Insurance isn’t something anyone likes to think about, but in the event that something should happen to your assets or belongings, it can really be a helping hand when you need it most. DirectAxis is the broker for a number of leading car and home insurers, so it makes sense to talk to us about getting the right cover for your specific home, vehicle or building insurance needs:
Go pro.
Work with a broker, like DirectAxis, to make sure you get the right kind of cover at the right price. Many insurers use formulas that the man on the street isn’t aware of. For example, if only 40% of your home contents have been insured and you claim for a stolen TV, only 40% of the value of the TV will be paid out.
Do your homework.
Research an insurance company’s repudiation rate. This refers to the number of claims that an insurer doesn’t settle, which can range from as low as less than 1% to as high as 45%.
Combine and save.
If you place your building, house contents and vehicles with the same insurer you may benefit from better rates. Combining policies also means that if you have any questions or claims to submit, you will have a single point of contact who can access all your information at a glance. This is also a benefit of working with a broker: he or she acts as your key contact.
Save each year.
While it’s a good idea to insure your car for its retail value, remember that as your car depreciates, so does its retail value. Check in with your broker once a year to see if a better deal is available.
Keep a record.
When it comes to contents and all-risk insurance, it’s important to make a list of all the things you own. It just makes it a lot easier should you have to submit a claim. Write down model and serial numbers (if applicable) and keep receipts. When it comes to jewellery, insurers often ask for a copy of the valuation certificates. We recommend that these are updated each year by a reputable jeweller as jewellery’s worth does change. And take photos – they’re invaluable when it comes to showing ‘proof of ownership.