During times of uncertainty people tend to react out of FEAR (based on news clippings and News Channels)  and start making decisions based on Emotion, rather than logic.

Over the last 30 years in the Insurance Industry we have seen people making really silly financial decisions , regarding their Insurance cover and come to regret it later because they were more focused on the premium saving opposed to the Risk of something going wrong, and lived to regret their decision based on reactiveness. 

This period is only temporary and we will get through it.
The question is :
* Will you come out of it The same or worse off or
* Will you come out of it Better and stronger

We would like to clear up what is covered under your Short term Insurance policy and what is not:
Short term insurance covers the risk transfer for piece of mind (A premium in exchange for covering the defined event)
* Building
* Home Contents
* All Risk Items
* vehicles
Sub Categories of vehicle cover would include:
- Credit Shortfall
- car Hire
- Roadside Assistance
- Excess waver
* Business insurance 
* Loss of Profits

What is not covered under a typical Short term Insurance Policy:
* Credit Life
* Income Protection
* Loss of income/loss of profits resulting from Epidemics/viruses
* Job loss through COVID-19

* Cash payout to pay expenses due to no work
* deferred premium payments still expecting full cover

Disclaimer:
We are not licensed to give advice on life insurance policies and or investments and would recommend that you contact your Life advisor on these matters.
However ,we can share with you what we have done personally and what options are available to you, so that you can make smart and sound choices to streamline your Insurance cost without prejudicing your cover.

Here are a few tips to help you reduce your expenses in the next 30, 60 & 90 days:
1) Phone your Bond account holder and ask them about a deferred Bond payment plan
2) Phone your vehicle Finance company and apply for a 3 month Moratorium (Where the next 3 months debits will be much less and the balance added to the remaining contract from August)
3) Remember where vehicles are Financed they must be comprehensively insured (Its a condition of your contract agreement with the finance company)
4) Rather cut you DSTV premium first, before cancelling your car insurance.
5) Other services that are not essential right now such as garden services, pool services, monthly donations to charities etc
6) Do not cancel your vehicle tracking or armed response alarm at the premises (as this would be a condition of cover)
7) How to reduce insurance premiums:
(a) If your class of use is Business and the car is at home reduce the class of use to Private (+/- 25% saving)
(b) Delete the Frills and spills on your vehicle section (if you have selected them) such as, car hire, excess waver, credit shortfall
(c) Look at taking a higher excess in return for a larger motor discount
(d) Specified items such as Jewellery, laptops, cell phones, tools (that are portable), look at deleting this cover whilst at home. You can always add this back later when you are back on your feet. (There has to be some risk versus reward from your side).
8) You could ask your Personal lines insurer to delete the theft cover and only insure your contents for fire related perils only (Please think this through before making this decision as roof top burglaries are on the increase right now).
9) If your vehicle is paid up you have the option to reducing the cover from full Comprehensive to Balance of Third Party, Fire and Theft.
10) The ultimate last resort (if there is no money in the budget), look at taking out certain sections that you are prepared to take the risk on and only insure the items of value, such as your building and your vehicle/s

We have Weathered the storms before and we have got through it, we are good at what we do and confident that we can deliver the right advice to help you get through this with as little financial loss as possible.