Review your insurance before going on holiday

AS the end-of-year holidays draw near, it’s a good time to review your short-term insurance policies to be certain that you are adequately protected and correctly insured. You may even consider shopping around for a better deal or, if you have remained claim-free for an extended period, renegotiate your premiums with your current insurer.

- MARTIN HESSE

IT'S a good time to review your short-term insurance policies to be certain that you are adequately protected and correctly insured. | FILE

You also need to check that insured assets such as your car and home have been properly maintained and that your car is in roadworthy condition. Maintenance failure or vehicle unroadworthiness can result in a claim being rejected.

Although you should strive for getting good value for money from an insurer, it is advisable not to skimp on premiums by under-insuring or forgoing insurance altogether.

Zanele Gigaba, transformation manager at the South African Insurance Association and the current chairperson of Money Smart Week South Africa, says insurance is an essential part of financial planning: “As consumers, we should not look at insurance as an expense, but rather a valuable component of our financial planning and management, as it provides peace of mind and protects us from the shock of damage to or the loss of our valuable possessions such as our motor vehicles, homes and businesses,” she says.

Household contents and all-risks

On your household contents policy, check that you are adequately protected by doing the following: