Category: Short Term Insurance

Your protection matters - get the Momentum Safety Alert free for you and a loved on if you are a Momentum Car and Home Insurance client.
Short Term Insurance

Safety Alert available for free!

Momentum Irene

Now you and a loved one can be protected with Safety Alert, an emergency panic button on your mobile phone for when you need it most. Free to all Momentum Car and Home Insurance policyholders and a nominee of your choice. 

We know that the safety of your loved ones matters now more than ever. At Momentum Car and Home Insurance we not only care about the safety of your possessions, but also your personal safety and that of your loved ones. That’s why we’ve updated our Safety Alert feature, so you can give someone you care about access too, at no cost.

Safety Alert is a feature on the Momentum App, which gives you and a loved one unlimited access to a network of over 1 800 armed responders across the country, at the touch of a button.

 It’s designed with an interactive map and real-time messaging, allowing its users to track the responding vehicle’s movement and receive a message with details of the responder. The control centre will communicate with you or your nominated user until the alert has been resolved.

How Safety Alert keeps you safe

Register for Safety Alert on the Momentum App and nominate a loved one under the Safety Alert settings tab to enjoy the peace of mind in knowing that we don’t just cover the things you love, we also cover the people you love.

Last Will and Testament, Life Insurance, Medical Aid, Momentum Multiply, Savings, Short Term Insurance

Janu-worry 2021

Momentum Irene

With Janu-worry almost behind us, we can start focusing on the year ahead. Hopefully the schools are about to start, and some form of normalcy are to return! Count yourself lucky if you are still working from home – especially in this weather we are currently experiencing in Gauteng!

October 2021 will see the 4th post-apartheid cencus take place in South Africa, and we have municipal elections coming up – and possibly a vaccine…Tax are being relooked, and according to the Big Mac Index, the South African rand is undervalued by 61.9%, which is the fourth most undervalued currency measured by the index in July.

Using the raw data, a Big Mac costs R33.50 in South Africa and $5.66 in the United States. The implied exchange rate is R5.92 to the dollar.

Japan is still dead-set on hosting the Olympics from 23 July – 8 August 2021, and many others are holding out hope for an overseas holiday this year!

These are all out of our immediate control, but what we can control is our finances. Shop around for better short term insurance quotes and benefits, make sure your last will and testament is up to date and your savings pocket is growing, get rewarded for being active and looking after ourselves, and in turn, spending those rewards on what matter most!

Momentum-Multiply-Rewards
Momentum Multiply – rewarding you for looking after yourself.

Momentum Irene would love to be of service to you on your financial wellness journey. Feel free to connect with us on any of our platforms, and we will come to you – masked and all! If you would prefer a Zoom or Teams introduction, that can also be arranged.

We wish you a magnificent, healthy, prosperous 2021, and look forward to meet up for a coffee (even if it is virtual).

Momentum-Irene-Financial-Wellness-Consultation
Financial Wellness consultations can be in person or online.
Short Term Insurance

Its official | Alexander Forbes Insurance is now Momentum Insurance

Momentum Irene
Momentum-Alexander Forbes

Its official – we are proud to announce that Alexander Forbes Insurance (AFI) will be operating as Momentum Insurance (MI) from the 15th of July 2020.

In the lead up to this significant milestone, we’ve made some exciting changes to welcome our new family home and a few enhancements in the Momentum Car and Home Insurance space to provide you with continuous convenience at the touch of a button.

Interactive and personalised, the Momentum Chatbot will guide you through an AI-powered conversation to help resolve issues you may have with managing any unpaid premiums for the month. 

The Chatbot will provide options like: 
  •  update your banking details
  •  request an agent to call you to view more affordable cover options
  •  assist with resubmission of the premium collection 

Click here for a short video on the functionality.

While this is the next step toward the end state of a single brand operating under one license, a process that will gradually happen over the next 12-24 months, the two entities will currently remain in operation as two separate businesses. 

By integrating our teams and systems, we’ll be combining our unique strengths to provide an improved client experience, faster operations and easier processes. This will ultimately provide you with a unique journey to success that’s much easier, more convenient and safer to navigate.

We’re here for your journey to success.

Short Term Insurance

COVID-19: Momentum Vehicle Insurance Premium Rebate

Momentum Irene

We realise that our clients are less exposed to vehicle accident risks during the national lockdown as a result of the Covid-19 pandemic and have therefore implemented additional measures to provide you with financial relief in very challenging circumstances. 

In light of this we will be adding an additional relief measure in the form of an automatic 10% premium rebate to you on your vehicle insurance premiums that are due in May and June 2020. We acknowledge that the lockdown would mean a decrease in vehicle claims and that we are likely to see a staggered approach for people returning to work post lockdown, which may also impact claims frequency. 

The rebate will automatically be applied to all vehicle insurance premiums, which includes fleets and motorcycles. No intervention is required from you to activate this benefit. For more information on how the rebate would work and answers to questions we’ve received on our previously communicated ‘premium and cover pause’ option available, please click here.

In addition to the above rebate, we have a number of additional financial relief options available to you, click here for more information.

We are stronger together.

Short Term Insurance

Momentum Short Term Insurance – Covid-19 Questions

Momentum Irene
It has been a challenging 2 weeks for all South Africans, with the efforts to stop the spread of COVID-19 resulting in more severe measures being implemented, in particular the lockdown which will last from midnight on Thursday 26 March until midnight on Thursday 16 April 2020. We are fully supportive of the efforts taken by the South African Government to combat the COVID-19 pandemic.

As we all come to grips with what this means, we want to ensure that the impact of the lockdown is as little as possible on you.

Although many of our Momentum Short-term Insurance (MSTI) employees will be working remotely to flatten the disease curve and slow down the spread of the virus, we remain fully operational across all business areas. As a result of these measures you might be experiencing delays in service delivery and turn-around times. We once again apologise for any inconvenience caused and assure you of our continued commitment to strive for service excellence under the current circumstances.
Below you will find some frequently asked questions, as well as answers following the lockdown announced by the South African President this week.
1.How do I go about getting in contact with you regarding a query on my existing policy during the lockdown period?
We have enabled our operational teams to work remotely. You will be able to contact us for all your insurance needs. We might experience network quality issues with voice calls from time to time and therefore encourage you to make use of the self-service options on our website or mobile app. Simply go to momentum.co.za. You can also still contact us on the following share call number 086 000 6784 or alternatively send us an e-mail at: shorttermclientservice@momentum.co.za. Our call centre hours remain unchanged.
2.Due to the lockdown I will not be driving and I want to cancel my car cover for 21 days and take it up again when the lockdown is lifted?
It is our obligation, as a responsible insurer, to advise you that cancelling your insurance may not be a good idea as your assets remain at risk for any unforeseen event and a financial adviser should be consulted.
For example: even if their vehicle is parked at home it is still exposed to fire or theft.
Also, if your vehicle is financed a finance house will still require that such a vehicle remains comprehensively insured. It is also important to note that you might still have to use your vehicle to buy essentials such as groceries, and you will have no cover for accidental damage if you downgrade your cover to ‘limited’ or ‘third party only’ cover.

A ‘downscale’ option is certainly available however should be considered carefully. We do however understand that clients may be under strain financially and may find it difficult to afford an increase in premium once they change the cover back to comprehensive cover. In light of this, we have undertaken the following; if this change is done within the lockdown period and reverting to the original cover happens within 10 working days after the lifting of the lockdown restriction, we will keep premiums the same as what it was before the change, provided that there is no material change in the risk.
3.Are there any plans from MSTI’s side to assist clients that are financially affected by the pandemic?
In addition to the measures mentioned above, we are also providing clients with a unique once off opportunity between 1 April and 30 June 2020, to choose to receive an early payment for a portion of their accumulated Rewarder (no claims bonus) and/or their Safety Bonus.

We believe this will go a long way in boosting cash flow for many clients. Clients who have this option available, but do not need it may also choose to donate their payment to the Solidarity Fund to assist those in need during this period. If the early payment is selected on the Rewarder benefit, the no claims period will be reset. For the Safety Bonus, the accumulation period will remain the same, but no Safety Bonus will be paid after the next policy anniversary.

Should you require advice in this regard or if you want to make use of this option please contact us on the following share call number 086 000 6784 or alternatively send us an e-mail at shorttermclientservice@momentum.co.za.
4.Will I still be rewarded for my drive-free Safe Dayz™?
You will automatically earn Safe Dayz™ during the lockdown period and be rewarded with a drive-free day when staying home and not traveling.
Claims
1.How do I go about reporting an incident during lockdown?
We have enabled our operational teams to work remotely. You will be able to contact us for all your insurance needs. We might experience network quality issues with voice calls from time to time and therefore encourage you to also make use of our mobile app and web functionality. Simply go momentum.co.za to report an incident. You can however still contact us on the following share call number 086 000 6784 or alternatively send an e-mail to shorttermclaims@momentum.co.za.
2.What process will you follow for assessments on new claims submitted during the lockdown period?
Upon claim registration, the claims consultant will talk you through the claims process and what you can expect during this period. Our processes will as far as possible remain unchanged.
3.What process will you follow in terms of indemnification after a valid incident:
Our process of indemnification remain the same however we have to advise that due to depleted stock and parts availability experienced by the majority of our service providers and motor body repairers we might offer alternative indemnification options. We will consider each case on its own merits.
4.Will 24/7 assistance (emergency assist) services still be offered?
We will continue to provide emergency services and our senior management team will continue to work with service providers to make sure we can provide these essential services.
5.What will happen if my vehicle is currently at panel beaters?
Our service providers have already started contacting clients where repairs have not yet commenced in order for these vehicles to be collected. Following the lift of the lockdown, new appointments for repairs will be made. Vehicles, where repairs are underway or in the instance where clients could not fetch their vehicles in time before the lockdown commenced, will be kept safe by the service providers until repairs can continue. All the affected clients will be informed accordingly by the service provider.
6.Will car hire be extended at no cost to the client for all motor claims still pending?
We have been working very hard to authorise as many claims as possible in the last couple of weeks, but in those cases where we were unable to do so, would have made contact with all clients who currently have rental vehicles. We will determine whether it is possible for clients to return the hired vehicle to be reissued when the lockdown is lifted. If this is not possible we will make alternative arrangements.
7.What happens in the case of a burst geyser, fire or burglary claim?
Our aim is to assist with all insurable events including emergency events and assess the damages as soon as possible. If the property is not habitable, alternative accommodation will be arranged for the household, subject to limits provided in our policy wording. Security will be deployed to the damaged property to safeguard the assets.
8.Will my business be covered for Business Interruption as result of COVID-19?
We regret to inform you that ‘Pandemics’ and ‘Epidemics’ do not form part of our insured perils under our Business Interruption cover.

What is covered under Business Interruption cover?

Financial loss suffered during the indemnity period following interruption of your business. The interruption must be as a result of a loss that gives rise to a valid claim for fire, office contents, buildings combined or electronic equipment, which you have insured with us. The interruption must be as a result of a loss that would give rise to a valid claim under these sections. The loss must also have occurred during the course of your business and at the business premises noted on the schedule.
9.In the event of an accident where my client cannot drive further, will the vehicle be towed?
We will continue to provide emergency service’s which includes towing. We have arranged for 24-hour storage yards during the lockdown period.
10.Will all insured items be covered under lockdown against looting, break-ins and destructions?
The same cover and cover conditions will apply as in the case before lockdown. It is advisable to consult your broker and/or policy wording and if necessary to re-assess your cover and sum insured. Also ensure that you have selected SASRIA cover in this instance.
11.What about the availability of HomeDrive during the lockdown period?
Please take note that our HomeDrive services will not continue during the lockdown period as this is not an essential service. Clients with existing bookings will be notified accordingly and bookings cancelled.
12.Will the Safety Alert functionality still be available during the lockdown period?
Our Safety Alert providers will operate as normal and this functionality will still be available during the lockdown period.
13.During this period I won’t be able to renew my vehicle licence – how will this be dealt with from a claims perspective?
We will continue to assess each claim on its own merits and rest assure that qualifying circumstances like this will most certainly be taken into account at claim stage.
We understand that these are uncertain and challenging times, but we are confident that we will successfully weather this storm. We are always stronger together!
We remain thankful for your continued support and understanding and would like to wish you good health and safety during these times.
Kind regards

Vickey Swanevelder
Head of Operations: Momentum Short-term Insurance
Short Term Insurance

Momentum Short Term Insurance Commitment to Keeping you safe during Covid-19

Momentum Irene

Momentum Short-term Insurance (MSTI) is giving clients early access to R26 million in future no-claims and safety bonuses to assist them financially during the lockdown.

Momentum said clients can now opt to take an early cash benefit from their no-claims bonus. Clients can also opt to cash in early on their safety bonus.

The company rewards clients with a cashback safety bonus of up to 30% of their annual car and home insurance premiums.

The option to take the early cashback is available to clients between April and June 2020.

This means that a combined R26 million in future bonuses that would have paid out over the next four years is available immediately to help reduce the financial burden that clients may experience.

“The balance between flattening the pandemic spread curve and keeping the economy ticking over is challenging and we want to help where we can,” said Momentum Short-Term Insurance CEO Brand Pretorius.

The company said clients have the option to cash out early or wait for their normal benefit at the end of the benefit term.

“We are introducing this mechanism to support our clients during this difficult time, but we realise that not all clients would need it right now,” Pretorius said.

Solidarity Fund

Momentum is also giving its clients the option to donate their cash benefit to the Solidarity Fund which was established by the President earlier this week.

The Solidarity Fund will focus its efforts to combat the spread of the virus, help to track the spread, care for those who are ill and support those whose lives are disrupted.

The fund will be administered by a reputable team of people drawn from the financial institutions, accounting firms and government.

On 18 March, Momentum Metropolitan, the holding company of MSTI, committed R5 million in financial support for the government’s initiatives.

Momentum Metropolitan CEO Hillie Meyer said the public and private sector need to work together to ensure that they can achieve a health ecosystem that allows South Africans access to more health for less.

“This crisis requires us to collectively work together towards a common outcome,” he said.

Short Term Insurance

A RECIPE FOR DISASTER

Momentum Irene

If I had to place short term insurance in a purchase category, it would definitely fall under “Grudge Purchases”. That debit order that religiously goes off every single month, and I just don’t see the value. No returns. No interest. Nothing.

Until me and my girlfriend were at home one night, about 2 months ago, and our house caught fire. It burned to the ground. I walked out of there with the clothes on my back. That is the definition of nothing. Add a cup of hopelessness, one heaped tablespoon of despair and you have the perfect recipe for disaster.

We had to move in with her parents, completely devastated by what happened. We do not smoke. We do not have a gas oven. We did not light candles. It was not arson. It was an electrical fault. But we had insurance. The insurance that everything was going to be OK. The insurance that we will be able to get back the physical items that we lost. We had short term insurance that at least gave us that.

Don’t set yourself up for this recipe, with no sugar to add at the end. Get your house insured. Get your car insured. Get yourself insured. While you are at it, get your pet insured.

TIPS FOR SHORT TERM INSURANCE

  • Maintain your vehicle
  • Ensure your policy reflects the regular driver
  • Update your policy immediately when something changes e.g. your address.
  • Use replacement values instead of original purchase values.
  • Review your policy regularly to ensure you are not over/under insured.

HAVE YOU COMPLETED YOUR SAFETY QUESTIONNAIRE?

Remember to complete this on the Multiply Website annually!