So you’re smarter than an insurance broker: A crash course in car & household insurance lingo
When it comes to working with big insurance companies, sometimes it can begin to feel like you’re sitting with your cousin who’s taken their first semester in Intro to Philosophy - it sounds like a lot of mumbo-jumbo that’s aimed to confuse and disarm you. Not today! Join us as we break down some of the terms you will come into contact with when insuring your home and car.
At Oneplan, we consider ourselves to be really good at our job. We take the insurance of your home, car or pet very seriously and aim to ensure a smooth sailing experience when things tend to get a little rocky. What is our job? Our job is to make the process of insurance as transparent and understandable as possible. We aim for clarity and making information accessible to all without any confusion!
Here are some examples of general insurance terminology you have probably come across before:
Excess is what your insurance does not cover. How Oneplan operates is on a sliding scale - you choose how much you want to insure your car or household items for, and we pay the percentage of the damage. Whatever percentage is not insured, is your excess.
How we roll with excess is pretty cool if you jump onto our Oneplan Mobile App. We charge an excess of R2,500 per claim. However, if you upload your pictures and information on the accident scene at the time of the accident, we will waiver your excess!
A fancy word for what you pay monthly for your insurance. The higher your premiums, the lower your excess in the event of an accident. This can be changed anytime and anywhere from the convenience of the Oneplan Mobile App. Need to adjust your budget month to month? No problem with us and our instant, on-the-go premium changes.
You (the client) have heard a lot about us (the insurance brokers). How do we speak about anybody else involved then? We call them the Third Party. You can find a super-comprehensive unpacking of Third Party Insurance in this article.
Limits are set by you when creating a policy with us. It is the maximum limit that we (Oneplan) will pay you for your claim.
Juggling the Jargon: Car and House Insurance
In our books, a smart person is a person who can make complicated ideas understood in the simplest of terms - so that’s what we’re here to do! Insurance jargon isn’t something we are urging you to commit to memory and bring in to your everyday life (we mean, there aren’t that many opportunities to talk about deductibles and exclusions outside of insurance) but we do hope that this blog can leave you feeling more equipped to deal with your home and car insurance policies and to be able to have a conversation with your broker that doesn’t make you want to have an aneurysm.
When you decide to insure your car or household (and if you need convincing on that front, please read this article about insuring your home) you are looking at a Short Term Insurance Policy (pretty much anything that isn’t life insurance is considered short term insurance). Because we know that life gets tricky, your insurance experience with us will be as hassle-free as we can possibly make it, which includes everything from the seamless services and policies that we offer to the way that you, our client, are able to interact with understanding insurance in a way that makes you feel secure. Here are a few words you’ll find skimming through your car and/or home insurance policy:
This is when you need us. An accident or accidental event is the reason you give us a ring and we help you out of a potentially financially devastating situation. It is an unforeseen event resulting in loss and damage.
Comprehensive Insurance is exactly as the word would mean in the normal world, it means that our insurance extends to numerous accidents or unforeseen events. Oneplan offers extremely flexible insurance that allows you a wider berth for what you are and aren’t covered for.
No, not the type you’ve been seeking from your mother. Validation refers specifically to your car insurance and us making an evaluation on the state of your car and ultimately a more accurate assessment.
Exclusions are as un-fun as they sound, nobody likes to feel excluded. What we’re talking about here is what we will not cover you for, which is predetermined before you sign your policy with us. For example, if you are somebody who lives in a tsunami riddled country (sigh of relief for South Africans) your insurance may decide it would be too risky to insure you for water damage.
Household Contents Cover
This is an insurance policy that protects everything inside of your home. Everything you own, from your gran’s old silver to your son’s steel drums collection can be insured and protected against a number of events.
We hope that with us, you feel confident when committing to one of our policies, feeling secure in the fact that you have understood all that we have to offer and how we aim to protect you and your belongings. For any questions for queries, please contact our incredibly well-equipped team of consultants.
Yours in Hassle-Free Insurance,