Short Term Insurance – Quantum Portfolios

SHORT-TERM INSURANCE

In-depth short term insurance knowledge

Short term insurance encompasses all types of insurance policies other than life insurance. Amongst others this includes vehicle, property, household, personal liability, travel and business insurance. The reason why these policies are classified as short term insurance is because your insurance needs in this regard will change over time.

Unlike life insurance, short term insurance is taken out only for the period that you have need of it. This insurance option has provided many South Africans with the opportunity to cover the financial risks to their material possessions without paying hefty premiums.

Short term insurance is quite simply an agreement between a policy holder and an insurer. This agreement is binding for a limited amount of time or is flexible according to the circumstances. Basically, you are able to insure your car, property and household possessions on a monthly basis. The monthly premium is calculated per individual and risk is payable in advance and debited from your account.

For example, if you are looking to insure your car, an insurance provider will generally investigate your age, gender and driving record; the value of the car; where the car is parked and whether it has anti-theft devices in place. These factors will determine what premium you should pay. The greater your risk profile, the higher your premium will be.

There are over 100 short term insurers available to South African consumers. When looking for an insurance provider it is recommended to make use of an insurance broker who will be able to present you with multiple options from a range of selected insurers.

Quantum Portfolios has an agency agreement with the following selected insurers to ensure that we obtain the most competitive and best suited cover for your individual needs:

Santam, Mutual and Federal, Alexander Forbes, Discovery Insure, Renasa, Auto and General as well as First for Women. The criteria for deciding which insurance provider is the best suited we look at the comparison of premiums between the different insurance providers as well as evaluate the excess structures.