Budget Insurance Portable Possessions Insurance Review
Budget Insurance Portable Possessions Insurance at a Glance
- Get your ‘everyday’ valuables insured for theft, loss, and damage.
- Tailored portable possessions insurance policy.
- Automatically added to your Budget Insurance's home contents insurance.
What we like:
Budget Insurance's portable possessions insurance policies cover a wide range of items, including some items not usually included in this type of cover such as swimming pool equipment. The cover is offered in the form of unspecified and specified cover, to insure both lower and higher-value items.
Best for:
This insurance policy is best suited for existing Budget Insurance home contents, car or motorcycle insurance customers who want to extend their cover to include certain items in their home like boreholes and swimming pool equipment or cover items that they travel with such as their phone, wallet, or helmet. This portable possessions insurance policy is also great for people who want to earn cash back on their premiums.
- Completely tailored portable possessions insurance policy.
- Earn cash back on premiums for being claim-free.
- The policy is exclusively available to existing Budget Insurance customers.
Worrying about keeping track of all your possessions when you’re out and about can really put a damper on experiencing life to the fullest! That’s where portable possessions insurance can come in handy, covering theft, loss, and damage of your precious items when you’re on the go. Budget Insurance offers affordable portable possessions insurance policies tailored to South African pockets and needs.
What Makes Budget Insurance Portable Possessions Insurance Different?
While their portable possessions insurance policies are similar to many other insurance policies on the market, Budget Insurance offers a very tailored approach to their policies. There is a list of items for which they offer cover, however, it is not an exhaustive list. This means that you can discuss cover options for items that aren’t listed on their website.
Budget Insurance’s portable possessions insurance policies also come standard with their home contents insurance policies, so you can have complete peace of mind. The items you can include on your policy are extensive from boreholes to contact lenses, meaning you can comprehensively insure many different items under one policy.
Budget Insurance Portable Possessions Insurance coverage options and benefits
When considering portable possessions insurance policies, you may come across the term ‘individual value’ which usually refers to what it would cost to replace the item. In your portable possessions insurance policy, you can choose whether items are specified or unspecified and this is dependent on the individual value of the item.
Unspecified Cover
You can think of the unspecified cover as an ‘umbrella’ cover for your portable possessions. This means that you can cover many items with one maximum cover amount. The items under unspecified cover in your policy are usually of lower value or items you wear occasionally. This can include clothing, shoes, earphones and more.
For example, you can cover your entire wardrobe for a total cover amount of R5,000. This means that none of the items in your wardrobe is worth more than R5,000, but altogether the items are roughly equal to that amount. If a shirt is stolen from a changing room or hotel, you can claim from your cover amount without having distinctly listed that shirt on your insurance policy.
Specified Cover
If you would like to insure an item that is a little pricier, you may be required to specify it on your policy. This means that the individual value exceeds the amount noted by Budget Insurance. At Budget Insurance, their list of specified items also includes your borehole and swimming pool equipment.
When specifying items, it is important to take into consideration the actual value of the item and how much it would cost to replace it. This can mean doing your own valuations or research into the item. For example, if you’d like to insure an heirloom piece of jewellery, you will be required to get a valuation certificate.
Pricing and Discounts of Budget Insurance Portable Possessions Insurance
As Budget Insurance’s portable possessions insurance policies are tailored to the items you choose to cover, your premiums are also tailored. Your premiums largely depend on your risk factors and the coverage amount for both unspecified and specified items. Risk factors can include things like how many times you’ve claimed on previous portable possessions insurance policies and the crime rate in areas you frequent.
Since Budget Insurance requires you to have an existing car, home contents or motorcycle insurance policy, you can always add the ‘Cash Back Bonus’ programme to your insurance policy. This allows you to save money by earning a percentage of your premiums back in cash. For the first years that you are claim-free, Budget Insurance will pay out 15% of your premiums back in cash. For the next two years that you are claim-free, you can receive 10% back in cash. Following this, Budget Insurance pays out 10% of your premiums back in cash for every year that you are claim-free.
Where Budget Insurance Portable Possessions Insurance Can Improve
Budget Insurance does not offer its portable possessions insurance policies as a stand-alone financial product to consumers. You can only take out a portable possessions insurance policy with Budget Insurance if you are an existing customer with a home contents, car or motorcycle insurance policy. This can alienate many South Africans who are looking for a tailored portable possessions insurance policy at a competitive price.
How to request a quote for Budget Insurance Portable Possessions Insurance
- Provide your name and contact number online to get a callback
- Call their customer service line on 0861 60 01 20
It may be handy to keep information about your existing Budget Insurance policies on hand, this can be your policy number, schedule, or your ID number.
Frequently Asked Questions (FAQ)
Does Budget Insurance cover drones?
While popular in recent times, drones are excluded from Budget Insurance’s portable possessions insurance policies. Other forms of remotely operated vehicles are also not included.
Does Budget Insurance cover items I use for my small business?
If the item you want to cover is primarily used for business purposes, it cannot be included in your portable possessions policy.
Does my valuable jewellery have to be stored in a safe?
Yes, any jewellery or watches that are specifically insured have to be stored in a SABS-approved safe.
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