As the year hurtles into September, the flowers begin to bloom, the bees are buzzing, and the birds are singing! All tell-tale signs that spring is upon us. For many of us, the start of the season boosts our mood and sense of optimism, yet your short-term insurance still feels like it’s stuck in the winter blues.
Spring cleaning is the annual tradition of thoroughly cleaning out and freshening up our homes, thereby getting a jump start on the hectic months ahead. This tradition is not limited to the household but applies to just about any aspect of your day-to-day life.This includes your short-term insurance.
Every year, your short-term insurance contract is automatically renewed and, more often than not, it simply ‘ticks over’ without you checking whether you are over or underinsured. We, therefore, encourage everyone to take the time this spring to clear away the cobwebs from their short-term insurance policy.
Below are the two most important steps you should take to spruce up your cover:
1 - Organise and clear the “clutter”
An important step in updating your short-term insurance is to remove items from your policy that you no longer have. It doesn’t make sense to pay to insure a car that you upgraded or for that old dishwasher that you gave away. You may also, at some point, add car hire to your motor vehicle insurance that you may longer need. All these nips and tucks could help you reduce your premium!
2 - Update and “renovate”
The other important step in spring cleaning your insurance is to update the details of your policy. Failure to update your details can leave you at risk of experiencing complications and pitfalls when claiming on your insurance. Not sure when you should update your details?
Fear not!
Here are some common scenarios where you’ll need to update your policy:
You have recently purchased something valuable, be it a new appliance or T.V for your home, a car, cell phone or jewellery. If any of these items or similar have not been added to your policy, you will not get paid out in the event they are lost, damaged or stolen.
You’ve made renovations to your house (i.e., new security system, flooring of any household updates that would affect the details of your current cover.
Another scenario where you would need to update your insurance would be installing upgrades or additional parts to your car; think about a new sound system.
You’ve started using your car for business or if you use it for work more often.
If another person starts using your car on a daily basis or more often than they usually would.
You’ve moved house and, therefore, your address has changed.
These are just a few of the examples of when it is imperative to update, renovate, and clear the “clutter” from your short-term insurance. Ensuring that all your information is up-to-date and correct can save you time and money and help you avoid any hassles at claim stage. Contact a PBA financial advisor for further information or should you wish to update your policy.
Contact us:
Phone: 011 803 9686
Email: vivian@pbafsa.co.za or bev@pbafsa.co.za
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