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You can insure almost everything with the South African insurance company that always gives you something out.
Who is Outsurance?
Outsurance Insurance Company Ltd is a leading insurer in the South African insurance industry. You can get a contract of insurance with them for a wide range of needs. South Africans from all walks of life can benefit from their range of products.
What makes their offering unique is their commitment that you will always get something out. By means of their OUTbonus benefits, this direct short-term insurer guarantees clients that have not claimed get something back. Policyholders can receive an OUTbonus reimbursement to the value of a percentage of the premiums they have paid over three years.
How Does Outsurance Insurance Work?
When you sign an Outsurance insurance contract, you agree to pay a monthly premium amount to Outsurance Insurance Company Ltd. In return, the contract of insurance details how Outsurance will cover you and pay out when insured events occur. The list of circumstances and events covered is in the policy you sign, and can often include things like storm, flood, fire, theft, and explosion.
As with other policies, there may be exclusions too. For example, suicide is often excluded in life cover policies for at least 2 years. The policy may also include terms and conditions you need to meet, such as installing an alarm in your home or always parking your car in a locked garage at night.
The fee structure uses your individual profile and risks to determine how much your premium should be, along with a number of other factors. To find out how much an Outsurance policy is going to cost you, you can get Outsurance quotes.
What Does Outsurance Cover?
Although OUTsurance started out by offering car and home insurance alone, it has since grown to offer life and business insurance products. OUTsurance boasts cheaper premiums by cutting out the broker fee (the middleman), and by underwriting policies according to everyone’s risk profile. OUTsurance also guarantees fixed premiums for 12 months at a time.
At Outsurance, you can get motor vehicle insurance and coverage for your bicycle, watercraft, and business fleet. You can choose comprehensive cover for your home & home contents, business, and even your pets. Finally, Outsurance also offers long-term insurance coverage such as life insurance.
Outsurance Car Insurance
Along with the standard car and motor products, OUTsurance offers a range of benefits. These include a fixed excess, 12-month guaranteed premiums, fast claims settlements, and a cash OUTbonus of 10% of your paid premiums after three years of not claiming. OUTsurance offers cover for hail damage as a standard and free Help@OUT roadside emergency assistance 24/7, no matter what roadside emergency arises.
OUTsurance Home Insurance & Contents Cover
OUTsurance gives you home and contents cover with extra benefits such as 10% of your premiums back after three claim-free years. Their products include buildings, home contents, and free bonus benefits. The Lady@OUT offers female clients extra benefits such as more security after a break-in and even spa treatments after valid claims for a small additional fee.
OUTsurance Life Insurance Cover
OUTsurance life cover pays out a lump sum if the policyholder dies, is permanently disabled, or is diagnosed with a terminal illness. If the insured does not claim on the long-term policy after five years, 10% of the premiums will be paid back in cash. Build your very own OUTsurance Funeral Cover with no forms and no medicals, plus you get a payment holiday option!
The OUTsurance Critical Illness Cover is a standard insurance policy with a wide range of extra benefits. One of the extra benefits is that on the selection of the Life OUTbonus option you get all your premiums back in cash after 15 claim-free years. Your premium is based on your individual risk profile – for low-risk clients, you could save even more on your life insurance premiums.
OUTsurance Business Insurance
All business insurance portfolios are compiled from several insurance products. While each business faces a unique set of perils associated with that business, some products offered are common across the board, such as business buildings insurance.
OUTsurance business insurance policies include insurance for buildings, vehicles, electronic equipment, and stock, while also covering the business’s portable possessions. Enjoy face-to-face interaction with the team of OUTsurance business professionals who can help tailor your OUTsurance Business Cover Portfolio to suit your business’ needs.
OUTsurance Essential Cover
If comprehensive cover is too expensive for you, you can get OUTsurance essential cover. It’s a low-cost, cheaper insurance solution to help you when personal circumstances lead to tight financial situations. There are no hidden surprises, as every aspect of your cover is detailed in your policy documents.
How do I Claim from Outsurance?
Making a claim in respect of an insured incident with Outsurance is easy. Have your personal and policy details at hand, and phone their call centre. Their approach in relation to claims is to determine the scope of the loss and damages and whether your policy coverage terms and conditions have been met.
Let’s say you want to claim for a pothole incident that leads to a burst tyre. You have a 2 day period within which to make Outsurance aware of the matter. They may then want to inspect the insured vehicle before covering any fees payable for repair. If your cover does not include this type of incident, your claim may be rejected.
Is Outsurance a Good, Reliable Company?
As a leading insurance provider, the company has a good reputation for paying out claims and keeping premiums low. The company has faced disputes regarding claims in respect of previous incidents. Disputes with respect to claims, fees agreement, and loss in respect of elements in the policy are not unheard of in the industry.
When compared to the ten top insurers in the country, Outsurance ranked first for the lowest number of complaints, according to the 2020 OSTI’s. They had an average of less than 1 complaint per 1000 customers, a rate much lower than their peers.
Aside from this trust index, the company also won various awards for best car insurance, best life insurance, and more. You can, therefore, rest assured that Outsurance sticks to their contractual provisions and the conditions of cover in their policies.
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