Bruce Whitfield Saves Himself R20,000 by Taking the Morning Off
October 7, 2018
Conducting a personal finance review Bruce Whitfield from 702 Radio realised that he might be paying far more than necessary.
Just like every other car owner, Bruce Whitfield knows that his car is losing value every month so it goes without saying that the premiums should be getting less every month instead of more.
Review Your Policy
Bruce Whitfield opted to take a day’s leave to conduct an in-depth review of his insurance – the mistakes and omissions which were negatively affecting claims – and make some educated decisions. In doing so, he has managed so save thousands of Rands for himself.
Just some of the things Bruce Whitfield looked closely at and which he believes are important enough to share with us includes –
Review every Possible Discount
There are always a list of possible discounts available to you in your insurance policy. Understand what they mean and what they require because there are some you want to avoid. If in any way unsure, contact your insurance agent for an explanation.
Review your Credit History
The truth is nearly all insurance companies use your credit score as a rating base, and if your credit score has improved, make sure the insurance company is aware of it so they can re-run your score and apply it to your monthly premium.
Don’t Hold onto Familiarity
Familiarity breeds contempt. Don’t hold onto your expensive car cover because you’ve had it for the last 6 years. Thanks to the Internet, it is as easy as ever to get lots of quotes in a few minutes and to compare them. Check out the cover that you get. Look at your situation carefully and discover ways to do with less insurance. If you’re in any way in doubt, speak to your broker. And this leads up to the next suggestion from Bruce.
Insist on seeing your reputable Broker
Under the FAIS Act, your broker must have regard for your unique circumstance and assess your needs and objectives. The broker must also inform you of any changes to the conditions of your policy. The broker must be able to improve elements on the policy.
Shop around for Something Better
You can’t get away from it. Just like Bruce Whitfield was compelled to examine his car insurance policy, you will need to do it too. If you’re not happy with your state of affairs, the best way to reduce your current insurance costs is to shop around. Bruce Whitfield warns you not to just opt for the low cost insurance because offer you cut important benefits too.
Important aspects are having a premium waiver if you’re retrenched, having your car insured at retail value so you can afford to replace your car with a similar model if it is stolen. If you manage your finances properly and your car insurance properly, you’ll be surprised at how much money you can save.
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All info was correct at time of publishing