REVIEW YOUR SHORT-TERM INSURANCE:
T
WAYS TO STAY COVERED ON A TIGHT BUDGET
he combination of Covid-19 and tough economic times have dealt the finances of ordinary South African a body-blow. Nearly two-thirds of consumers have seen their household income fall during the pandemic, and less than half think they will fully recover in the next 12 months, according to TransUnion research. Four in 10 are battling to pay their bills. That’s why it’s vital that you do a thorough review of your short-term insurance portfolio to see that you’re getting the best value for your money, while ensuring you have peace of mind that your car, home and belongings are fully protected going into 2022.
means you won’t be covered for accident damage, which is the most frequent loss that we see,” said Van Vuuren.
REVIEW YOUR CURRENT COVER
Go through your insurance schedule line by line. • Are you paying for assets you don’t even own anymore? • Do you insure jewellery that’s kept in a safe and never worn out of the house? • Do you have shortfall cover on cars that are paid off?
King Price’s Client Experience Partner, Wynand van Vuuren, says there are several ways you can make sure your insurance covers your risks on a tight budget.
KNOW YOUR RISKS
The starting point for effective insurance cover is to know where you and your family are most vulnerable to loss or damage. If you had a car accident, or your house was damaged in a fire, how would you recover? Can you cover the costs yourself if something were to happen? “For example, many people cut back their car insurance to third party, fire and theft – but that Page 8
King Price’s Client Experience Partner, Wynand van Vuuren
