make certain claims. For example, if the excess amount exceeds (or comes close to) the claim amount, it may be better to pay for repairs or replacements yourself.

5. Know what isn’t covered

Check your Terms and Conditions brochure to educate yourself on exactly what is and isn’t covered. For example, when it comes to car insurance, wear and tear and mechanical or electrical failure are not covered. If your car is stolen, the items inside won’t be covered unless these are covered by a portable possessions policy. Others exclusions include: driving under the influence of drugs or alcohol or if you were driving your car for business use, and this is not specified on the policy. When it comes to buildings insurance, wear and tear is also excluded. For example, if your roof is not maintained and a storm causes it to collapse, you may not be covered, as this damage may have been prevented if the roof was properly maintained.

6. Cover more of your valuables for more peace of mind

It’s not just your car that needs to be insured but your home and what’s inside it too. If you own your own home, you need buildings insurance and home contents insurance. If you rent, the landlord takes care of the buildings insurance but you still need to insure your home contents. And what about the items you carry with you every day, like your laptop and cell phone? These are covered by portable possessions insurance. You may also benefits from discounts. For example you could get X% discount when you cover your car and home contents.

7. Consider upgrading your current cover

If you have third party only car insurance and can afford to upgrade your cover, get a quote for third party, fire and theft or comprehensive car insurance. This will give you more extensive cover and peace of mind.

8. Enhance your cover with our Value Added products

Value Added Products like Tyre & Rim and Scratch & Dent offer affordable cover that is not linked to your main policy. This means that any claims you make will not affect benefits like your no claim bonus.

9. Know your benefits

If you have Budget car insurance, you automatically benefit from Accident Assist. We’ll ensure your car is towed and stored by a trustworthy towing provider, after an accident. Depending on the other cover you have, you may also benefit from Breakdown Assist. We’ll send someone to change your flat tyre, deliver emergency fuel, tow your car and more. We offer a host of other benefits like Home Assist and Medical Assist. Learn about these benefits here.

You can also choose our Cash Back Bonus and you could get cash back after just two years!

10. Use helpful resources

We’ve developed a great library that will help you brush up on your insurance knowledge, in no time. Go here.

We hope that these tips will come in useful, not just on Insurance Awareness Day but all year round. If you have any questions, please get in touch and one of our helpful consultants will be happy to assist you.