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What is Insurance Savings Account?





















What is Insurance Savings Account?









Insurance Savings Account

Unlike any other insurance product on the market, the Solvency insurance solution links your insurance premiums to a savings account and allows complete control of what percentage - up to a maximum of 25% - of your monthly motor or household insurance premium goes to your Insurance Savings Account based on what excess you are prepared to pay, should you ever need to claim.

What is Insurance Savings Account?

With the Solvency solution, when you have a claim, the excess is paid from your ISA – similar to a medical savings account on your medical aid. Should the funds in your Insurance Savings Account not cover your excess payment, only then would you need to pay the difference from your pocket. If you’re like most consumers who claim once every four years on average, chances are that you’ll have more than enough in your ISA to cover your excess, and still have money left for your own personal use.

Even on ‘cash back’ models offered by some insurers, the cash-back offering is only 10% of premiums paid but more importantly, you must be claim-free for three years. The smallest claim will nullify any benefit to you and you then have to start all over again to build up a new claim-free track record for another three years. With Solvency, regardless of whether you claim or not, you can choose to withdraw in cash up to 50% of your savings balance in a 12-month period, or leave the money invested in your Insurance Savings Account to grow and earn interest. The savings in your Insurance Savings Account is your money. We insure, YOU save.

In structuring your insurance cover, be careful to avoid the pitfalls of cheap insurance. Some insurers provide the option of increasing an excess payment – the first amount payable that you are liable for in the event of a claim – in return for lower monthly insurance premiums. However, the risk of this approach is that very high excess payments – some as high as 30% of claim value - can leave you in dire straits if you have not provisioned for the excess and need to claim. Solvency makes this provision for you in the form of an Insurance Savings Account which also earns interest and is 100% yours.






Insurance Savings Account

Unlike any other insurance product on the market, the Solvency insurance solution links your insurance premiums to a savings account and allows complete control of what percentage - up to a maximum of 25% - of your monthly motor or household insurance premium goes to your Insurance Savings Account based on what excess you are prepared to pay, should you ever need to claim.

What is Insurance Savings Account?

With the Solvency solution, when you have a claim, the excess is paid from your ISA – similar to a medical savings account on your medical aid. Should the funds in your Insurance Savings Account not cover your excess payment, only then would you need to pay the difference from your pocket. If you’re like most consumers who claim once every four years on average, chances are that you’ll have more than enough in your ISA to cover your excess, and still have money left for your own personal use.

Even on ‘cash back’ models offered by some insurers, the cash-back offering is only 10% of premiums paid but more importantly, you must be claim-free for three years. The smallest claim will nullify any benefit to you and you then have to start all over again to build up a new claim-free track record for another three years. With Solvency, regardless of whether you claim or not, you can choose to withdraw in cash up to 50% of your savings balance in a 12-month period, or leave the money invested in your Insurance Savings Account to grow and earn interest. The savings in your Insurance Savings Account is your money. We insure, YOU save.

In structuring your insurance cover, be careful to avoid the pitfalls of cheap insurance. Some insurers provide the option of increasing an excess payment – the first amount payable that you are liable for in the event of a claim – in return for lower monthly insurance premiums. However, the risk of this approach is that very high excess payments – some as high as 30% of claim value - can leave you in dire straits if you have not provisioned for the excess and need to claim. Solvency makes this provision for you in the form of an Insurance Savings Account which also earns interest and is 100% yours.













What is Insurance Savings Account?








Insurance Savings Account

Unlike any other insurance product on the market, the Solvency insurance solution links your insurance premiums to a savings account and allows complete control of what percentage - up to a maximum of 25% - of your monthly motor or household insurance premium goes to your Insurance Savings Account based on what excess you are prepared to pay, should you ever need to claim.

What is Insurance Savings Account?

With the Solvency solution, when you have a claim, the excess is paid from your ISA – similar to a medical savings account on your medical aid. Should the funds in your Insurance Savings Account not cover your excess payment, only then would you need to pay the difference from your pocket. If you’re like most consumers who claim once every four years on average, chances are that you’ll have more than enough in your ISA to cover your excess, and still have money left for your own personal use.

Even on ‘cash back’ models offered by some insurers, the cash-back offering is only 10% of premiums paid but more importantly, you must be claim-free for three years. The smallest claim will nullify any benefit to you and you then have to start all over again to build up a new claim-free track record for another three years. With Solvency, regardless of whether you claim or not, you can choose to withdraw in cash up to 50% of your savings balance in a 12-month period, or leave the money invested in your Insurance Savings Account to grow and earn interest. The savings in your Insurance Savings Account is your money. We insure, YOU save.

In structuring your insurance cover, be careful to avoid the pitfalls of cheap insurance. Some insurers provide the option of increasing an excess payment – the first amount payable that you are liable for in the event of a claim – in return for lower monthly insurance premiums. However, the risk of this approach is that very high excess payments – some as high as 30% of claim value - can leave you in dire straits if you have not provisioned for the excess and need to claim. Solvency makes this provision for you in the form of an Insurance Savings Account which also earns interest and is 100% yours.