Commonly forgotten items when it comes to insurance
Some items we will always remember to insure, such as a motor vehicle, a home and its content. “There are however, items that one might assume are covered that actually aren’t,” says Bertus Visser, Chief Executive of Distribution at PSG Insure.
Call it before it’s too late
You might think your cell phone or any other mobile device, such as a tablet is covered if you are on a contract, but this is not necessarily the case. Insurance should be a key consideration when you buy or enter into such a contract. “Make sure you have adequate cover on the device before you start using it, and preferably opt for All Risk so your device will be covered wherever you take it. This rule also applies when you upgrade your existing device,” he says.
Popular games like Pokémon Go see many of us out and about with our phones, in all sorts of environments, potentially putting us at more risk of potential losses. Should your phone get stolen, remember your insurance won’t cover any applications or data lost, so be vigilant as you can only have your handset replaced, provided it is insured for the correct replacement value,” Visser says. “Updating the handset value – as it devalues over time – is very important as well. Make sure you don’t over-insure, and equally so, don’t under-insure to save on premiums.”
Cover your ride
You may have a motorbike and think as long as that is insured, you will be fine. But make sure you have also included items such as your helmet, biking jacket and riding boots under your All Risk cover.
“The gear you wear when riding a motorbike is at risk of damage if you have an accident, as well as at risk of getting stolen when not in use, and can cost a small fortune to replace if it is not specified as part of your insurance cover,” Visser adds. “The same can be said for bicycle enthusiasts and the various gear involved.”
Get insurance in the bag
Your All Risk cover section of your insurance policy will have certain limits covering your possessions you carry with you, such as cover for your handbag should it get stolen. “But these can be lower than you may actually need,” Visser says.
Cover for loss of documents is one that might not be quite sufficient. “Consider the cost of replacing your driver’s licence, ID, passport and bank cards. It can add up, but fortunately you can insure this risk and you can also top up this cover.”
If you have an expensive car, replacing your car keys can be a very costly affair. “If this cover falls under your vehicle insurance, you will have to pay that excess in order to claim for new keys,” he adds. “However, you can specify your keys in your All Risk cover, just as you can – and should- specify watches or jewellery.”
Always top up your cover when you buy new items. Don’t delay covering them in favour of taking a chance, or only doing so when your insurance policy is up for renewal.
“The rule of thumb is that if you might want to claim for it, you need to specify it, and if you have any uncertainty about your insurance cover, chat to your adviser,” Visser concludes.