CAR AND HOME INSURANCE - Virgin Offer Short-Term Insurance

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Virgin Insurance offer “Insurance like it should be”

Tuesday, 23 March 2010 00:13

Only four years in South Africa and Virgin Money are taking on the short-term insurance industry, to shake it up and provide a service where policyholders are not ripped-off. After much research Sir Richard Branson’s company discovered that insurance customers paid R1.2 billion in insurance excess.

“Insurance like it should be” – Virginmoney’s new offering – now provides car and home insurance without excess and with fixed premiums for a full 24 months. Excesses limit the risk on insurance companies while also preventing insureds from claiming on small amounts. Excesses are also paid, even when it was not insureds who caused the accidents. With “Insurance like it should be”, Virgin insurance takes out the unnecessary frills, leaving policyholders paying only for the cover they receive.

Insurance premiums also increase annually, even during financially trying times because of factors outside of the insured’s control. Making insurance fair for the consumer, Virgin are offering flat premiums for 24-months.

According to Managing Director of Virgin Money South Africa, Vinay Padayachee, short-term insurance clients are not as spoilt for choice as the industry would like us to think. Although there are many insurer offering cover, the prices are not competitive enough to make the choice matter.

Virgin insurance plan to offer a ground breaking new product with excellent customer service. Changing the face of short-term insurance, “Insurance like it should be” is being punted as the future of insurance.

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