Tag Archive for: short term insurance

What is Short-Term Insurance?

As the name suggests, short-term insurance protects assets for a short period. This type of insurance is designed to give you peace of mind and temporary protection against loss or damage to your private property when certain insured events occur, such as vehicle accidents, vehicle theft, or hijacking.

There are various types of short-term insurance: personal, travel, and commercial. However, not all insurance companies have a licence to sell all these types of insurance.

Read more

Taking Care of Short-Term Insurance

Taking Care of Your Assets with Short-Term Insurance

From a broad perspective, if a financial planner is responsible for your future wealth and assets and a financial consultant adjusts and secures your immediate wealth and assets, then short-term insurance would protect the wealth and assets you have already acquired.

But, it’s not just your assets you’re protecting. It also takes care of and protects both you and your loved ones. If the clouds are hanging low, you give your child an umbrella before they go out. If you buy them a scooter, you get them a helmet. Short-term insurance offers the same umbrella, it simply covers more serious incidentals.

How it Works

You invest in short-term insurance with monthly instalments called premiums. How much you invest, would depend on the asset you’re covering and the likelihood of it being damaged. If it is damaged, destroyed, or lost, your cover would be enough to pay for repairs or replace it.

Short-term insurance offers a wide range of coverage. For example, you agree on an amount to be paid out if your vehicle is involved in an accident, or is destroyed or stolen. If these incidentals occur, you are paid the agreed amount. Just be aware that cars depreciate annually, so ensure that you update their value on that basis.

Other Packages You Might Consider

Comprehensive – Short-term insurance that covers the total value of your motor vehicle. Third-party cover is for damage you may have caused to someone else’s car. Balance of third-party (fire and theft) will cover you in the event of your car being stolen, if your car burns, or if you are responsible for damaging someone else’s vehicle or property.

Homeowner’s Short-Term Insurance – This may equal how much reconstruction of your home would cost in the event of structural failure or damage.

Household Contents Cover – This insures the remainder of your belongings that are in your home.

Personal Liability – This assists you if someone sues you personally for damage or injury caused on your property, while all-risk short-term insurance will cover items that are lost outside of your property. Personal accident cover will protect you and your family in the unfortunate event of one of you being disabled or dying in an accident.

Useful Tips

Regardless of whom you select to cover your short-term insurance, be sure to be honest and accurate, and keep the value of your assets up to date and agreed upon with your insurer. The consequences of over-estimated claims may result in your application being rejected. Should you be under-covered, your insurer might only pay out a percentage of the actual value.

Ensure that your premiums are always paid on time to avoid your cover lapsing. Do an annual inventory of your insured items and confirm that you are fairly but adequately covered. You could lower your monthly investment for your short-term insurance cover by increasing your excess payment or improving the security of your assets.

Who to Turn To

Efficient Wealth should be your answer. Efficient wealth has specifically selected short-term insurance specialists that offer a wide range of cover for yourself, your family, and your assets.

Our knowledge, professionalism, and passion for perfection have been protecting wealth and families since 2003 and are only eclipsed by our passion for people, their wealth, and wellbeing. Consult with Efficient Wealth, we’ll keep you efficiently covered.

What is Short-Term Insurance

What is Short-Term Insurance and How It Helps to Protect Your Wealth

Crime, political uncertainty, health risks, economic change, the risk of vehicle accidents, and unforeseen environmental risks can all have a detrimental effect on your finances. It takes a single event for which you have not financially prepared or insured to risk your wealth. It is even possible for that event to cause your bankruptcy or cause such a blow to your finances that it will take years to recover. This is where short-term insurance comes in. This type of insurance covers you for unforeseen risks, thereby helping you to stay prepared and to have the costs of the risk covered. Read more

How To Avoid Short-Term Insurance Mistakes

Critical Short-Term Insurance Mistakes and How to Avoid Them

Short-term insurance provides cover against risks such as theft, break-ins, property damage, disability, professional liability, and more. Going through life without cover leaves you open to large financial risks.

Perhaps you’ve been lucky enough to not have had to deal with life’s misfortunes like hail damage to your home’s roof or having to replace a stolen laptop.  But not having insurance is similar to playing Russian roulette with a loaded weapon. Read more

Why You Need Short-Term Insurance

Why You Need Short-Term Insurance to Prevent Financial Loss.

Financial risks form part of life. Taking control of how you manage risks makes the difference between being prepared and falling victim to circumstances which you cannot control. Short-term insurance is an effective financial risk-mitigation method to help protect against excessive financial loss related to an unforeseen occurrence, which you cannot control.

Read more