{"id":40,"date":"2016-03-04T08:43:34","date_gmt":"2016-03-04T08:43:34","guid":{"rendered":"https:\/\/www.indwe.co.za\/indwe-blog\/2016\/03\/04\/can-you-afford-to-reduce-your-insurance\/"},"modified":"2016-03-04T08:43:34","modified_gmt":"2016-03-04T08:43:34","slug":"can-you-afford-to-reduce-your-insurance","status":"publish","type":"post","link":"https:\/\/www.indwe.co.za\/indwe-blog\/can-you-afford-to-reduce-your-insurance\/","title":{"rendered":"Can you afford to reduce your insurance?"},"content":{"rendered":"
<\/figure>\n

With Finance Minister Pravin Gordhan\u2019s budget speech still ringing in the ears of South Africans, and with the real threat of the country being downgraded to junk status, many consumers will be reviewing their personal budgets.<\/p>\n

<\/p>\n

With the current economic climate and increases expected in interest rates, inflation, food costs, fuel costs and electricity \u2013 what expenses can consumers safely reduce or cut out?\u00a0<\/p>\n

When analysing your budget, there are ways to reduce your expenses without putting yourself at risk. You can be more economical with your travelling, by carpooling to work or driving out of peak hours to save on petrol. Electricity is a big household expense, so get into greener habits by switching to energy-efficient appliances and remembering to turn them off at the plug. Reconsider your social activities so that you eat out less, and enjoy more of those home-cooked meals, and with costly sin taxes, now is the right time to reduce your alcohol consumption or even better, quit smoking. \u00a0<\/p>\n

One of the biggest temptations for cash-strapped consumers is to reduce or cancel insurance payments, however this is one expense that should be non-negotiable. Consumers need to think about the consequences of being caught without insurance, or without adequate insurance, and how this can have a huge financial impact in the future.<\/p>\n

As tempting as it is to choose cheaper insurance, there are real risks to this decision:
–\tLower prices usually mean you have less cover or there are more exclusions
–\tRisk cover that is cheaper now, usually translates to higher premiums later on
What is even more devastating is cancelling your insurance policies:
–\tIf you have a medical emergency these costs can devastate your financial situation
–\tYou may have to pay higher premiums when you decide to re-instate your cover
–\tIn a vehicle accident, you face potentially huge costs of repairing or replacing your vehicle<\/p>\n

By cancelling or cutting down on your insurance cover, you can put yourself under increased financial pressure if something goes wrong. Without insurance, or with gaps in your cover, you will have to find money to pay for expenses that you haven\u2019t budgeted for, and probably don\u2019t have.\u00a0<\/p>\n

Under the current financial situation there are options other than cancelling your policy or choosing cheaper insurance companies. Your short-term insurance cover can be revised and restructured, so that it fits in with your personal circumstances and financial position \u2013 without compromising on quality cover. Your insurance broker understands that life changes, so speak to them about your circumstances and how you can re-evaluate your policy to suit your personal budget.<\/p>\n

Call your Indwe advisor today on 0860 13 13 14 to talk about your insurance alternatives, so that you can keep yourself, your family and your assets protected. <\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

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