The increasingly high cost of living means that people are looking for the best ways to stretch their Rands more. Owning a house or a car means that you have an incentive to protect your assets from the risk of damage or loss. This is the number one reason you need to get insurance.

A big factor in a country like South Africa is that of affordability.

Many people regard insurance as something that is unaffordable while the reality is that it is a necessity.

So how do you get affordable insurance?

Paying more for your coverage can mean that you are getting a good, full-coverage policy, but it can also mean that you are over-insured or over-paying. Make sure that you get the right type of insurance for your individual needs.

When buying a car for example, think about how much it will cost to insure the vehicle before purchasing. When you are looking at insurance for your home, you need to make sure that you get the right kind of cover and that you have your home and its contents evaluated at least once a year.

Buy all your insurance from one company

This is becoming more popular, as it allows you save quite a bit. Check with your insurance company to see if you can qualify for a bundle discount. In some cases, you can save up to 15%.

Do some basic research

Make sure that you compare thoroughly before making a decision. Nothing beats doing the research you need to with regards to the best type of insurance cover for your needs, as well as the insurance provider. You’ll want to make sure that you are covered by an insurance company that can afford to pay out in the event of a claim!

Consider increasing your excess

Because higher excess amounts require higher out-of-pocket expenses, insurance companies can expect fewer claims from policyholders.

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