Switching insurers: easier than you think

Thinking about switching insurance companies? Perhaps you’ve been shopping around for a while or are considering switching to Santam. Whatever your reason for changing, the process can be quick and pain free. Read on for our tips on how to easily change insurance companies.

When is it a good time to switch insurance companies?

You might not be sure if you are ready to go through the disruption of switching to another short term insurance company in South Africa. If you haven’t made up your mind about switching insurance cover, here are some ways to check if you’re ready:

• You want to save on premiums: Often the only way to save on your insurance premium is to renegotiate your insurance premiums or join a new insurer. Cheaper is not always better - you might actually end up with a higher excess amount or find that you’re not receiving the same amount of benefits as before.
• A change in your circumstances, or a life event: Perhaps you just got married, bought a new home, or acquired a lot of new furniture/technology items in your home. When reviewing your home contents cover, you might find that you want to make a fresh start with a new insurer.
• Attractive value-added extras: Envious of your friend’s drive-home service and roadside assistance? You should be getting so much more than just insurance cover.
• You want all-in-one cover: It’s usually a good idea to combine your car, home and buildings insurance, and this might give you the perfect excuse to move to another insurer.

Is switching insurance companies difficult? Not if you follow these quick, easy steps

1. First, do your research so that you feel that you’ve covered all the bases. Speak to your intermediary (broker), friends and family, read online forums and peruse companies’ websites.
2. Next, get a number of insurance quotes and be sure to read the fine print to ensure that you don’t end up paying a high excess at a lower premium.
3. Finally, once you’ve settled on the right insurer for you – one that offers a combination of price, value and service – go ahead and accept the quote. Make sure you get something in writing before you cancel your old one.

How insurance premiums are calculated

All insurance companies look at your claims history in combination to a number of other factors such as your age, credit history and geographical location. For car insurance in particular, they will look at your driving experience and driving track record (how long you’ve had your licence), etc.

Speak to your intermediary (broker) or call us on 0860 444 444 if you have any concerns or questions about your insurance cover. If you’re ready to change insurers, switch to Santam for comprehensive car and home insurance.

Get more advice on car and home insurance on our blog - such as this article that helps you decide whether cheap insurance is the right insurance for you. If you’re an existing Santam client and you’d like to make amendments to your insurance policy with us, download the Santam app or visit our client site.