Why do I need insurance?

We all face some sort of risk on a daily basis. These are unforeseen and unpredictable events that can result in liability to you or loss or damage to your assets. The risks we want to avoid or insure against are those that we cannot recover from based on our savings and personal support system and would require us to borrow from a third party lender which will result in financial hardship. This is why insurance is an important instrument to protect ourselves against unexpected events such as accidents, fire, severe weather, theft and so much more. Insurance protects you against a financial setback and helps restore you to the position you were before the event.

Why is it best to have a broker assist me?

A professional and qualified broker will understand your personal circumstance and risk appetite, will analyse your risk profile and the exposures you face, will highlight what is insurable and what not and will make design or recommendations on the best product solutions available to you. These products are often only available to you via a licensed professional intermediary such as Everything.Insure and cannot be bought directly. Everything.Insure will also generally provide these products to you at preferentially negotiated pricing because of their strategic relationships with insurers. Your broker is also available to provide ongoing advice, make policy amendments, submit and finalise claims on your behalf. Everything.Insure allows you to do any of these functions yourself by giving you access to our state of the art technology that enables you to safely and securely self-serve. Your broker is your agent, has your best interests at heart and always acts on your behalf with no alignment to any product provider, service provider or insurer.

Does it cost me more to use a broker?

No. Contrary to statements by direct insurers there is no extra cost to have a broker and no need to cut out the middle-man. In fact your broker (like your accountant, tax advisor and lawyer) provides a vital technical service that is best left to a professional even though you can do it yourself. Many benchmark studies have shown that the cost of insurance via a broker is no more expensive than buying directly and is often cheaper with the added benefit of having a professional to advise you through the complexities choosing the right covers and then navigating a complex claim.

How do I go about cancelling my insurance?

It is very easy to cancel without experiencing any penalty. All you have to do is advise us of the exact date you want to cancel. You can do this by calling us, emailing us or doing it yourself online. Please note, we will need to ensure that this is a valid instruction from you, so some verification may be required.

Is there a cooling off period should I no longer wish to continue after signing up?

You are welcome to cancel at any time. You will only be charged for the days that you were on cover for.

How long will my insurance cover continue following the cancellation of a policy?

Your cover will continue until the date you requested cancellation for, and you will only be charged for these days. There is no penalty for cancelling. Please note: cancelling online only allows you to cancel at the end of the month. Should you wish to end your cover in the middle of the month, you can contact us directly.

Why do I have to answer so many questions to sign-up?

We try to get you the most accurate quote, and not just an indicative price. This avoids you having to have many calls and further forms thereafter. In order to do this, we have some basic information that we have to collect from you. We have done everything we can to reduce the effort for you, by gaining as much information from third party databases as possible. While it might feel like many questions, when compared to the traditional sign-up process, we have reduced it to a fraction of the time.

How do I prove what I said in an online sign-up, in the event of a dispute?

The answers to all your questions are recorded and a transcript is sent to you immediately on sign-up. If anything is incorrect, please let us know and we will rectify. In the event that you lose this transcript, we keep a record and can send it to you at any time. A copy of all conversations had via our chatbot can also be emailed to you and all calls had with our staff are voice logged and can be sent to you upon request.

What if I answer a question incorrectly (unintentionally)?

It is simple to change your answers at any time. You call us or do it yourself online. Some answers may have an impact on your premium. If you only notice your error at the time of claim and can prove the correct version of the answer, then we will settle your claim and charge you for any additional premium that would have been due. If the correct version of your answer was such that, we would not have accepted you as a client originally, we will be happy to return your premiums and void your contract from inception.

Is there a benefit to staying loyal to one insurer?

There is no negative connotation to switching insurers. However, it is good to establish a track record and relationship with a single insurer. In the unfortunate event that you might suffer a loss that is not fully insured, your good history with the insurer could result in them treating your case more favourably.

If I find a cheaper price with another insurer, will you match it?

We pride ourselves on the ability to find you the best product at the best price, so we are confident that you will find a better deal on Everything.Insure, than anything in the market. If you do not, simply call us and we will beat that deal.

Can I access and manage my policies myself?

Yes, you are able to do most things by yourself, online, at your leisure. From registering a claim. To amending your policy, to getting additional cover. If there is something you need us for, we are just a phone call away.

Who can I talk to if I get stuck and don’t know what to do, or need advice?

Your dedicated portfolio manager is always on hand to help. In addition, we have an army of client advocates, waiting to take your call and assist you.

Can I insure/protect against my excess?

We like to keep insurance simple. Instead of taking out further insurance to protect against or cover your excess, we allow you to reduce your excess to whatever is manageable for you (and you can choose to have no excess at all).

Can I determine my excess?

Yes, absolutely. Everything.Insure aims for flexibility and tries to put the power in your hands. One of our unique features, is that we allow you to choose a unique excess for each insured item. So, if you are confident in your low risk status, then there is a big discount in store for you.

For what period is my premium guaranteed?

Your premium is guaranteed for the first twelve months, provided there is no deterioration in your risk profile. Your premium will only increase, if you change one of your answers and this makes you a higher risk or if you claim frequently.

What loyalty program are you aligned/associated with?

We think cash is king and believe that giving you real money back is the way to go. We believe that the reason you have insurance is to claim when you need to, so rest assured, your rewards are not penalized when you claim. We offer cashback on most of our products and have an exciting rewards programme with many lifestyle benefits, coming soon.

Who are you underwritten by?

We have a panel of tier one insurers that have partnered with us. Each product is underwritten by one of these insurers and is clearly indicated on the product that you select.

How do I know what is covered under my insurance policy and what is not?

Everything.Insure makes it easy for you to compare products and see what is covered and not covered in a simple and clear way. In addition to this summary, you have access to the full policy wording before you choose to sign-up online. Once you sign-up we send you the policy contract and a summary of what is covered and not covered.

What is credit shortfall cover? When do I need it?

When you borrow money from a financial institution to purchase a vehicle, the effect of the interest charged could result in you owing more to the lender, than what your vehicle is worth. In the event of a total loss (theft, hi-jacking, write-off), we will pay you the value of your vehicle. Credit shortfall cover will pay the difference between what you owe and what your vehicle is worth, ensuring that you have no further liability to the lender. This is included in some products and available as an add-on you can purchase on others.

What is an exclusion, warranty and endorsement?

An exclusion is some peril, condition or circumstance for which you are not insured. E.g. a loss caused by defective design or lack of maintenance. This is detailed in your policy wording and applies to everyone, not just you. A warranty is a condition of your insurance contract, based on information you have provided. Should this prove to be untrue, your contract will be invalidated. E.g. Having a tracking device in your vehicle. This is detailed in your policy schedule. An endorsement is information or conditions that are added to your policy contract. E.g. We may waive the alarm requirement because you live in a secure estate or lightening cover is restricted on your policy until a conductor is installed. This is detailed on your policy schedule and specific to you.

If I forget to tell you when something changes (e.g. my address), will I not be covered in the event of a claim?

We have made it easy for you to update your policy details at any time. It is important for you to notify us of any material changes timeously. Some changes may have an impact on your premium and therefore, at the time of claim we will settle your claim and charge you for any additional premium that would have been due, if you did not inform us earlier.

Can I pay via credit card?

Yes, payment via credit card is accepted. Everything.Insure gives you the flexibility to pay annually upfront, or via monthly debit to your credit card. We do not store your credit card details, ensuring your security.

How do I ensure that my details are kept safe and confidential?

Everything.Insure uses state of the art security protocols, with multiple layers of protection. Most data breaches happen through social engineering and compromise of passwords, so make sure you protect your login credentials and your data will be secure. We take your privacy very seriously and do not share your data with any other parties.

Am I insured with Everything.Insure or the insurer shown on the product I chose?

Everything.Insure curates the best products in the market, with each product underwritten by different insurers. We don't just find you the best product, but we are there every step of the way, handling your claims and servicing your relationship with the insurer. You are therefore insured with the insurer of the product you chose (clearly displayed to you), but you deal directly with us for all your needs.

Why are there so many different products?

There are a lot more products than these out there. We have carefully curated a variety of products that we believe are the best quality and price, catering to the needs of different demographics, lifestyles and life stages. We know that choosing may be overwhelming, but rest assured, whichever product you choose you will be covered by the best in the market.

What if I do not want all the benefits included in the product? Can I just choose some?

In order to give you the freedom to choose the cover you want, while still assisting you with some of the decisions, we have created a wide variety of products. Each product has benefits that are included and some that are optional add-ons. The included benefits cannot be changed but we know that you will be able to find the perfect combination of product and add-ons to suit you.

What is the difference between the insurers?

There are definitely differences between insurers but all insurers that we have partnered with, have been carefully vetted based on their size, rating, solvency and claims paying ability.

Can I add extra coverage to my policy at any time?

Yes, we have made it simple to add or amend your coverage online or by calling one of our dedicated team.

Can I change the add-ons I select at any point? (E.g. Cancel or Add more)

Yes, we have made it simple to add or amend your add-ons online or by calling one of our dedicated team.

What are the consequences of over and under insurance?

When underinsured your claim pay-out will be limited to the insured amount shown on the policy schedule and not the actual replacement value of the item. When over insured you pay an unnecessary high premium, as payment for a claim will be limited to the replacement value of an item and not the insured amount. In some classes of insurance the principle of average is applied to the claim pay-out which will result in you being paid a part of the amount claimed proportionate to the degree of underinsurance. For example, if your house contents were worth R1 000 000 and you only insured them for R500 000 then should you have a claim for say R100 000 you will only be paid R50 000.

If I miss a month of premium, am I automatically not covered?

All insurance works on a 'no pay, no cover' basis. However, we do allow you some grace period. At the inception of your policy, you have a grace period of 15 days to make payment. If during the life of your policy, a single month's premium is not paid, then we will re-attempt to collect this, together with your next month's premium. If this is also unpaid, then your policy will be cancelled automatically, back to the last date for which we received payment.

If I pay my premiums annually but cancel in the middle of the year, can I get a refund?

Generally, yes, the pro-rated portion of the premium will be returned to you. However, please note that certain products and specific covers are not refundable. Contact us if you are unsure.

How do I ensure that I am covered for the correct amount? What happens if I am under or over insured?

We know that this is a difficult task, but while we can assist you, you have to be involved in deciding (given that there may be unique items that you own). With Everything.Insure your dedicated portfolio manager and client advocate team are available to assist you in determining this. There are some items that have a definitive price and some that do not. While a VW Golf may have a fixed price, a classic Ferrari may not. On the standard items, we can guide you on the insured price, but on the non-standard items we have to rely on you. If you want, we are happy to send out an expert valuator to determine the amount you should insure for, this will be an additional fee in some cases.

What are all the extra fees added to my premium?

This varies from product to product, but rest assured there are no hidden costs. Everything is clearly disclosed on the policy schedule you will get.

Why do I have cover on my schedule that I did not choose? Like personal liability cover?

There are some covers and product features that we have negotiated to include in your policy at no cost to you or at a hugely discounted cost depending on the product that you choose.

How do I reduce my premium without reducing my cover or benefits?

The simplest and easiest way would be to take a higher excess. This option is available to you on all our products. In addition to this, there are many risk enhancing measures that you can take, such as improving your home security, or going for an advanced drivers' course. These things will earn you a discount, once you advise us of it.

Why does my cover amount go up every year when you renew my policy? How do you determine this amount?

Most of your valuable items, like your house and jewellery, appreciate. Therefore, we at Everything.Insure adjust these amounts for inflation to prevent you from being under insured. We rely on indices, such as CPI and BCI (Building Cost Index), produced by StatsSA and some of our academic institutions.

What factors influence my price?

At Everything.Insure, we try to ensure that our pricing is fair and equitable and is based on your personal risk profile. The more care you to take to prevent a loss, the less you pay. Depending on what you are insuring, we consider different pricing factors. E.g. your age, the value of your vehicle, whether you have a tracking device, how long you have had your license, how well protected your home is, your claims history.

What method of payment can I use for my premium or excess payments?

We are pretty flexible and allow you to use most payment methods, except cash. E.g. Credit Card, Debit Order, PayPal etc. We have ensured everything is completely secure with the use of secure gateways with the financial institutions.

How will my premiums increase over time?

Your premium is recalculated every year, based on the current value of your assets and any changes in your personal circumstances or risk profile. E.g. Getting older or moving into a more secure home will result in a lower premium.

Can I change my premium and excess over time to suit my budget and preference?

You cannot change your premium, however, you can reduce your premium to a more affordable level by taking on a higher excess, reducing your limit of cover, reducing the number of items you insure or implementing risk mitigation measures that will earn you a discount. However, you can change your excess at any time.

What is an excess and why do I need to pay it?

In the event of you having a claim, the excess is the part of the claim that you are responsible for paying. This means that you are sharing in the risk and consequently get a discount on your premium. We give you the choice to decide what portion of the risk you want to take on, by choosing your excess, and we will adjust your premium accordingly. You can choose to have no excess and therefore not share in the risk, but this will result in a higher monthly premium. We believe in flexibility, so on most products we allow you to pick your excess per insured item. That way you can choose a higher excess on that rarely driven sports car and a lower excess on your 18 year old child's car.

Why are there so many different types of excesses?

Rather than charge you one potentially high excess for everything, we try to tailor the excesses for the different claim circumstances (e.g. accident, theft, hijacking) and different items (e.g. buildings and contents). We also try to only impose mandatory high excesses on those that warrant it (e.g. multiple claims in a year). It may look confusing, it really is quite straightforward, and generally only one of these excesses will apply to your claim.

When can I claim?

You can claim at any time after the date that cover starts on your policy for that item, provided that your premium has been paid and is up-to-date. In the rare occasion that there is a waiting period related to that item or cover which you are claiming against, you would need to wait until after that.

How do I claim?

The claim process differs for the different types of claims (e.g. accident or theft) and different items (e.g. vehicles or homes). We have given you a simple document outlining these processes when you signed-up. You can also claim via our app which will take you through the process step-by-step, or you can call us at any time and our dedicated team will assist you.

Is it ever beneficial not to claim?

We know that the reason you insure your items is to claim. We encourage you to claim when you need to, but you need to be aware that insurers consider the frequency with which you claim, when setting your premiums.

In the event that I am under or over insured, what effect does that have on my claim?

In the event of under insurance (insuring for less than the actual value of the items insured), the principal of average, is applied. This means that you have elected to “self-insure” for that proportion of the sum insured or value of risk for which you are under insured. E.g. If your contents are valued at R1 Million and you insured it at R800 000, you have insured 80% of the total value and therefore we will pay out 80% of the total claim amount. If your claim is for R30 000, we will pay R24 000. In the event of over insurance (insuring for more than the actual value of the items insured), there is no negative consequences at claims stage. Please be aware that you might be paying more premium than you need to. It is very important that you get your insured value as accurate as possible, and only under insurer if you actively choose to self-insure a portion of your risk for a lower premium. We are always available to assist and have experts at hand to assist, should you need such help please contact us.

Why is there a difference between the amount I am insured for and what I get paid out?

You will generally be paid what you are insured for, unless you are under insured. Insurance is based on the principal of indemnification. This means that we are required to put you back in the position you were in, prior to your loss. Consequently, you cannot profit from your loss and therefore we can only pay you the value of or replace the items you have lost. If you are claiming on an asset that has depreciated since the sum insured was set (e.g. car) we will pay you the actual value of the lost asset.

How is my cashback calculated? Is it linked to me not claiming?

Some of our products offer cashback rewards and each one has a different formula or trigger. Please refer to the documentation sent to you on sign-up for the details applicable to you.

Why do I need a funeral plan?

Although we do not like to think about it much, the day will come when death will occur in your family and/or extended family. Funeral plans are designed to help you plan ahead. By having a Funeral Plan, you can reduce the financial burden that the cost of a funeral may present to you or your family.

Do I have to have a medical examination before I am eligible for a funeral plan?

No

What does a funeral plan cover?

A funeral plan pays out a lump sum when you pass away. You can also purchase a family funeral plan, sometimes referred to as extended cover, which pays out a lump sum in the event of the death of your partner/spouse, your child/children, and/or any other family member, you have chosen to cover with the policy

Can I cover the whole family?

You can cover your family by adding a family funeral benefit to your funeral plan, sometimes referred to as extended cover. A family funeral benefit covers your partner, children, and any other family members you choose to cover for a small additional premium.

You can cover your immediate family members; sometimes referred to as Immediate Family Cover. A family plan covers your partner and children. You also have an option of covering extended family members i.e. parents, parents-in-law and extended family members at an additional small premium per person.