So there I was… Preparing a comparative quotation against someone’s existing insurance schedule when I noticed that he only has 30,000 Rand’s worth of theft cover!
So it got me thinking about how many other people might have the same thing in their car and home insurance schedule and don’t know it.
“Come on Lawrence you’ve got to be kidding me, right?
I mean, who has insurance nowadays which doesn’t cover against theft. Why bother having insurance at all then?”
Okay, I hear what you’re saying, but let’s first differentiate between theft and burglary cover.
So what exactly is theft cover?
According to Santam insurance, theft means:
The unlawful taking of another person’s property with the intention to deprive them of permanent ownership when it is not accompanied by breaking into or out of the building by actual, visible, and forcible means.
So here’s an example…
You have guests over for a braai (barbeque) on the weekend. The next morning you discover that an item of jewellery has gone missing overnight. There was no visible break-in, and we can safely assume that one of the guests helped themselves.
This would be classified as theft.
So what then is burglary cover?
Once again let’s look at what Santam defines burglary as:
the unlawful taking of another person’s property with the intention to deprive them of permanent ownership when it is accompanied by breaking into or out of the building by actual, visible, forcible and violent means.
And here’s an example of that…
You invite the same guests over for a braai (barbeque) on the weekend. This time your braai is rudely interrupted by a few gents wielding firearms. They brazenly help themselves to everyone’s cellphones and jewellery. While there was no visible breaking and entering, they did employ forcible and violent means.
This would be classified as burglary.
So now that you know the difference between theft and burglary cover…
Don’t you think it’s time you got out your schedule and checked to see whether you are indeed covered for both theft as well as burglary?
Don’t say I didn’t warn you!
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Until next time.
The InsuranceFundi Team