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Industry Related News - Outsurance News 2012
We are complemented by having quite a number of Outsurance personnel on our books! And yes we were able to beat their premiums!
As far as the Outbonus is concerned I need explain that you may pay extra at the Insurer if you opt for the Outbonus, it is the same as taking out a savings plan at a Life Insurer of your choice with the difference that savings plan will have a cash amount available after a period of saving that has nothing to do with you claiming or not.. If however you claim at a Short-Term Insurer who offers the cash bonus, you will forfeit your cash that you yourself contributed to. The traditional Insurers that we work with except for Santam do not offer a cash bonus instead you are awarded with a montly discount on your policy according to your “no claim bonus”. If for instance no claims were registered in 3 or 6 years you earn a percentage discount on your Insurance that the person that did claim do not earn or get. Thus you save on interest as the saving is monthly and not available after 3 or 4 years without interest and only payable if you do not claim. Furthermore we find from other people complaining that it is not just your Outbonus that you forfeit but also they increase premiums after claims!
See below article: Be careful not to insure at companies that underwrite at claims stage!