Check Your Insurance Now!
Why Your Insurance Needs a Yearly Check-Up
Most South Africans take out insurance, file the documents away, and only think about it when the debit order goes off, or when disaster strikes. But in an economy where every Rand counts, “set and forget” is a luxury you can’t afford.
Life moves fast, and your insurance should keep pace. Here’s why an annual policy review is one of the smartest financial moves you can make:
VEHICLE DEPRECIATION
For many households, car insurance is the biggest monthly expense. Unlike property, a car’s value drops every year. If you don’t review your policy, you could be paying premiums based on an outdated value, for example what your car was worth two years ago. In the meantime, your insurer will only pay out the current retail price, meaning what it is worth right now.
HOW YOU CAN SAVE:
Asking your insurance advisor to adjust your premium to the current retail value may lower your monthly premium – a process Voorpos handles automatically for its clients at renewal.
CLOSE THE "UNDERINSURANCE" GAP
With the rising cost of building materials, household goods, luxuries and electronics, the cost to replace your belongings increases every year. If you’ve renovated or splurged on new tech but haven’t updated your cover, you may be underinsured.
THE RISK:
Being underinsured by 20% means your insurer may only pay out 80% of a claim. A yearly check ensures your “Sum Insured” reflects today’s replacement costs.
REWARD YOUR LIFESTYLE IMPROVEMENTS
New alarm system? Solar backup? Moved into a secure complex? Even relocating to a lower-crime city matters. These upgrades reduce your risk profile.
HOW YOU CAN SAVE:
Informing your insurer about improved security may unlock discounts on your premiums.
CHECK YOUR EXCESS PAYMENTS
Chasing the lowest premium often means sky-high excess payments. If your excess is set at R10,000 but you don’t have that in savings, you’re effectively uninsured for smaller accidents. You can always pay a premium to cover your excess payments.
BE SMART:
Ask your advisor to compare a “high premium/low excess” option against your current policy to see which truly protects your pocket.
EXPLORE NEW PRODUCTS AND BUNDLES
The South African insurance market is highly competitive. Newer “pay-as-you-drive” and “smart-park” models or bundled home-and-car packages might offer better value than a legacy policy you signed five years ago.
THE BENEFIT:
A review lets you compare your rate against the latest market offerings, without sacrificing cover quality.
Insurance isn’t just about protection; it’s about peace of mind. A quick annual review can save you money, close dangerous gaps, and ensure your cover matches your life like it is today, not five years ago. Don’t wait for a claim to discover the fine print. Make this the year you take control of your insurance, and your financial future.
TIP: Contact a trusted insurance broker to manage your insurance portfolio and do the hard work on your behalf.
