Insurances: combine them all?

[Peps]

Hi there,
I currently have car insurance (2 vehicles) with Outsurance + Medical Aid with Momentum.

My wife & I recently bought a property in the Southern suburbs in Cape Town and are now looking to get homeowners insurance + content insurance.

2 questions:
- is it best to combine all (or at least most) products with the same company?
- is it best to go through a broker, especially if you have that many policies required? If so, do you have name/contact of great broker in the area?

Much appreciated.

 

[the eskimo]

Generally there is a cost benefit with combining all your non-life (car, contents, buildings etc) insurances with one company and all your life insurances (life, disability and occasionally medical aid) with one company.

Can't refer you to a broker as I'm not in the area.

 

[$m@Rt@$$]

Hi there,
I currently have car insurance (2 vehicles) with Outsurance + Medical Aid with Momentum.

My wife & I recently bought a property in the Southern suburbs in Cape Town and are now looking to get homeowners insurance + content insurance.

2 questions:
- is it best to combine all (or at least most) products with the same company?
- is it best to go through a broker, especially if you have that many policies required? If so, do you have name/contact of great broker in the area?

Much appreciated.

Santam and Sanlam. I'm sure the callcentres can put you in contact with a broker.

 

[Mets]

Most short term insurers see vehicles as a greater risk compared to buildings and contents. If you insure your vehicles as a standalone the chances are good that you'll pay more than you would have paid on a "package" policy. The lower risk items subsidize the higher risk items' premium.

There aren't many companies who offer short term, life / investment and medical aid cover under one roof - I only know of Discovery and Momentum. With the rest, you won't gain anything by combining Santam and Sanlam or Old Mutual and Mutual & Federal offerings, they don't share their platforms.

I would always advise to work via a broker. Try and stick to national brokers (PSG Konsult, Alexander Forbes, Indwe Risk etc.) or via your bank, the Big four (FNB, Nedbank, Standard & Absa) all have brokers.

 

[Toxic T]

1 - separate them especially when you have a cash back option. When you claim on your policy, irrespective if you claim on one of your vehicles or home contents your cash back will reset.

2 - Go through a broker. You may pay more, but if you go through a good broker you will avoid problems at claim stage.

 

[air]

I'm looking for an uber awesome broker in Cape Town, suggestions?

 

[SauRoNZA]

Go through a broker and yes have it all on one policy and the individual items (especially vehicles) is normally much cheaper.

 

[MickeyD]

Go through a broker and yes have it all on one policy and the individual items (especially vehicles) is normally much cheaper.

This is what I have done.

Broker + 1 policy (2 cars, homeowner's insurance and household contents). Saved nicely....

 

[SauRoNZA]

1 - separate them especially when you have a cash back option. When you claim on your policy, irrespective if you claim on one of your vehicles or home contents your cash back will reset.

Don't fall for these cash back scams.

If you want a cash back create your own from the difference in savings by combining them and put it in a separate account where you make the interest.

 

[Goliath]

I know my brother and his wife does everything through Discovery (medical, insurance, credit card) as the cash back reward they total is awesome.. thus highly recommend to have a look at it? Have nothing to lose and a good broker can assist with this

 

[Peps]

Thanks guys!

Will definitely go the broker route & ask them to look into consolidation, at least for the non-life products.

Please pass on details of brokers in CT if you know of good ones.

 

[CamiKaze]

No problems at all with my broker, I love them.

They check every 6 months if they can lower the premium at the insurance company as well.

 

[Peps]

Have been recommended PCFA, looking around they seem to have a good reputation.

 

[F1 Fan]

Thanks guys!

Will definitely go the broker route & ask them to look into consolidation, at least for the non-life products.

Please pass on details of brokers in CT if you know of good ones.

Definitely better to combine all. Also good to move away from Outsurance I have an excellent broker if you want.

 

[^^vampire^^]

Combine all through Santam, best prices, lowest excesses and never had a problem with them paying.
They operate through brokers. If you get a good one then if you ever need to claim the broker handles all for you.

 

[Peps]

I'm combining all with the help of a broker through Hollard, slightly better offer than Santam.

Thanks all for your help.

 

[Neo_X]

also look at miway for combining.

Cash back whether you claim or not.

And they had/have? a special where the more car's you add the more discount you get. I added all vehicles in immediate family, with the correct regular drivers, and came away about 30% cheaper than the closest offer. ( 3 cars + 1 content)