About Short Term Insurance

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About Short Term Insurance

Short term insurance has often been considered to be the ‘baby’ of insurance policies but it is actually a very useful innovation that has assisted millions of South Africans with the type of coverage that they need without incurring too many costly premiums or other long term responsibilities. So what is Short Term Insurance and how can it help you?

Short term insurance is an insurance agreement that is taken out between a policy holder and the insurer, and is only active for a limited amount of time – or rather, is flexible according to your insurance wants and needs. What this means is that you can insure your home, personal belongings, car, motorcycle, boat or household contents on a monthly or annual basis, depending on your needs.

Insurance companies understand that not everyone wants the responsibilities of staying committed to one lifestyle, one location and one car for the rest of their lives and have therefore come up with this innovative way of providing financial coverage for your treasured possessions.

Short term car insurance, for example, is an affordable way to insure your car against theft, damages or accidents (depending on the type of short term insurance that you select). Some companies even offer an incentive program that pays you back after a certain period of claim free insurance years. They allow you to take advantage of the money you have paid into the scheme via your monthly insurance premiums.

When you are choosing short term insurance plans it is a good idea to get a number of quotations based on your specific needs – compare at least three different quotes from three different companies and check out these criteria:

  • How much do you have to pay?

  • Is this the best and most affordable option?

  • How much is the excess payable? The lower the excess, the better.

  • What is covered and excluded by your insurance policy?

Short term insurance is a great way to get the reassurance that your possessions are safe at all times without being tied to life-long commitments and responsibilities.