Covering Your Vehicles with Commercial Insurance

  By admin | May 7, 2012 - 10:04 am | Vehicle Insurance Leave a comment


The right vehicle can be a considerable value-add to your business. South Africahas a widespread competitive profitable vehicle market with in excess of 12 000 new light and heavy models sold every month. This includes everything from small bakkies and vans to extra-heavy trucks and buses, which is why it is important to protect your assets with adequate commercial insurance.

 

There has never been a greater choice of commercial vehicle brands in SA with more than 30 European and Asian manufacturers challenging the local marketplace with force.

 

Protect your assets by minimising your commercial fleet’s risks and lower your commercial insurance premiums.

 

Commercial transport and motor fleets fall into a high risk insurance bracket. The vehicles that fleets are made up of are operated by drivers who neither pay for the insurance themselves plus the roads are renowned for being fraught with problems in SA, including crime and poor driving.

 

The market has a glut of insurance companies all vying for business in both the commercial and the private transport sector.

 

Due to the fact that there is a poor claims history only about 5% of quotes are actually granted.

 

There is a strong spotlight on the organization of fleets together with an efficient risk management programme. With at least 85% of the sole cause of loss due to poor management of fleets, it is important that effective programmes are put into place and carried through.

 

Poor repairs and driver exhaustion attributes to losses in the commercial transport industry. In order to protect your overall investment and to lower your commercial insurance premiums you should have a fleet management programme put in place.

Safer Cars equals Cheaper Insurance Quotes

  By admin | May 7, 2012 - 9:56 am | car Insurance Leave a comment


  • It is a known fact that not all cars are made equally
  • Some repairs and parts cost more on certain vehicles as they might be imported
  • Some cars are more prone to being stolen
  • Drivers in theWestern Capepay less for insurance than inGautengas they are more cautious on their roads
  • Insurance companies take overnight parking of the vehicle into account when assessing insurance quotes for a vehicle
  • The make of the car is taken into account
  • The age of the car is also taken into account
  • The model of a car is taken into consideration by the insurance company when you take out cover for your vehicle

 

It is a well-known fact that insurers quote premiums on a sliding scale. For example a driver who is 18 years of age will pay the most for their car premiums while the premiums will be reduced over the years as the driver grows older.

 

Insurance quote premiums cover theft and accidents and also repairs. The repair of the vehicle is usually the largest cost due to the huge amount of accidents that take place on the roads of SA every year.

 

Only claim when you really need to, as this will keep your car insurance quotes low. Fitting your vehicle with safety devices such as a tracking device and an alarm will reduce your premiums, or increasing your excess will reduce your premiums, too.

What Motor Insurance Companies Look For When Covering Your Car

  By admin | March 28, 2012 - 10:48 am | car Insurance Leave a comment
  • How much your car is worth – In other words the monetary value of your motor car.
  • The driver’s age. It all depends on the age, whether the driver is under 25 or the driver might be on pension, how much you will pay every month.
  • The gender of the driver. Take special note that females pay less for motor insurance than males.
  • The demographics – in other words which area do you live in.
  • Where the car is kept at night. Is your car kept under lock and key and is it safe or is your car simply parked in the road outside your property every night, making it vulnerable.
  • The colour of your car is also looked at closely when your insurance company gives you cover.

Remember that non-disclosure of any pertinent information relevant to your motor insurance can result in you not being paid out for claims. Filling out questions honestly and as accurately as possible plays a very important role when taking out motor insurance.

Ensure that you have sufficient motor insurance cover for your needs.

Car rental options make one’s life a lot easier when there is a claim. If you are not certain about anything, don’t hesitate to ask your insurance broker as they are there to assist. Motor insurance companies that offer roadside assistance is vital as you never know when you will be in that particular situation, as is the free towing facility offered.

High Inflation Leads to Under-Insurance

  By admin | May 31, 2011 - 1:00 pm | Insurance Claims Leave a comment

High Inflation Leads to Under-Insurance

Rising inflation doesn’t only put pressure on the Reserve Bank – it also tests short-term insurance cover.  Macro factors like inflation and rising import costs on the back of a weaker Rand can drive up replacement values of many household items, from audio equipment to furniture and appliances.

Yet many policyholders fail to realise that macro pressures increase the risk of under-insurance, warns leading short-term insurer, Mutual & Federal.

Merrick Oeschger, Executive General Manager:  Business Development and Sales, says there is a high risk of a slow consumer response to the under-insurance risk as years of relatively low macro pressure may create false expectations of price stability.

He explains: “After 2001, the rand strengthened and currency stability ensued. In addition, the authorities enjoyed major success in keeping inflation within the targeted 3-6% range.

“But recently CPIX topped 9% for the first time since 2003 and the rand is again at record lows against major currencies.

“Developments like these increase the likelihood that a policyholder will not be able to replace stolen or damaged items for anything close to the purchase price of three or four years ago.

“The result is a growing gap between insured values and replacement values. In effect, the individual takes personal responsibility for covering that gap. It can come as an unpleasant surprise when the extent of this risk is revealed through a burglary, fire or storm damage.”

A simple example illustrates the trap. Premiums might provide R100 000 in cover, but the current replacement value might be R200 000. In the event of a claim, an insurer is only obliged to make pro-rata restitution – in this case, meeting only half of the claim.

Merrick Oeschger adds: “With major claims, it can be a devastating blow when families realise they have to make good the uncovered portion of the loss from their own pocket.”

There is a simple and effective solution – call in a professional short-term insurance adviser to carry out a thorough review of replacement values.

“With inflation on the rise, there’s no better time,” says Oeschger. “You could be surprised at the gap that has opened up and the risks you have been running because of the mismatch between real replacement values and the cover set down in your policy.”

 

Car Insurance for drivers under 25

  By admin | May 31, 2011 - 12:59 pm | Uncategorized Leave a comment

Car Insurance for drivers under 25

People under the age of 25, are seen as a big threat by insurance companies unfortunately young drivers a considered to be very reckless drivers especially during weekends. Young drivers account or 45% of fatalities on our roads.

Insurance companies estimate their premiums according to the level of risk that potential business or clientele may pose. Young drivers make the mistake of rushing to buy cars that need vehicle insurance without paying attention to the number of years experience they have driving,  a minimum of five years driving experience is required before one can become a lower risk.

It seems unfair but let’s face it, maturity and a sense of responsibility only sinks in after the age of twenty five. Between sixteen and twenty five we are forgiven for being a bit careless as it is expected of the age group.

Take your time to find affordable premiums, as expensive as it might turn out to be car insurance is a much needed expense and Secure your car and install a tracking device as this will lower your premiums.

 

Action Sport Insurance

  By admin | May 31, 2011 - 12:59 pm | Uncategorized Leave a comment

Action Sport Insurance

Many insurance companies will not compensate you or your family should something happen to you on such an adventure. This kind of insurance has cornered a new niche market which is gaining ground in the field of insurance. As the individual keeps on testing the borders of his physical abilities, the greater the increase in activity among these insurers will become.

 

Life insurance for couples

  By admin | May 31, 2011 - 12:58 pm | Uncategorized Leave a comment

Life insurance for couples

As a newlywed couple, death being the cause of separation seems as more of a bad omen then a reality. However, thinking about the worst case scenario is an essential trait for maintaining a sound financial plan. There’s no scenario worse than the death of you or your spouse, but you need to prepare for it.

As a newlywed couple you owe it to one another to get life insurance as a couple and stay safe, for when the unfortunate occurs, the other one is still covered by life insurance.