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No traffic and everyone’s at home… Some short-term insurers offer lower premiums

1 April 2020 7:38 PM
Tags:
The Money Show
Dial Direct
Bruce Whitfield
Insurance
Naked
Auto and General
Insurance premiums
Personal finance
car insurance
outsurance
MiWay
Wendy Knowler
santam
king price
car insurance premiums
consumer journalist
short-term insurance
first for women
coronavirus in South Africa
covid-19 in south africa
telesure
budget insurance

Short-term insurers suddenly carry a massively reduced risk burden, says consumer journalist Wendy Knowler. Getting some back?

Companies who provide short-term cover for things such as our cars and household content suddenly carries a massively reduced risk burden.

There are hardly any cars on the roads, and everyone is at home with their stuff.

The Money Show’s Bruce Whitfield asked consumer journalist Wendy Knowler, “Are our premiums dropping?”

Not so much, was her reply.

There are, however, some exceptions.

Knowler mentioned newcomer “Naked” and its policyholder flexibility as coming into its own during the lockdown.

It reduced its premiums from 27 March 2020 to 30 June 2020, or longer if the Covid-19 pandemic results in significant changes to how often people drive.

When its clients need to drive to a shop, they just click “resume accident cover” on an app and it’s done instantly.

Done shopping?

Just hit the “pause” button!

Naked clients on this special contract (called “CoverPause”) pays roughly 10% of their usual, comprehensive premium.

Knowler also discussed what the following short-term insurers are offering their clients during the lockdown:

  • Santam

  • Telesure (Auto & General, First for Women, Budget Insurance, Dial-direct)

  • OUTsurance

  • MiWay

  • King Price Insurance

Naked’s business model is just brilliant for lockdown! … You on-and-off your accident cover on an app yourself… Most people end up paying just 10% of your normal premium…

Wendy Knowler, consumer journalist

One insurer said to me they’ll look at their position if there is a dramatic reduction in claims… A ridiculous comment – it is going to go down!

Wendy Knowler, consumer journalist

Consider moving to an insurer that is more accommodating…

Wendy Knowler, consumer journalist

For more detail, listen to the interview in the audio below.

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1 April 2020 7:38 PM
Tags:
The Money Show
Dial Direct
Bruce Whitfield
Insurance
Naked
Auto and General
Insurance premiums
Personal finance
car insurance
outsurance
MiWay
Wendy Knowler
santam
king price
car insurance premiums
consumer journalist
short-term insurance
first for women
coronavirus in South Africa
covid-19 in south africa
telesure
budget insurance

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