OUTsurance takes the lead in the short-term arena to extend relief on premia
Short term insurer in the FirstRand stable, OUTsurance said on Wednesday it will allow an automatic 15% discount on all premia for vehicle insurance policies. This premium reduction recognises the reduced kilometres travelled and claims frequency during the lockdown period.
The OUTsurance Chief Executive, Nangula Kauluma said “We understand the financial pressure that many of our clients are facing and we are constantly looking for way to assist, staying true to our brand promise that ‘you always get something out’.”
The 15% discount is an automatic reduction by the insurer. Vehicle owners do not have to apply for the discount.
Kauluma said on top of the premium discount for vehicle insurance, OUTsurance has also extended a 15% premium reduction on Goods in Transit insurance for commercial clients.
Furthermore, clients within six months of their OUTbonus vesting date may use their OUTbonus balance for the payment of future premiums.
Other relief measures include a reduced excess for clients claiming from April to June 2020. In the case of business customers, the reduction is 50% while for privately owned vehicles, the excess reduction is 30%.
The amount of cover can also be amended without any impact on the policy terms when changing back to the original cover.
OUTsurance has extended the period on non-payments before cancelling a policy by another two months but for cover to be unaffected premiums have to be paid up in full.
Panelbeaters and workshops, as some of the main service providers, will be assisted with early payments for work still to be completed. Kauluma said this is to assist them with cashflow so that these businesses can pay salaries to their staff.
“The situation is constantly evolving and we will continue to monitor it over the coming months. We applaud the general sense of unity we’ve seen throughout Namibia so far and would like to assure clients, staff and suppliers that we will continue to assist wherever we can. We would like to encourage our clients to contact us if they are facing severe financial difficulties, rather than letting their policies lapse – we are happy to discuss the options available to them,” stated Kauluma.