The new vehicle licence regulation specifies that no motor vehicle can be bought or sold with an expired licence disc. This means that, insurers, cannot write a vehicle off if it has an expired licence disc on the write-off date. Please take note of the below process as it will take immediate effect on all write-off claims. What this means for your clients Insurers cannot renew a licence disc on behalf of a client. As a result, as the client you must assist in renewing the licence disc if it has already expired or expires during the claim process. What happens when the licence disc expires after the date of loss? If the licence disc expires after the date of loss, but before the claim is settled,as the client you will will need to renew the licence disc and send proof of renewal to insurer before they settle the claim. Insurer will reimburse the cost of the renewal in the claim settlement amount. What happens if the licence disc expired before the loss date? If the licence disc expired before the claim event, it is the client’s responsibility to renew licence disc. Insurer will settle the claim once the client has sent proof of renewal. To get assistance with a claim, quote as well a reviewing policy schedule for your vehicle, home and business contact Jan in our Short-Term Department; email shortterm@daberistic.com ,tel (011)658 -1333 Source: Discovery insure
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When times are tough, we understand that people try to save money wherever they can. But never compromise on quality insurance of your most prized possessions. At Santam, we feel there are always ways to structure your policy to suit your pocket so you’re properly covered and we can pay your claim. Let’s look at ways to do this. How to afford quality insurance First of all, do a quick run-through of your lifestyle, profile and assets. These are the factors that determine how much you are charged every month. Things change all the time – for example, you may have installed extra security measures around your home and not told us, or you’ve changed jobs and your car is now parked in an underground garage instead of outdoors. Perhaps your student daughter now has a job and no longer lives in a high-risk city area. Just by updating your profile, you may find that your premium decreases or that you risk profile has changed. Saving on car insurance premiums Consider Third Party Only car insurance: This is the minimum amount of cover you can give your vehicle, making it the cheapest there is. Raise your excess payment: The greater your excess is, the lower your premium. During the quotation process, you will be asked to select the amount of voluntary excess you will be prepared to pay in the event of a claim. Although there is a compulsory excess amount, you can always choose to increase this. This would mean paying more out of your pocket, so make sure you can afford the higher excess amount. Pay for smaller damages yourself: If you are able to keep a rainy-day fund for smaller nicks and dents, you will manage to stay claim-free for longer and get a big reduction on your premium. Make sure the correct person is noted as the regular driver: Your risk factor is determined by the person who most often drives the car, so be sure to keep this information updated. Install additional security features: Although we know this means spending more money, drivers who install tracking systems in their vehicles could benefit from a lower premium. Vehicle tracking technology could also impact your risk profile, as it will be easier to recover your car in case of a theft or hijacking. How to reduce home insurance payments Increase your excess payment: The greater your excess is, the lower your premium. During the quotation process, you will be asked to select the excess you will be prepared to pay in the event of a claim. Although there is a compulsory excess amount, you can always choose to increase this. This would mean paying more out of your pocket, so make sure you can afford the higher excess amount. Pay for smaller damages yourself: If you are able to keep a rainy-day fund for smaller repairs, you will manage to stay claim-free for longer and reduce your premium. Upgrade security features: Installing a home security system or upgrading your existing security measures can decrease insurance premiums – plus ensure that you are safer. Also join a neighbourhood or block watch, as some insurers will offer reduced rates to homeowners who belong to these types of organisations. Tip: Combine your car, home and building insurance to reduce your insurance premium. To get a quote and cover that will be sufficient for you please contact Sandy in our Short – Term Department, email shortterm@daberistic.com , tel (011)658-1333 Source: Santam Insurance can be a tricky business and it’s probably because of this that there are so many myths floating around about insurance and how it works. Here are some myths explained;
1. My insurance will pay off my vehicle finance if my car is destroyed If your car is financed, you will find that this is not necessarily true. When insurance companies pay for a written-off vehicle, the payment is based on how much the car is worth at the time of the accident. Seeing as your vehicle loan is based on how much your car was worth when you bought it, the insurance amount paid out may not be close to your loan amount because cars generally depreciate quicker over time – faster than the rate at which you are able to pay off your loan. Your loan also includes financing fees and interest, which are not covered by your insurance. Some insurers might offer a top-up insurance policy that can cover most of the shortfall between the insured amount and the loan amount. This is usually optional, so remember to select this cover if you need it. 2. I don’t need insurance Even if you are a fantastic driver or a very conscientious home owner, the fact is that accidents happen and possessions get stolen. Whether an event like this is your fault or not, it could cost you money that you might not have to get your car or home repaired or to replace your stolen items, for example. There are a variety of insurers out there that offer a selection of prices and policies. In fact, getting a quote these days is quite painless and you get to find out just how much you will pay in the end. Everybody needs insurance and very few will be able to afford what they lost without the help of insurance. If you are concerned, but are not sure how to proceed, it’s best to contact a financial adviser who can give you proper advice regarding your insurance needs. 3. My car’s colour will affect my insurance premium Most insurers don’t care about the colour of your car. In fact, they are more interested in knowing whether you’ve had any accidents before, the type of vehicle you have, the car’s age and a variety of other factors. To make sure, ask your insurer if they use the colour of your car to determine your premium. 4. I should get building insurance based on my property’s real estate market value You should get building insurance based on the following:
Source: Discovery Please contact Thomas or Innocentia in our Short Term Department; email shortterm@daberistic.com , to get your personalised car and household insurance quotes. |
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January 2025
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