So how do you as a South African ensure that your Life and assets are secured? You get affordable insurance from a trusted insurance company. But how do you know your insurance company is trusted and you are properly insured? Let’s look at a few questions that you should ask yourself and your affordable insurance company.
Will my affordable insurance cover this?
One of the main reasons why most of us get affordable insurance is to ensure that certain assets, or our health and the health of loved ones, are in safe hands financially. But the one assumption we should never make is to think that all is covered under our affordable insurance package.
The questions we should ask our insurance company is what exactly is covered by our affordable insurance premium. Will your car be repaired or replaced in the event of an accident? Is the engine, gearbox, brakes and suspension part of the car insurance? Will your insurer replace the stolen television or simply help you purchase a new one with a pre-determined amount? Whatever you’ve insured, make sure you know what exactly is being covered.
What insurance do I have?
Keeping with car insurance, one of the most frequent questions asked is which insurance does the person have. Depending on what you opted for, you will most like have chosen between comprehensive, third-party only or Third party, Fire & Theft.
Comprehensive car insurance means you are covered for just about anything, whether you are in an accident or your child bumped your vehicle (only if you stated them as an occasional driver). Third-party only insurance simply means that the insurance company will cover the cost of the other person’s damage, but not yours nor if the car is stolen. Third-party, Theft & Fire means you aren’t covered for any damage done during an accident to your vehicle, but the other person will be compensated and for theft and fire.
How much extra do I need to pay?
Again, depending on your chosen affordable insurance policy and premiums, your costs will be affected by the situation. If you wish to claim, you might have to pay an excess depending on the cover type selected.