Insurance
14 April 2020
Clients will be paying less for their vehicle insurance in May 2020 to ease the financial strain they may be experiencing.
As the COVID-19 pandemic continues to affect the livelihoods of many South Africans, OUTsurance has implemented a 15% premium discount on all existing vehicle insurance policies for the month of May 2020. This premium reduction recognises the reduced kilometres travelled and claims frequency, during the lockdown period.
Danie Matthee, OUTsurance CEO, says, “We understand that many of our clients are under immense financial strain during this unusual time. We want them to know that we are here for them, and we will stay true to our brand promise of “You always get something OUT”. We are constantly looking for ways to help our customers and assist them with the financial strain they may be experiencing.”
The 15% discount will be an automatic premium reduction on motor insurance premiums, without any action being required from clients. This premium is in addition to the R102m committed to the “Helping SA OUT” initiative announced on 27 March 2020.
The key aspects of our support for customers, service providers and communities to date are noted below:
Customers:
- 15% reduction on motor insurance premiums, for the month of May 2020 – this applies to commercial and personal lines vehicles.
- 15% premium reduction on all Goods in Transit cover for commercial clients.
- Clients within six months of their OUTbonus vesting date may use their OUTbonus balance for the payment of future premiums.
- Reduced excesses for any clients who claim between April and June 2020. Business OUTsurance customers will have a 50% reduction and Personal OUTsurance customers a 30% reduction in the excesses during this period.
- Amending cover without any impact to terms when changing it back.
- Extended the period on non-payments before cancellation is effected, with an additional period of two months. For cover to be unaffected premiums have to be paid up in full.
Service providers:
- Financial relief to Claims Service Providers who have not been able to work.
- Assisting our service providers with early payments for work still to be completed. This will assist them with cash flow to enable the survival of their business and payment of salaries to their staff.
Staff and Management:
- Providing work from home capabilities for the vast majority of employees.
- Full payment of salaries to staff in the period of the lockdown.
Communities:
- Supply of desperately needed personal Protective Equipment (PPE’s) to Steve Biko State hospital in Pretoria and the installation of four large tents to be used as testing stations and treatment wards for COVID-19 patients.
- 120 Pointsmen have been retrained and deployed to disinfect taxi ranks and taxis at key points in Gauteng to assist in protecting our frontline workers.
- Sponsors of the PinkDrive and Qhubeka projects that involve the mobile spot testing of citizens for the virus.
- Financial support to the Tshwane Leadership Foundation who assist with providing food and shelter to the homeless.
- OUTvest is an official fundraising partner for the President’s Solidarity Fund.
In total, this brings the OUTsurance support for COVID-19 efforts in South Africa to R209m to date, of which approximately R134m is for client relief.
“This is a difficult and unprecedented time, we will continue to monitor how the situation unfolds in the months to come. In times like this solidarity and unity are needed and we will continue to assist our clients, staff and suppliers as best we can,” said Matthee.
Our Board and executives have tangibly demonstrated their support for the above initiatives, by taking a voluntary reduction in their Board fees and executive remuneration respectively.
For more information on OUTsurance COVID-19 efforts click here.
