How important is insurance cover for you

Etienne Du Toit, MSTI chief commercial officer.

Almost 60% of the South African population fear they will be victims of house break-ins and burglar. This was revealed in the Victims of Crime Survey (VOCS) 2013/14, which was conducted by Statistics South Africa (Stats SA) from April 2013 to March 2014. The statistical release, which presented a selection of key findings in terms of safety and contributors of fear, highlighted the growing concern of safety for citizens.

Exploring the psychological and emotional reasons as to why safety is important to people, it comes down to people feeling secure while engaging in their daily routine without the fear of unforeseen circumstances. “At Momentum Short-term Insurance (MSTI), we are focused on ensuring people are kept safe from unforeseen situations and have the freedom to go about their daily routine, without anxiety attached to their actions,” says MSTI chief commercial officer, Etienne Du Toit.

As an insurance provider, Momentum Short-term Insurance can’t guarantee that they can make South Africans safer, “However, we can help consumers to identify risks and advise them on how to go about their daily lives in a safer way,” he continues.

The core value of having an insurance provider is the financial protection you get in the event of unforeseen situations. Knowing that you will be safe-guarded and covered against a financial loss will help reduce anxiety and fear.

For example, if you are involved in a car accident, there are many expenses that you would unexpectedly come up against – from covering your insurance excess and replacing the car to the cost of repair for other vehicle involved. Accidents happen, and all too often in South Africa with a predicted 209 per 100 000 vehicles being involved in a car accident. Furthermore, the eNCA reported that between 1 December 2014 and 7 January 2015, a total of 1147 car accidents were recorded.

When choosing an insurance policy and provider, consumers need to consider the long-term value of being insured to keep them financially well. “People with a certain type of behaviour warrant a different type of profile attached to them. MSTI recognises this in the way that a client’s premiums are calculated, as well as the cash-back rewards that we give,” explains Du Toit on the importance of ensuring your insurance covers your specific lifestyle.

In an effort to warn South Africans that there are many safety risks out there, Momentum supplies interactive tools to help clients identify these risks. “Through our online assessment tool Safety Score, as well as our SafeTrack mobile app feature, we create awareness and understanding of what consumers should be cognisant off. This online engagement educates consumers and assists in identifying safety weak spots and how to fix these through the Safety Score. The short-term insurance app enables users to interact and transact with their policy, and even submit a claim effortlessly. It also features a panic button to notify your next of kin in an emergency,” he shares.

MSTI’s products have a list of additional benefits. Meeting both the emotional and non-emotional needs of clients in the event of a claim, we assist with services such as paying for the call-out fee cover for an electrical problem in your home, to trauma counselling following a distressing incident, further enhancing the safety of our clients,” Du Toit assures.

Living in a country where the risk and chances of accidents, loss or theft are relatively high, South Africans need to all take precautions to safeguard ourselves from imminent threats. Life’s many uncertainties are what make short-term insurance necessary and with the right insurance policy in place, you can be sure to quickly recover from a financial loss.