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What Is The Use Of Insurance?

Author : Dakota Lindal


Insurance is a necessary precaution to protect yourself against a wide variety of unpredictable risks and considering the current state of affairs in South Africa, it pays to have insurance. Insurance in South Africa will help you pay for damages caused by natural disasters, robbery, car accidents and a host of other threats to our financial well being.

Unfortunately, the unexpected is inevitable and often causes damage; this means that comprehensive insurance is necessary to guard yourself and your family against the financial strain of having to deal with the damages.

Consider the following: You are on your way to work after dripping your children off at school for the day when a taxi driver decides that now is a good time to cut across your bonnet to pick up passengers, except he misjudges the distance and kindly removes the bonnet of your car and causes all the airbags to deploy. Luckily for you, you have auto insurance because you needed to insure the car before a bank would grant you financing, and are able to claim the cost of the repairs back from the insurance company, true, you do have an excess to pay, but that amount is nowhere near as much as what it would have cost you to repair the car without the help of your insurance company.

When you have an accident of this severity, it is virtually inevitable that you will sustain physical injury of some description and will probably have to be hospitalised. Hospitalisation can be very expensive, depending on how long you have to stay and the severity of your injuries. This is where accidental disability cover and health insurance or a medical aid would come into play. The medical aid will cover most of your hospital expenses whilst the accidental disability cover will pay out an amount each month that you are incapacitated.

It is worthwhile to note that health insurance in South Africa and a medical aid are not the same thing and you should do some research before deciding what to buy. There are also varying levels of medical aid available, some only cover hospital expenses whilst others will cover out of hospital expenses as well.

Whilst it is true that insurance in South Africa can be very expensive due to the high crime rate and number of dangerous drivers that travel our roads, it is definitely worth your while to invest in at least some insurance. You should also take care not to over insure as you will then be spending money on insurance that you will never need to use. You should only invest in insurance that you actually need and should not allow brokers to persuade you to buy insurance that is unnecessary and superfluous to your needs.

Insurances that are generally considered vital are life insurance, auto insurance, household insurance and health insurance. The eventualities that other insurances provide for can usually be taken care of by setting up a trust fund or something similar to save money for them.


Author's Resource Box

The site http://www.afi.co.za, is for an insurance south africa company.

Article Source:
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Tags:   insurance south africa

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Submitted : 2010-11-23    Word Count : 870    Times Viewed: 153