OUTsurance Portable Possessions Insurance Review
OUTsurance Portable Possessions Insurance at a Glance
- Pioneered cashback incentives in insurance.
- It has been around since 1998, offering a myriad of insurance products.
- OUTsurance has paid out R3 billion in Outbonuses.
What we like:
OUTsurance offers an insurance policy that gives you substantial freedom when it comes to the insured value and items you can cover. Whilst there are terms and conditions regarding claims and coverage, these stipulations can help you form safer habits when out and about.
Best for:
The ‘OUT-and-About’ insurance policy is best suited to people who are looking for a way to insure many different items and pay a single premium. People who have already valued their items or have calculated the costs of replacing their belongings may find this insurance policy more useful.
- A large variety of items can be covered under one policy.
- Freedom to choose the insured value.
- Fixed excess amount.
- Number of terms and conditions regarding successful claims
Picture yourself relaxing on a sunny, sandy beach; the sun is going down and the tide is coming in. You’re about to pack your stuff away and head back to your hotel when you realise your expensive camera is missing. Oh no! How could you have prevented this?
Sometimes there’s nothing we can do to prevent our belongings from being damaged or stolen, but there is a way to protect yourself financially. Portable possessions insurance covers the valuable items that you carry around with you. Depending on your cover, these items can range from your everyday wallet and purse to your cell phone, and even your sunnies!
OUTsurance has a portable possessions insurance policy, also known as their ‘OUT-and-About’ policy. Let’s review the benefits, drawbacks, pricing, and overall coverage of the ‘OUT-and-About’ insurance policy!
What Makes OUTtsurance’s Portable Possessions Insurance Different?
If you’re trying to budget, OUTsurance’s 12-month guarantee can help you fix your expenses and focus on saving. Even if you submit a claim, your premiums are guaranteed not to change for the entire 12-month period.
When you do submit a claim, OUTsurance boasts a low, float excess amount. This means that your excess amount is not dependent on your claim amount. OUTsurance also allows you to tailor your coverage to the items you want to cover and their individual value. This means your premium is calculated based on your unique coverage plan, stopping you from paying more than you need to pay.
OUTsurance gives you the option to add on bicycle and cell phone insurance to your existing portable possessions insurance policy. This is a convenient option for those who are already OUTsurance customers as you just have to worry about one premium and dealing with one insurance.
OUTsurance Portable Possessions Insurance Coverage Options and Benefits
OUT-and-About offers worldwide coverage on any valuable items that you or members of your household own. This means that you and your family’s belongings can be covered whether it’s just a routine trip to the shops or a galivant overseas. You can choose the items covered, as well as the value of the coverage. Two main coverage options are dependent on the value of the items: specified cover and unspecified cover.
Specified Cover
If you’re looking to insure items that are over the value of R1,500, you will need to specify these items in your insurance policy. For example, if you purchase a new cell phone worth R10,000 you would need to indicate the value and details of the item to your broker.
It is extremely important that you are aware of the insured value of your specified items. OUTsurance will not pay out more than the insured value in the event of a claim, so you could find yourself paying out of pocket if you’re not careful.
Unspecified Cover
Think of unspecified cover as an umbrella coverage option for items. This can refer to less expensive items that can be grouped or items that are impossible to list individually in your policy. For example, your favourite items of clothing, handbags, shoes, or even jewellery.
Unspecified cover is capped at R85,000 with a maximum amount that can be claimed per item. This maximum value might vary depending on your insurance policy. For example, OUTsurance may only pay out R1 500 per item when you claim. This is not dependent on the actual value of the item.
Pricing and Discounts of OUTsurance Portable Possessions Insurance
OUTsurance refers to the maximum claim amount as the ‘OUTsured’ value. When it comes to their ‘OUT-and-About’ insurance policy, OUTsurance allows you to decide the ‘OUTsured’ value. Your premium and related costs, such as your excess can be dependent on a number of risk factors and your ‘OUTsured’ value. A higher ‘OUTsured’ value will mean a higher premium you have to pay every month.
If your item is valued at more than your ‘OUTsured value’, you may not receive enough money in claims to afford a replacement. Conversely, if your item is worth less than its ‘OUTsured’ value, you could find yourself paying unnecessarily high premiums. OUTsurance promises a fixed premium for one year, as well as a fixed excess amount. The minimum excess payable is currently R250.
With specified cover, it is advisable to get your items valued. For example, you should take your jewellery to your local jeweller to have it valued, or check the current price of your cell phone in stores.
Where OUTsurance Portable Possessions Insurance Can Improve
OUTsurance’s ‘OUT-and-About’ has many perks that appeal to a broad consumer base, but there are also major drawbacks. When considering this policy, you have to ensure that you know the value of the items you are insuring and the cost it would take to replace them.
You should also familiarise yourself with the policy’s terms and conditions. There are many cases in which OUTsurance will not pay out a claim. For example, if you leave your phone on your car seat and there are no visible signs of entry on your car. If the cell phone was concealed in the cubbyhole and your car had been visibly forced open, then OUTsurance would consider the claim.
How to Request a Quote for OUTsurance Portable Possessions Insurance
- Fill in the short survey on their official website.
- Download the OUTsurance app and fill in the short survey.
- Request a quote over the phone by calling their customer support number on 08600 70 000.
Frequently Asked Questions (FAQ)
Where Are My Belongings Covered with OUT-And-about Cover?
‘OUT-and-About’ cover only applies to items that are lost, damaged or stolen outside the home address listed on your insurance policy.
Can I Insure Any Electronic Items with OUTsurance Portable Possessions Insurance Cover?
You can insure any electronic belongings, such as cell phones, tablets, laptops and more. They will have to be listed under the specified cover section of your policy.
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