Ah yes, the annual insurance review. That old chestnut… Look, if we’re all being honest, reviewing our insurance policies isn’t exactly sitting at the top of our to-do lists. We’d say that it goes cleaning out the garage, matching up all our socks, clearing that drawer full of old batteries and instruction guides, finally figuring out how to use that fancy coffee machine you bought on sale, and thennnn reviewing your insurance policies.
But just like that coffee machine, your insurance policy needs a little TLC to ensure it’s brewing up the best cover for your needs.
As South Africans, we’re well aware that life can throw curveballs faster than a spin bowler, so trust us when we say that making sure your insurance is up to date is crucial.
Here’s a breakdown of the why’s, the updates, and how this little piece of admin can have a massive impact on your life. And because we’re feeling whimsical, we’ll cover each point in the form of a soul-searching question, because why not?
Why, oh why
So, why should you take the time to review your insurance policy every year? Well, because life happens. Whether you’ve gotten married, moved into a bigger house, or finally decided to start that consulting business you’ve always dreamt of, your insurance needs are likely to change.
Let’s not forget that the market trends and policies themselves can shift like a load of bricks on a bumpy road.
The verdict? By reviewing your policy annually, you can ensure that you’re not only adequately covered but also getting the best bang for your buck.
Which winds of change are you looking out for
We’re mostly aware that we need to get in touch with our insurers when it comes to buying a car so that we can get car insurance. But in reality, we need to keep an eye on all of changes to our lifestyles and check if it has an impact on our insurance. To give you an idea, these changes typically include whether you’ve decided to move in with your partner or gotten married, welcomed a new addition to the family, changed jobs, bought a house, started a new business, moved to a different city altogether, or invested in new goodies.
These kinds of life events can significantly impact your insurance needs.
A great (and obvious) example is if you’ve started a new business and bought a new car so you can visit clients. Now, because your car is used primarily for business purposes, it won’t simply fall under the normal car insurance policy. Our royal consultants would advise you on the best way to cover your car so you’re not caught unawares with the wrong policy.
Hint: Cars used for business purposes need to captured on your policy to reflect this use type. It may even be more beneficial to get a business insurance policy that covers your car and heaps of other risks to your new business.
Other changes to keep an eye on:
- Market trends: Premiums can fluctuate based on inflation, market conditions, and even changes in your neighbourhood, so by reviewing your policy, you can identify any potential discounts or adjustments that could save you money. For example, if you’ve installed a security system or a new roof, you might qualify for lower premiums.
- Policy updates: If the king updates any of our royal policies, our clients are the first to know, so don’t delete any missives from our kingdom and you’ll be informed about changes that could help you avoid gaps in your cover.
- Claims history: If you’ve made any claims over the past year, talk to us about it in the context of your overall policy so that we can help you understand how these events impacted your policy and make suggestions on how to improve your situation by updating your cover.
- Discount opportunities: When you review your policy, make sure to ask us about any discounts that could work for you, whether it’s for bundling policies or maintaining a good driving record. Every little bit helps!
The royal moral of the story
In a nutshell, reviewing your insurance policy annually is a necessary piece of financial spring cleaning. It’s an opportunity to reassess your cover, identify potential savings, and make super sure that you’re adequately protected against life’s unexpected surprises. So, grab a cup of that fancy coffee, open up a WhatsApp chat with us on 0860 50 50 50 and give your policy the attention it deserves.
After all, a little effort now can save you a lot of hassle (and money) later on!
Psst… This blog provides general info only, and doesn’t count as financial or product advice from King Price or our legal and compliance experts. Remember, all our premiums are risk-profile-dependent, and T’s and C’s apply. Our most up-to-date KPPD (policy wording) can always be found here.
Our website T’s and C’s can be found here.
