The unpredictability of the future has never been more evident. The last few years have taught us that although events are beyond our control, there are many unexpected situations we can prepare for. Recent events have underscored the importance of risk management in securing our future lifestyle, reducing stress, and maintaining comfort.
What is Short-Term Risk Management?
Your home, car, and other valuable assets are susceptible to damage, theft, and maintenance issues. Short-term insurance is an affordable way to protect these assets. If you’re uninsured, you can start by listing items you can’t afford to replace, such as your house, its contents, your car, and other expensive items like your cell phone, laptop, and bicycle.
From here you can get in touch for an independent insurance comparison. Having a relationship with someone independent means you can get the best cover and premium. If you go to a car dealership looking for the best car that car dealer is only going to tell you about the cars he is selling. Similarly, if you speak to Outsurance or Dialdirect etc. they are only going to tell you about their insurance product.
As independent financial planners, we get to work with you looking for something that you are happy with.
10 Essential Tips to Help You Manage Your Short-Term Insurance Effectively:
1. Cost-cutting can be costly
While saving money is crucial, never compromise on the quality of your insurance. Call centre insurance may offer enticing deals but often lack comprehensive coverage. Always do your homework.
2. Apply for the cover you need
Ensure you’re neither overinsured nor underinsured. Proper coverage is crucial to avoid issues during claims.
3. Stay Up-to-Date with Your Policy
Keep your policy valid by updating your personal information. Changes like upgrades to the security at your office parking could lower your premiums.
4. Talk to Your Advisor Before Cancelling
If affordability is an issue, speak to us before cancelling, we can consider alternatives. Small changes can lead to significant savings without compromising coverage.
5. Driving less, pay less
If you’re driving less due to working from home, ask your insurer for a premium review.
6. Tighten your security
Installing an electric fence, alarm system, or car tracker may lower your insurance premium. Secure parking can also help.
7. Make your next car white
It is true the lighter the car, the safer it is. Light cars account for 30-35% of accidents, while darker colours account for 60-65% of crashes. Choosing a white car could lead to lower premiums. https://idaoffice.org/posts/the-relationship-between-accident-rate-and-car-color/
8. Combine your policies
Insuring your home contents, car, and other items under one policy can reduce your premium and provide comprehensive coverage.
9. Don’t be shy, look for the best deal
If you have a good claims history ask your insurer for a discount. Chat to us, we can negotiate on your behalf.
10. Consider Your Excess
Opting for a higher excess can lower your premium. Just ensure you have an emergency fund to cover it in case of a claim.
- Compare like for like products. Make sure to do proper comparative quotes.
- Regularly update the values on your policy to match your assets’ replacement costs.
- Take an advanced driving course if you have a high-performance car.
- Inform insurers about the regular driver of your car for accurate premium calculations.
- Notify your advisor of any planned changes to your property.
- Don’t delay updating your cover if you’re underinsured.
- Don’t take call center advice as absolute truth; verify any claims.
- Don’t claim too often. Your premiums will increase if you claim frequently.
- Don’t omit important information to lower your premium; it may affect your claim.
- Don’t cancel and reinstate your insurance often; maintaining an uninterrupted insurance history is better.
Live Trust Grow Matter
The information provided is for general informational purposes only. For specific financial advice, please contact us at info@growmatter.co.za.
