OUTsurance Holdings South Africa is a subsidiary of OUTsurance Group Limited (a JSE-listed entity). This is a South African-based financial services investment holding company. Various short and long term insurance as well as investment product are offered by them to individuals and corporate customers. A fixed excess amount is paid by their short term insurance clients irrespective of the value of their claim and their premiums are fixed for a full 12 months.
Below, we will be discussing the various insurance policies that they offer. However, before we do so, let’s take a look at the history of OUTsurance Holdings South Africa.
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History of OUTsurance Holdings South Africa
On the 28th of February 1998, OUTsurance was launched as a wholly owned subsidiary of RMB Holdings to offer short term insurance to individuals. With the provision of car and household insurance, OUTsurance was brought to life by Willem Roos, Howard Aron, and Rene Otto. OUTsurance was launched to cater to the innovative business insurance needs of all types and sizes of business 2003. Since July 2007, OUTsurance Namibia has been operating in the Namibian personal short-term insurance market. In August 2008, OUTsurance started life insurance by offering credit life cover on financed vehicles for their car insurance clients. Though they fully moved into the life insurance market in August 2010. The sister company, Youi in Australia was launched in November 2008 to offer car and home insurance to the Australian market.
Products offered by OUTsurance Holdings South Africa
Car/Vehicle Insurance
With OUTsurance Holdings South Africa, you can cover your car and other vehicles and get varieties of great benefits. These benefits range from a fixed excess, 12-month guaranteed premiums, and the famous cash OUTbonus. In addition, clients get to have access to the backup of 24/7 roadside assistance. Protecting whatever you drive is a great idea and with them, you will get more than you bargained for. There are different insurance policies under car insurance and you have the choice to choose whichever suits you.
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Comprehensive insurance
This insurance policy covers you against loss or damage which can include theft, hijacking, accidents and even intentional damage done by another. In short, you are covered for other people’s loss or damage if the accident was your fault. If OUTsurance Holdings can’t beat your current premium, you are awarded with R500 and R1500 if you haven’t made a claim in 3 years. Indeed, this policy also covers medical cost for injured passengers and transportation to hospital if an accident occurs. In addition, you are offered 30 days’ car hire following a claimable accident or in the case of theft or hijacking. Better still, you get access to the 4×4 insurance policy which covers loss and damage to your 4×4 vehicle.
Whenever you share your driving behavior through SmartDrive on your smartphone and you get a 10% discount on your premiums. You are entitled to 24/7 advice over the phone and legal and medical assistance. Also, you and any member of your household between 14 and 70 get R25 000 coverage if an accident causes death or disability.
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Essential Insurance
This insurance policy is ideal for those who have older cars as this could help them save even more than ever on their monthly car insurance premiums. You are covered by this policy if you are legally responsible for damage to a third party’s vehicle. Furthermore, the full retail value of your car minus a standard R2 630 first amount not covered is paid to you if your car is stolen or hijacked. In addition, they will pay out the value of the damage in cash up to 40% of the vehicle’s retail value if you have an accident. Lastly, you have control of the repair process as we pay out claims in cash.
Motor warranty insurance
This insurance policy is designed to pay towards the cost of repairing your OUTsured vehicle due to an unforeseen mechanical or electrical breakdown. However, there are certain qualifying criteria that your vehicle needs to meet to qualify you for this optional extra. Firstly, the vehicle must not be older than 15 years and must have a full-service history. Then, the mileage must be less than 300 000km and the vehicle must not have a warranty from any other company. The policy has two plans so you can choose between the Standard or Executive plan.
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Home Insurance
OUTsurance understands that your home cost you a lot, therefore they provide cover on varieties of added benefits. The home insurance comes with three insurance policies which shall be discussed below in details.
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Buildings Insurance
This policy ensures you get the best cover against life’s unforeseen and unfortunate events. Any damage to your house caused by leaking, pressurized pipes, acts of nature, explosion, subsidence, and fire are covered against. They even cover the cost of calling the fire brigade and temporary accommodation is arranged for you if an accident leaves your house uninhabitable. 10% of your premiums are paid back in cash after 3 claim-free years. Furthermore, 24/7 access to plumbers, electricians, locksmiths, and more is given you. In fact, your premium is guaranteed not to change for 12 months at a time even if a claim is submitted during this period.
No matter the size or value of your claim, you will always have a fixed excess. In addition, your repairs are done and dusted as quickly as possible because they work with a great of service providers. An automatic cover for accidental damage to fixed glass in sanitaryware is offered you. Lastly, a valuable line of defense against power surges can be implemented by making use of such protection devices.
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Home contents Insurance
This policy offers protection to all the valuables inside your home at a very affordable price. All your home contents are covered against theft, intentional damage, as well as damage caused by a power surge. In addition, you are also covered against damages caused by fire, lightning storm, and flood.
Portable possessions Insurance
It is essential that your personal belongings are covered against loss and damage. OUTsurance covers everything from eyewear to photographic equipment or other electronic devices. With this policy, you can insure a group of items together for a maximum of R85 000 and get paid up to R1 500 per item. Specify your belongings worth over R1 500 each and they will work out your premium accordingly. In addition, your claim is processed as quickly as possible with the friendliest service ever.
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Life Insurance
Varieties of benefits are included in the life insurance policy and you will never have to pay an excess for a personal accident claim. This applies whether you are traveling through Asia or simply relaxing at home. This is because you are entitled to enjoy worldwide personal accident cover. In addition, your claims are processed as quickly and professionally as possible. If there is anyone in your family between the ages of 14 and 70, they provide accidental deaths and total disability cover to them.
How to contact OUTsurance Holdings, South Africa
You can reach out to OUTsurance Holdings South Africa on 08 600 60 000.
Conclusion
We have learnt a lot about OUTsurance Holdings South Africa and the kind of insurance services they provide. However, you can conduct more personal research if you need extensive information on OUTsurance Holdings South Africa.