How important is insurance cover for you?

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.

Etienne Du Toit, Momentum Short Term Insurance chief commercial officer, explained that when exploring the psychological and emotional reasons as to why safety was important to people, it came down to people feeling secure while engaging in their daily routines without the fear of unforeseen circumstances. “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,” he said.

Du Toit explained that as an insurance provider, Momentum Short-term Insurance couldn’t guarantee that they could 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 said.

According to Du Toit, 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 safeguarded 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 the other vehicle involved.

Accidents happen, and all too often in South Africa, with a predicted 209 per 100 000 vehicles being involved in car accidents. Furthermore, eNCA reported that between 1 December 2014 and 7 January this year, a total of 1 147 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.

In an effort to warn South Africans of the 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 aware of.

“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,” Du Toit concluded.