Cut costs and save money by reviewing your insurance cover

With costs rapidly increasing and the on-going debt crisis prominent in South Africa, consumers have been forced to rein in their spending and review where they can cut costs and save money.

Insurance cover is one of the most commonly miss-sold financial products and should therefore be reviewed in order to not only reduce costs, but also ensure that your cover meets only the needs you require.

InsuranceBusters, DebtBusters’ sister company, offers South African consumers a broad range of insurance products, that enable clients to obtain the most cost effective and the best insurance cover, suited to their personal needs.

After realising he had to take control of his financial situation, Mr Niekerk decided he needed to find ways to cut his costs and save money, and thus approached InsuranceBusters.

InsuranceBusters expert insurance broker, Santie Stevens, confirmed Mr Niekerk’s insurance information and current policy and proceeded to conduct a risk assessment and an analysis of his current insurance cover.

This is how its done

Mr Niekerk’s insurance package, which covered his car, building contents and portable possessions amounted to a total of R1900 per month. The best way to find the most suitable budget cover that fulfils the needs of Mr Niekerk, is to shop around and assess different insurance quotes on offer from various insurance companies.

InsuranceBusters broker, Santie Stevens, conducted a comparison between Mr Niekerk’s current insurance cover and the insurance quotes provided by a range of other insurance companies. Due to her expertise and experience in the financial and insurance industry, after Santie Stevens thoroughly reviewed various insurance quotes, she found the exact same cover, but at a budgeted price.

It was evident that Mr Niekerk was paying a higher premium on his insurance than necessary. The new insurance cover also incorporates a lower excess rate, thus ensuring Mr Niekerk has enough cover to afford excess costs the insurance will not cover, in the event of an accident or theft. In addition, Mr Niekerk is also able to cover more of his portable possessions, as well as add car hire insurance and excess waiver.

All Mr Niekerk has to pay on a monthly basis is a total premium of R1451, therefore saving him R449. Not only did InsuranceBusters insurance broker manage to find the exact same insurance cover for Mr Niekerk at a reduced rate, she also managed to ensure that there were added benefits and value, thus further saving Mr Niekerk money.

But that’s not all; InsuranceBusters are dedicated to helping South African consumers, particularly when it comes to commonly miss sold products such as insurance cover. When InsuranceBusters expert broker Santie Stevens, was assessing Mr Niekerk’s current insurance policy and insurance risk, it was evident that Mr Niekerk was incorrectly insured as he was paying dual building insurance.

When Mr Niekerk applied for a bond from a credit provider, they insisted that he took out building insurance, even after he had provided proof that he already had sufficient cover on his building, which has been purchased from another company.

According to the Consumer Protection Act, you have the right to choose which insurance company you would like purchase insurance from and you are not obligated to take out building insurance through the credit provider of your bond.

In light of this, InsuranceBusters have notified Mr Niekerk’s credit provider and they are currently in the process of reimbursing Mr Niekerk to compensate for miss selling him insurance cover. It is important to reassess your insurance cover on an annual basis and to approach an insurance broker from InsuranceBusters to provide you with a wide range of quotes from various insurance companies.

For more information contact InsuranceBusters today on 021 481 1704 or visit www.insurancebusters.co.za. But that’s not all, if you’re struggling to meet your debt repayments call 0869 99 06 06 or visit www.debtbusters.co.za