Cover your assets! Here's how to choose short term insurance wisely

By Drum Digital
24 October 2016

Choose your short-term insurance wisely



Unpredictable financial markets, increased risk of natural disasters, fluctuating and unstable economies mean that getting insurance cover for your assets, family and yourself has become as necessary as putting petrol in your car.

It’s important to ensure that all your critical assets such as your car, house and its contents, are covered. The monthly cost of safeguarding these is minimal compared to what loss or damage will cost you. The most important thing to remember is that spending money on short-term insurance will save you in the long run.

Momentum’s short-term insurance cover has been tailored to suit individual needs. Additionally, the aim is to improve people’s financial wellness and safety through innovative technology. The Momentum Safety Score is an online safety questionnaire which rewards you with a cash-back safety bonus up to 20% of your yearly car and home insurance premiums – even if you claim. And Momentum’s car and home insurance app allows you to submit – and fast track – a claim without having to speak to a call centre adviser.


How to choose a short-term insurance provider:

  • Consult with a qualified financial planner who understands your unique needs.
  • Don’t make a decision based on the cost of premiums alone.
  • When it comes to cost, make sure that you only pay for your own risk profile.
  • Educate yourself on what’s covered on your policy and what isn’t. Your financial adviser can help you with this.
  • Find out what other consumers and clients say about the insurer – visit the insurer’s website or a website such as
  • Check the annual results of the Ombudsman for the Short-Term Industry (OSTI) – available at – to judge the insurer’s ability to handle claims efficiently, fairly and reasonably.
  • Check if the excess is a fixed amount or a percentage of the value of the claim.
  • Check if your premium will change immediately after you claim, or if it’s guaranteed for a certain period.
  • Regularly check if the insurer adjusts the insured amount of your car, building and contents, and find out if it’s your responsibility or the responsibility of your financial adviser to do so.

For more information and to find out how you can take out short-term insurance, visit Momentum's website.


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