Richard Branson Introduces Virgin Insurance
Virgin is not content with introducing cheap airfares, credit cards and health clubs to South Africa. Richard Branson has entered the South African insurance market with Virgin Insurance, also called Virgin Money Insurance.
Virgin offers life insurance for everyone as well as short-term insurance products for cars, home contents, buildings, trailers, caravans and motorcycles.
No Excess Payments
The points of difference with Virgin Insurance is that no excess payments are required in the event of a claim and fixed premiums for specified periods, claims notwithstanding.
Branson doesn’t plan on stopping at insurance either. He announced at a news conference that Virgin aimed to apply for a South African banking licence where all its financial products could be centred while Virgin could add banking services to its product mix.
Virgin Insurance is a partnership between Branson’s company and two local insurance giants. Virgin’s short term policies are underwritten, provided and administered by Dial Direct, while Virgin’s life insurance products are underwritten by 1Life.
Virgin Insurance Tips
Virgin says its insurance products are “insurance as it should be”, but in order to make the most of your insurance cover you should note the following:
Acquaint yourself with the different options available but don’t necessarily choose the insurance company with the lowest premiums. There is usually a reason why they are cheap. Consider factors such as level of cover, client service and additional benefits
Read the Fine Print
Make sure you are getting the best deal by understanding exactly what it is you are buying. Virgin Insurance does not demand an excess payment on claims. Make sure other insurance quotes have this feature too
Secure Your Home and Car
You should install a tracking device and / or an immobilizer in your vehicle. This may mean lower premiums. Make sure your house has excellent burglar bars, security gates, alarms, CCTV and a security company to watch over it.
Don’t Easily Make Claims
It’s true. After you make an insurance claim your premium usually escalates. So try not to claim for small things that you could afford to cover out of your own pocket, such as a cracked windscreen or a cracked window. Virgin Insurance caps your insurance premiums for 24 months.
Update Your Info
If you move house or buy a new car, your insurance company needs to know about it. This could mean a lower premium.
Make sure that the insured amount tallies with the amount it will cost to replace the lost / damaged / stolen times. Use inflation as a guide for replacement values. Don’t under-insure as this could lead to financial disappointment where you are unable to replace the items for the amount the insurer will pay in the event of a claim.
By making a concerted effort to buy the correct insurance you are likely to find a solution to fit your budget that also means peace of mind regarding the insuring of your most valuable items: your life, your home and your vehicle.
Next step: Get a life insurance quote on this page. Simply complete and submit the short form
All info was correct at time of publishing