WHAT IS SHORT-TERM INSURANCE AND HOW, EXACTLY, DOES IT WORK?
What is Short-Term Insurance?
Short-term insurance refers to any sort of insurance that is not life insurance. Life insurance is for life (long-term) and short-term insurance, on the other hand, is only taken out when necessary.
Short-term insurance covers your assets such as your vehicle, home, and personal belongings for a limited period of time. Stock-in-trade, plant and machinery, and other business assets all require short-term insurance.
If you are a car owner, you are unlikely to own and insure only one car for the rest of your life. A short-term insurance refers to the period of time you own a specific car – it could be five or twelve years – regardless of how lengthy that period is.
The term “short term” may not be literal in the strictest sense, but it represents the dynamic nature of goods insurance as compared to life insurance.
Examples of Short Term Insurance
Short-term policies are designed to cover items that you only need to insure for a short period of time. The following are some examples of short-term insurance:
• Vehicle Insurance: Insurance of your motor vehicle against damage, fire and/or theft.
• Buildings Insurance: Insurance of your home (the building itself) against damage.
• Home Contents Insurance: Insurance of the contents (furniture, TV, radio and other valuables) of your home against damage and theft.
• All Risks Insurance: Insurance of the belongings you carry around, such as cell phones, cameras, jewellery, drones etc.
Where do I get Short-term Insurance?
In South Africa, there are many short-term insurance companies, but picking the right one is not easy. It is critical to select an insurance provider that is both dependable and affordable, as well as one that can meet all of your insurance needs.
With a culture of service excellence and an experienced team, Moso Consulting Services ensures that you have the best protection for your short-term needs. You can rely on our independent consultants to help you to effectively secure your valuables by choosing the best short-term solutions.
Call us now on 011 768 6406 | Email: info@moso.co.za | Whatsapp: 066 351 6820
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