Insurance policies shouldn’t be mysterious, unread pages that languish at the bottom of a dusty drawer. It’s your right and your responsibility to know exactly what happens when things don’t go according to plan. This is according to LSG – an online insurance service.
“Vehicle insurance often has a swings-and-roundabouts feel to it. A saving here, a shortcoming there. If you’ve seen one policy document, you’ve seen them all. Cover is cover regardless of nifty name or adorable advert. Much of a muchness, right? Wrong,” says LSG’s CEO, Simon Griffiths.
In many ways, the balance of power has shifted in favour of the consumer. The insurance industry, like many financial service providers, is rapidly developing a culture of customer centricity.
“But if we set aside all of the fairly recent measures to increase transparency and foster a willingness to meet and serve consumer requirements, we are still left with one fundamental truth.”
“The onus is still on the consumer to look after themselves and understand the various elements and potential pitfalls of their policies as well as what is available to them,” says Griffiths.
There are some tips that consumers can heed:
- Adjust the market value of your vehicle regularly
- Declare and cover your vehicle’s extras
- Understand the conditions of your policy
Will the condition of your tyres influence your claim? Does it matter if you have a faulty headlight? Who can drive your car?
- Investigate the different types of cover available
- Understand where you have no cover and what your excess structures are
In relation to the last 2 points above, there are several types of insurance products aimed at providing vehicle related cover. These policies range from fully comprehensive insurance to simple but effective Dent & Scratch cover.
“Dent & Scratch cover has grown increasingly appealing in recent times due to the fact that people like to protect their assets and keep them looking good. Most people are reluctant to lodge claims with their insurer due to the hassle and often, excess structures, which mean the client would need to cover the minor damage themselves anyway. Also, the inconvenience of being without a car for a day or two is a major factor.”
“The Dent & Scratch product is designed to provide motorists with the peace of mind in knowing that their most prized possessions, their cars, are protected even in the event of minor vehicle damage including dents and scratches. Repairs are conducted either via a mobile repair process or in a repair shop and policyholders have the option to take up the vehicle rental option to ensure minimum disruption to their day-to-day activities, concludes Griffiths.
The insurance market is rapidly changing and product innovation is keeping pace. The above tips as well as awareness of what’s available in the market will lead to motorists being empowered to make sensible choices about their car insurance needs.
For more information visit www.lsgss.co.za