ConsumerTalk with Wendy Knowler

ConsumerTalk: Loyalty is expensive

ConsumerTalk's Wendy Knowler explains three ways you could be overpaying every month.

When was the last time you interrogated what you’re paying monthly to insure your car, for the tracking service on it, or for your private security at home?

You could shave hundreds of rand off your monthly spend by making a few calls and having a robust chat with some of your service providers.

Short-term insurance premiums

If you have had your short-term insurance policy for some time, chances are your premium is no longer competitive, especially if you haven’t made a claim in the past year.

Make a few calls to your insurer’s competitors and ask for a quote to insure your car. If it is less than what you’re paying, negotiate with your insurer to lower your premium or make a switch.

When it comes to direct car insurance, loyalty most definitely doesn’t pay. The competitive premiums are to lure new custom - or keep those clients who wise up and threaten to switch.

Vehicle tracking devices

If you've had your tracking device for more than three years, and you didn’t pay for your device upfront, it is now paid off and you should request a lower fee as a result, as you’re only paying for the tracking service.

If they’ve never had to track your vehicle, you have a stronger case.

Home alarms and armed response services

When last did you check whether the fee you’re paying for your home alarm and armed response is market-related?

I did this, not too long ago, and discovered that my loyalty to one company for 18 years was being exploited.

I have since had my long-paid off system repaired and upgraded, and I now have superior protection with a rival company at less than a third of what I was paying the other company every month.

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