Times are tough, and some people try to save by skimping on their insurance. But, with more than 10 million cars on the road in South Africa, downgrading or doing away with car insurance really isn’t a good idea! (And, with crime being what it is, cancelling your home contents or portable possessions insurance isn’t a bright idea either!)
So, here are some tips to help you choose insurance well, and make the most of your monthly budget while you’re at it.
Look after your stuff
Take good care of the things you’ve insured to avoid making unnecessary small claims that might later result in an increase to your premium. Also, having your car serviced regularly will reduce the chance of mechanical failures, and installing a safe at home will help keep your precious and valuable items, well, safe at home.
Get the basics right
The responsibility for keeping your insurer up to date with the values of your insured items lies with you. King Price automatically reduces your car premium monthly as the value of your car depreciates, so ensure that your insurer or broker is doing the same for you. The replacement values of your house, your home contents and your portable possessions will also change from time to time and you must update your insurer. Remember that your buildings should be insured for what it would cost to rebuild them from the ground up, including the big things like your pool, boundary walls and driveway, and the little things like light fittings, taps and cupboard handles.
Bundle it together
We all love getting more for less, and bundling your insurance policies together with a single insurer could bring your monthly premium down. For instance, if you comprehensively insure your chariot (or whatever wheels you use to get around) with the king, you get a discount when you insure 2+ cars, and you also get cover for your Apple Watch, Nikon camera, golf clubs, bike or your hearing aid for just R1 a month.
Get reducing premiums
The value of your car depreciates monthly, so it makes no sense for your car insurance premium to stay the same. Getting car insurance that decreases monthly is a sure way of making certain you’re paying the best premium.
Understand your excess
Your excess is the first amount payable on each claim, but you need to ensure that you can afford to pay it if you need to claim. With King Price you can choose the excess that best suits your budget, so all you need to do is save this amount and stash it somewhere safe in case you need it.
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