Discovery Insure has shared that in the past few months they have seen an increase in the number of queries about wear and tear. They shared this Smart Tip which provides clarity on what wear and tear is and how to mitigate against it. What is wear and tear? Wear and tear refers to the gradual damage or deterioration that happens over time because of regular use, ageing and exposure to various environmental factors. Some common examples of wear and tear
Why is wear and tear not covered? Insurance provides cover for sudden, uncertain and unforeseen events. Wear and tear occurs gradually over time, and this can be foreseen or even expected. Therefore, wear and tear is not an insurable event. With good maintenance and proper risk management, wear and tear can be minimised. Tips to reduce wear and tear
Source: Discovery Insure
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