ANNUAL CHECK-UPS: FROM YOUR DOCTOR TO YOUR INSURER

Wednesday, June 11, 2014

 

Many people are aware of the importance of regular annual check-ups with their dentists, GP’s, gynaecologists and optometrists. But what about regular insurance policy and product check-ups? In a culture that is slowly turning from loyalty to switching to the best deals, checking insurance should be a standard date in your calendar too.

Derek Wilson, Head of Hippo.co.za says, “Blindly staying with insurance brands year after year, without comparing prices and benefits, could be costing you money.”

The online insurance comparison website Hippo.co.za illustrates some instances to show why is important to do regular insurance check-ups:

  • When moving to a new home, there are certain factors that will influence your car insurance such as whether your car is parked in a locked garage or under a carport, in a security complex or on a freestanding plot, so when moving compare cover from various vehicle insurers to ensure you get the best value for your money.
  • Car insurance is also affected by a change in employment, such as when you change from an office bound job to a consultancy where you travel more. Updating your car insurance is a must as your risk profile changes according to the frequency of daily travelling
  • An increase in the cost of car parts due to inflation influences the annual increase of your car insurance premium. Do not just accept this increase from your existing insurer; compare prices from a number of insurers after receiving your annual premium increase letter.
  • Household items should be insured for the current replacement value, else you will be paid out less in the event of a claim. Update your household cover regularly to ensure that you are covered for the full replacement value of all your household items and also compare this cover from various insurers to get the best benefits.
  • Another factor that influences your household cover is the area in which you live. When moving to another address, ensure that you shop around for the best insurance cover and value for that area.
  • Should you undergo a career change where you will be working from home, this should also be indicated on your household insurance, otherwise the outcome of a claim may be affected. There are various options for business cover when working from home. Compare from a range of insurers to ensure that you get the best cover for both your business and household insurance.
  • Many people are unaware that they can compare different medical aid options through Hippo.co.za. It is beneficial to look at all the different options should you have to change your medical aid in the event of you planning for a family, adding your parents or including chronic medication to your cover.

Wilson says, “By regularly updating your car, household, medical aid and other insurance, you are able to ensure that you have optimum cover as well as possibly cutting costs. As an example recent independent research reveals that at least 8 out of 10 people could save an average of R427 per month on their car insurance.”



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