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Monthly Archive for: ‘February, 2017’
Car Insurance For Older Vehicles

When it comes to buying a new car, the first thing on everyone’s mind is getting car insurance. But is this the case for older cars as well? It seems there are mixed sentiments when it comes to car insurance for older vehicles. We take a look at the ins and outs of insuring your used car.
Do I Really Need Insurance? Let’s cut straight to the chase. It’s a common thought that you don’t have to insure your used car because it’s old. This is actually a misconception.

Think of it this way. Even if your car is falling apart, should that car be involved in accident or get stolen, would you have the cash on hand to buy another car? If you answered no to this question, you definitely need to insure your vehicle. If you answered maybe or even no, you may still want to insure your older vehicle for remuneration purposes.
Let's Talk About Premiums The thing with a used car is that you probably won't have to pay as much for collision and comprehensive cover. At the same time your liability cover may be just as high as it would be if it were a new car.
Your vehicle's history is also vital to the outcome of your insurance premiums as it can influence the insurer's evaluation of your “riskiness.” If you have records of your car's history, bring them up. Advise insurers if the car was ever in an accident, was rebuilt or has had any major repairs done. Your insurer will find this information very important to your overall assessment.
This doesn’t mean that you will definitely get cheaper insurance for your older vehicle. Consider the fact that older car parts may be more difficult to locate because they are no longer in production. When it takes longer to find a replacement part or the part is more costly, the overall cost to repair the vehicle increases. The hassle of finding parts and rising labour fees mean that even as the car gets older, your insurance premium may not decrease.
Trying to Keep Insurance Costs Low The most obvious tactic is to drive safely. This may be more difficult than it sounds, especially considering the high volume of car accidents on our roads. But driving safely will not only save your life, it will also prevent accidents which can lead to claiming from your insurance, which can then increase your premium.

Driving safely also involves adhering to the speed limit, which helps avoid speeding tickets. Then there’s mileage! A car’s kryptonite is its’ mileage. The higher the mileage, the lower the car’s value. Studies also show that, as you increase the number of miles you drive, you increase your risk for accidents and injuries.
Got any questions about car insurance, how it works and what is covered, call one of our dedicated Compendium brokers on 031 242 6800 or visit us at www.cig.co.za

Small Business Insurance: Where To Begin?

The world is an unpredictable place. This is why we must take extra steps to insure our lives and personal possessions against loss. The same precaution should be taken when venturing into the business world. This is because starting up a business is an exciting, yet scary time, and sadly as much as we try to avoid disasters, they sometimes find their way to us. Here’s everything you need to know about taking up small business insurance.
Know Your Needs Before you even begin to look at potential insurance companies; be sure to first take a look at what it is that you really need from your small business insurance. The most important factor is the nature of your business. Different sectors each come with their own set of assets, risks and responsibilities.

A great example is a courier company. Since your drivers make up your staff component you may consider offering them medical aid or life/death or disability cover as part of their salary package and deductions. You would also need to take into account that you are transporting goods, so your vehicles would need to be insured against accidents and theft. Then there is the fact that you’re transporting goods that belong to other individuals and companies, so you would want to insure those goods against damage or theft in transit.
Get Background Information Once you have an idea of what your possible insurance needs are, you can then start looking deeper into these. Besides the obvious insurance options such as life and vehicle insurance, there are a few other insurance options that are relevant to small businesses that most people forget.
Public Liability There’s public liability insurance which protects you and your employees in the event that you’re found liable for third party property damage or bodily injury caused during the course of business.
Employer’s Liability Then there’s employers’ liability insurance which provides a pay-out in the event that one of your own staff is hurt or incapacitated while on the job.
Money Loss There’s also money loss insurance which covers you against losing money through theft, dishonesty or physical destruction.
These are just a few insurance options that many business owners don’t know about. This is why it’s vital to get thorough information regarding all the possible insurance covers you can have for your business. The more protection you have, the better!

If you already have personal insurance you should know that when it comes to any form of insurance, doing the groundwork with research is key to making a wise informed decision.
Don’t just settle for the first company you find. Always speak to multiple companies and see what they have to offer. While some may offer a number of services, this might be at a higher price, whereas other companies could tailor-make packages to suit your needs and your budget.
Research means that you will find the company that suits your needs at a price that you can afford.
Finally, Disclose Everything! It is extremely important to advise your insurer about everything that should be covered. Your honesty will work in your favour as this avoids claims being turned down because details were not disclosed. The same goes for new developments. Your business changes on a daily basis and with these changes come new needs and requirements.
It may be that you’ve closed a particular section of the business so don’t need to insure those assets, however you’ve opened a new branch and need to get that staff component on life insurance policies.
Whatever it is, be sure to inform your insurer of new developments immediately so that your policies can be updated. Let Compendium Insurance Brokers help protect what's important to you with small business insurance. Contact one of brokers today on 087 724 9390 for an obligation-free quote.

Remote Jamming: Are you at Risk?

Remote jamming remains a common crime, and is constantly on the increase.
In South Africa, we are dealing with crime on a completely different level, as compared to other parts of the world. To organised crime gangs remote jamming is one of the tools used to enrich their syndicates, by stealing from the naïve and unsuspecting public.
Crimes such as theft out of motor vehicles, theft of motor vehicle, hijacking of vehicles/trucks and cargo, house and business robberies are all committed by using remote jamming.
What is Jamming? A remote jammer is any device that deliberately blocks, jams or interferes with authorised wireless communications. Jamming can interfere with various types of wireless equipment including the alarm panel, cellular phone communication, detectors, tracking systems and radio reporting to a control room.
The effect of Jamming: Simply, when being jammed, your car will not engage the locking system and will thus not activate the alarm system. As the systems are not activated the alarm will not be functional during a break-in, and no signals will be sent by the system, nor received by any control room.
Wireless communication, and video systems, can also malfunction when Wi-Fi links are being blocked during criminal activity. These Wi-Fi blockers are increasingly being used during hi-jacking incidents, in order to block the GPS positioning signals and GSM tracking radios. Vehicle tracking and recovery then becomes a nightmare for transport companies carrying high value cargo, such as fuel, cigarettes, consumer electronics, and brand name consumer goods.
The risk to the public is that they might have no right to an insurance claim after a “non-forced entry” theft from motor vehicles.
Looking @ the SAICB…
South African Insurance Crime Bureau
Follow us on Twitter @SAICB
What you can do about car remote jamming: Awareness Vigilance is the golden rule!
The most important rule is to make sure your car is locked before you walk away. When using a remote, physically double-check that your car has in fact been successfully locked – manually check or test the doors and the boot. Never push the remote locking while walking away from the vehicle, watch and listen, to ensure that the locks engage. Never leave items of interest lying in full view on car seats, while driving or when leaving your car parked. Most people carry a laptop or tablet in their vehicle, and criminals are well aware of this fact. Always back up your hard drive and make sure you have a password in place, never openly store your banking details. Wherever possible always take expensive electronics with you when you leave your vehicle. Empty your car at the end of each day to avoid it becoming cluttered with items that you do not want stolen. Never leave house keys or important papers (vehicle registration papers) in your car. Install an alarm system in your car. Install window safety film. Park your car in a secure car park where there are lots of other vehicles and ideally, security personnel. Always be aware of your surroundings and keep a sharp lookout for suspicious-looking people and activities. Report suspicious-looking people to security or move your car to a safer place. Ensure that you have adequate insurance cover on the portable possessions you carry with you on a regular basis. Conclusion: Major shopping malls, as well as Ultra Cities on our national roads, have installed anti-jamming systems, which prevent thousands of jamming incidents daily.
The South African Police Services have educated their staff in dealing with jamming related crimes; however, it is still our duty to protect our own property.
There are also a number of companies who sell early warning systems, to alert motorists if there are jammers active in the area.
Despite all of the above measures, this phenomenon is still a part of our daily lives, and remains on the increase.
So be aware of your surroundings, and continuously vigilant, as that is your best protection.
For further information, contact the SAICB at hugovz@saicb.co.za
What Car Remote Jammers look like:

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