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How to make sure your insurance covers you
Community Coordinator

Protecting all the achievements in your life makes sense when you work hard to get them. Short term insurance safeguards you by protecting you against everyday risk factors and loss and offers a helping hand when you need it most. It will help to cover you for the things we don't generally budget to have replaced, such as some of the expensive contents of your house or the repairs after a car accident. Paying for all the mishaps upfront can affect one’s budget, and possibly put you into debt. Getting insurance is a big step, so we at Standard Insurance Limited, will help to break it down and demonstrate how you can protect what matters most to you.


Tips when buying insurance


  • Shop around - consider reputable insurance companies and check online/mobile app tool for competitive quotes.


  • Know what you're looking for - before clicking “yes” to an insurance policy, make sure you are aware of what you want and as well as what you can afford.


  • Consider a reputable company - look into their claims payout history, and compare all relevant benefits and exclusions, features of each policy and price of your monthly premium.


  • Compare like with like - looking to switch insurance companies? Make sure to check the cover in detail beyond the price difference, as cheaper isn't always better and may leave you uncovered for certain eventualities as well as a higher excess when you claim. Also, consider if you'll be covered immediately when switching.


  • Understand your premium - typically your premium is calculated based on your risk factors as well as the “excess” you're expected to pay when claiming. If you can afford to pay a higher excess you could consider a higher excess option as it could reduce your monthly premium.


What are insurance value ads?


Insurers often have optional value-added services which are add-ons to the core service that they offer and benefit the clients. While these provide additional needed protection, it's important to understand the conditions and exclusions for each of these before buying them.  An example can be seen on motor vehicle policies, where the value add-ons could include:


  • Touch ups - dent and scratch cover for minor repairs.


  • Top ups - a payout the insurer makes to you comprising the difference between the value paid out by an insurance policy in case of a vehicle write-off and the outstanding balance owed on a vehicle loan.


  • Warranty - cover to repair/replace major vehicle components in the event of failure or breakdown.


What are your responsibilities?


  • Make sure you understand your policy - don't wait for the claim stage and get a surprise when certain things aren't covered or suitably covered by your policy. It is the insurer's or intermediary's responsibility to explain things to you that may not make sense, but it is also in your interest to ensure that you fully understand what your policy covers and what it excludes.


  • Keep your policy up to date - be sure to keep your insurer informed and up to date with any belongings you want cover for. For example, as you buy more or newer items for your home you should update the value of your contents insured. This may increase your monthly premium but will also get rid of the risk of being underinsured. Also, if you “downsize” make sure to update the value which should then decrease your premium.


  • Stay on top of your risk - you should let your insurer know of any significant change in your risk profile as this may impact you at claim stage. Certain insurers use where you park, your place of work or nature of you work as a risk factor, so if this changes, let your insurer know, and they could either increase, or decrease your premium.


Often, once people get insurance they think they are protected and naturally feel a certain peace of mind, this is true if you know what you have signed up for. It's recommended that you regularly review your insurance needs as your personal circumstances change over time and your tolerance for risk may also change as your assets and family grow. Be sure to update your insured value and risk information to maintain your preferred cover, so if the need to claim does arise, you aren't left out of pocket, or lose what you've worked hard for.