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Short-term insurance: trick or treat?

By: Bertus Visser, Chief Executive of Distribution at PSG Insure

The world is still adjusting to what it means to have Covid-19 in the background. For some, it’s been a more horrific experience than for others. Halloween (known as a horrifying day generally) is just around the corner. Though trick-or-treating is less common locally and might not qualify as a ‘socially-distanced’ activity necessarily, it does come with some important reminders… and there are plenty of horrors one can avoid by playing on the safe side. 

Play it practical

It should go without saying that anything valuable that you take out of the house with you, is open to plenty of risk. From mugging to misdirection, your gadgets and handbag can be targets for crime, especially given the tough economy. Your jewellery, your vehicle or anything else valuable needs tailored insurance to prevent any nasty tricks playing out.

Mandatory masks make for a colourful but equally deceptive time too. Be sure to keep your eyes open if you are walking around (on Halloween or anytime) as tricksters may try to surprise you, which could also distract you. When we are distracted, we are not only treating criminals to an opportunity, but we can also lose valuable items by being careless (an example might be dropping your cell phone without realising or leaving your laptop at a coffee shop). 

Don’t doubt yourself

With more and more scams coming to light, especially those than can lead to hi-jacking, it’s essential to be on high alert. Provided your car and valuables are adequately covered, you should be able to recover these for their monetary value, but your physical safety is so important to prioritise.

There of course are incidents where it all happens too quickly to act differently, but if you do feel suspicious of cars around you, or you are able to avoid routes that could be hotspots for crime, always do so. Trust your judgement; sometimes we don’t want to offend others or seem rude, but acting smart and fast can also be the difference between getting out of a dodgy situation before it’s too late, and missing the window to do so.

But also, don’t trick yourself

Avoiding opportunities for crime or accidents doesn’t mean they won’t happen to you. You might think you’ve found the sweet spot with your insurance cover; just enough but not paying perhaps as much as you should for the insurance cover you need. You can only avoid the trick in favour of the treat when it comes to your insurance pay out in the event of a claim, if you have adequate insurance for your assets consistently.

The treat is also in your Ts & Cs

By understanding the conditions of your policy, you can follow what you are responsible for, which keeps your policy in place. An example might be that your security gate is always locked, particularly as you have a locking security gate noted in your policy. If it’s not locked and someone breaks in, you won’t be able to claim.

This applies to many aspects of your cover, so it’s important to do a thorough check so that you know what you need to honour to keep horror stories at bay.

Chat to your adviser to assist you in getting to grips with your policy. You are primarily the person who needs to consider what could be lost, so keeping communication open and honest with your adviser will help you get to the most comprehensive cover for your circumstances. They can help you spot- and prepare for – any scary situations before they happen.

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