Did you know that if you are involved in a car crash, you only have a three in ten percent chance of it being with someone who has short-term insurance and would therefore be in a position to cover any damages incurred? According to the Automobile Association (AA) 70% of the estimated 12-million vehicles on South African roads are uninsured and the numbers are increasing every year.
‘It’s a luxury I can’t afford’ or ‘It won’t happen to me’ are just two of the reasons people give for not insuring their property or vehicles, however with only 3 in 10 vehicles currently insured, responsible vehicle owners now need insurance more than ever.
Most South Africans are feeling the brunt of the strained economy on their pockets – now even more so with the increases in fuel levies and VAT as of 1 April 2018. Thus, if cost is the issue, vehicle owners should research the insurance options available as little cover is better than no cover at all.
Consumers are advised to consider these factors when it comes to short-term insurance:
- Do not base your decision on price only. Make sure your belongings are adequately insured and that you understand the benefit features included in your policy.
- Instead of cancelling your insurance policy rather decrease your monthly premium. Consider downgrading to third party fire and theft, or third party only to cover you in the event of claims against you following an accident.
- Understand the terms of your excess payable in the event of a claim. Is it fixed or percentage based?
- Be honest with your broker. Any misrepresentation of facts when taking out a policy will negatively affect a claim.
- When insuring your vehicle remember to include the contents as well. Vehicle contents are not automatically covered through vehicle-only insurance.
- Understand that your broker doesn’t cover you for normal wear and tear. Standard cover only includes damage as a result of an unforeseen incident. Complement your cover with additional value-adding insurance products such as Tyre-sure, Windscreen waiver, Caravan & Trailer assist etc.
Despite the challenging economy, vehicle owners can technically not afford to NOT HAVE short-term insurance on their vehicles. At Iemas Insurance Brokers we understand that your insurance requirements are unique and therefore offer you:
- Multiple insurance quotations to choose from;
- Expert advice regarding your unique short-term insurance needs through a team of qualified consultants; and
- An efficient claims process when you need it the most.
Contact us today for an obligation free quotation on 0860 102 383 | firstname.lastname@example.org | SMS ‘Quote’ to 32297 (SMS/R1) | www.iemas.co.za
Adapted from article issued by Wheels24.co.za (February 2018)