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Insurance: Items that are generally overlooked

By Alina Hardcastle

In life we generally overlook the small things and when it comes to insurance, we are no different.

While our main focus lies on items such as motor vehicles, a home and its content, Bertus Visser, chief executive of distribution at PSG insure says that items that one might assumed to be covered, actually aren’t.  

Call it before it’s too late                             

There’s a common misconception that your cell phone or any other mobile device i.e. a tablet are covered by insurance if you are on contract, well think again. Insurance needs to be a key consideration when buying into an agreement such as this.

With all sorts of new games such as Pokémon Go we find ourselves gallivanting all over the show, which increases the risk of potential losses.

Visser advices: “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.”

Also keep in mind that if you phone gets stolen, insurance will not cover any applications or data lost. The only thing that can be replaced is your handset as long as it is insured for the correct replacement value.

Cover your ride                                                                                                                                                        

If you like to live on the edge and have a motorbike, make sure that not only your bike is insured but include 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.”

He says: “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.”

Get insurance in the bag

If you value your bag and what’s inside of it, don’t go without insurance. Now, although this may seem like a pointless expense, it can cost you much more to neglect it in the long run. Your All Risk cover section of your insurance policy will have certain limits covering the possessions you carry with you, such as cover for your handbag if it were to get stolen. Visser highlights: “These can be lower than you may actually need.”

“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,” adds Visser.

If it’s new, cover it

When purchasing new items, immediately ensure that you top up your cover, to avoid disappointment in the future.

“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.

Handy tip: You can apply for a range of insurance products on Justmoney, click here for more.

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