Short Term Insurance

A RECIPE FOR DISASTER

If I had to place short term insurance in a purchase category, it would definitely fall under “Grudge Purchases”. That debit order that religiously goes off every single month, and I just don’t see the value. No returns. No interest. Nothing.

Until me and my girlfriend were at home one night, about 2 months ago, and our house caught fire. It burned to the ground. I walked out of there with the clothes on my back. That is the definition of nothing. Add a cup of hopelessness, one heaped tablespoon of despair and you have the perfect recipe for disaster.

We had to move in with her parents, completely devastated by what happened. We do not smoke. We do not have a gas oven. We did not light candles. It was not arson. It was an electrical fault. But we had insurance. The insurance that everything was going to be OK. The insurance that we will be able to get back the physical items that we lost. We had short term insurance that at least gave us that.

Don’t set yourself up for this recipe, with no sugar to add at the end. Get your house insured. Get your car insured. Get yourself insured. While you are at it, get your pet insured.

TIPS FOR SHORT TERM INSURANCE

  • Maintain your vehicle
  • Ensure your policy reflects the regular driver
  • Update your policy immediately when something changes e.g. your address.
  • Use replacement values instead of original purchase values.
  • Review your policy regularly to ensure you are not over/under insured.

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