How to save some money on your Takaful insurance.
We’re always trying to tighten our belts and ensure we spend as little as possible on our Takaful covers, right?
Well make sure you are properly covered, don’t be penny wise and pound foolish on your insurance covers.
Trying to save R50 or R100 now may end up costing you hundreds of thousands of Rands later.
Rather make sure all your assets are covered correctly and then try the following to save some money:
1. Ensure the replacement values are current and correct, especially on your cellphones, laptops/PC’s and motor vehicles. We normally reduce your motor vehicle values at renewal but you need to check and advise on this as well.
2. Look at an excess waiver! Yes you will pay an additional R70 or more per vehicle. But if you have a claim within 2-3 years you’ll actually save money because the amount you pay towards excess waiver over 3 years, would be equal to your excess amount. Thus if you do have a claim in the first or second year you’ll actually save.
3. The opposite of the above would be to increase your excess amount by a Thousand Rands or more. This will bring your monthly contribution down slightly which gives you an instant saving.
4. Self insure: decide which smaller items you can afford to replace yourself should they be damaged, stolen, etc. in this way you would save on paying for the cover of these items and save you some money each month.
5. Finally look at improving your security as this sometimes saves you money too. A good example is a tracking device which means more safety and security for your family, while the monthly tracking payments amount to less then what we give you in terms of a discount for the tracking device. Please contact us so that we can check and quote on whether you would save by installing a tracking or other security device.
The above are just a general guide and may not work in every instance. We therefore strongly advise you to sit down with one of our consultants to advise you according to your specific needs.