Old Mutual Insurance
More than just a short-term insurance company, Old Mutual specializes in investments and long-term savings on an international level. Beginning in London, the company has expanded to the United States and Africa, providing financial services, including long and short-term insurance. The group also has majority shareholding in Nedbank.
Old Mutual provides short-term insurance direct to the public by means of its iWyze product. The Old Mutual short-term insurance product covers car insurance (and other vehicles such as watercraft, caravans and trailers), home and contents insurance, and personal possessions insurance. The product is similar to other short-term insurance products on the market covering cars, homes and possessions for typical perils. What separates it from other short-term insurance companies on the market are the insurance benefits, discussed below.
Old Mutual car insurance
On top of the third party, third party, fire and theft and comprehensive policies, Old Mutual offer car insureds their name the driver benefit. Insureds can reduce the amount they pay on premiums by specifying a driver (or two drivers) of the vehicle. This limits the risk to those two driver profiles.
The car insurance policy also includes a credit shortfall benefit. If a financed car is stolen or written off, and the amount paid out on the claim does not match the amount still owing on the vehicle, then the credit shortfall benefit will pay for the rest. The credit shortfall policy is an important option to consider as most insurers only pay out the market value of the car while the driver bought it at retail.
Other benefits include medical expenses for injuries as a result of accidents, trauma treatment, emergency accommodation if an accident renders the driver stranded as well as locksmith benefit.
Old Mutual home insurance
Other than the traditional home insurance, which covers fire, lightning, explosion, natural disaster, theft, impact, breakage and subsidence, the Old Mutual iWyze home insurance policy includes personal liability. If anyone is injured, suffers loss or dies on the premises, then you are covered for the damages. The home insurance policy also includes the rebuild of your home.
A home should be insured not for its value, but for its cost to rebuild as it includes additional costs such as rubble removal. As part of the home insurance policy, iWyze will rebuild the home if it is completely destroyed, otherwise it will cover the cost to repair the damages.
Old Mutual personal goods insurance
Protecting your movable or portable possessions for theft, loss or damage, the Old Mutual personal goods insurance caters for high-value, specified items such as jewelry. Unlike other portable possessions insurance policies, the iWyze personal goods insurance lumps general portables and specified items under one policy, covering up to 20% of the value of the insured sum of general insurance for one item.