You are probably aware of what car insurance is and why you need to get it, beyond the fact that there is a mandatory requirement to do so. You know that various car insurance plans help to financially protect you not only against the damage to your own car or any third-party liabilities that may arise in an accident, but also against any personal harm. However, what you might not know is that you can also insure items that are present within your car. To a certain extent, you receive this cover by default when you purchase car insurance, as your vehicle is covered against theft. However, if you have some valuable personal belongings stored in your car, you can actually insure these items individually as an add on to your car insurance. This way, even if you do leave your valuables in the car by mistake and they are stolen, you are covered. This is where the loss of personal belongings in car insurance comes in.
Personal possessions cover is exactly what the name suggests. You can use this insurance to provide cover for personal items that you value and have on your person when you enter your car, and might keep in the car when you step out. One must note here, that there exists a clause known as ‘reasonable care’. If it is found that your belongings were damaged or stolen due to lack of reasonable care (for instance, you might leave your car window open and your purse in the passenger’s seat when you exit the vehicle), then you lose your coverage.
As is the case with most insurance policies, the specifics of each policy will vary, and in order to confirm if your personal possessions are included under your personal belongings cover, check the details of the specific policy that you are about to purchase. This is a list that aims at including most things that are included in a personal possessions insurance plan by most insurance providers. Let’s take a look.
We can see why individuals would want to afford personal possessions to cover for their electronics. Not only are they expensive to acquire, to begin with, but in today’s day and age store a lot of important and sensitive information pertaining to our personal and professional lives. A photographer, for instance, earns their entire living through their personal belonging that is a camera. From mobile phones to laptops and cameras are all covered under a personal belongings cover. If you wish, you could also look for special gadget insurance.
As a musician, you might use your car to transport yourself and your instruments to work at various venues. You can now protect your musical instruments if they get damaged in, or stolen from your car.
Chances are we almost always have some jewellery we might be wearing, even if it's just a watch. Say you take something off and leave it in your car. Provided everything was done in a manner where you took reasonable care of your possessions, this can now be insured in case of damage or theft.
The last thing you want on a sports adventure is for your equipment to get stolen or damaged, without getting your money back. With personal possessions covered, this is no longer a problem.
If you require any kind of mechanical aid, chances are you will have it with you in a car as well. With personal possessions cover, you can make sure these are financially protected against theft or damage.
We tend to empty the contents of our pockets into our dashboard or in the space provided next to the driver. You can protect your credit and debit cards, ensuring they are not exploited by someone who is not you.
Establishing whether the insured ensured ‘reasonable care’ whilst handling the personal belongings that they have insured. To make this easier, there are some things that are simply not insured under a personal belongings cover.
Damage caused due to the negligence of the insured/lack of reasonable care.
Personal belongings if they are kept in a safety box.
Theft of documents.
If the incident was not reported to the police within 24 hours, the policy is void.
If a third party used and damaged your personal belongings.
Personal belongings left in a car unattended.
If sports equipment was damaged during its intended use.
Belongings that are not mentioned in the police report.
There are a number of exclusions and a number of instances that could void your possessions insurance. The best practice, therefore, is to read the fine print of your policy provider in order to gauge the dos and don’ts of your specific personal belongings insurance.
Suppose the unforeseen, or rather unfortunate event happens and your possessions are either damaged in an accident or stolen. Here is what you will need when filing your claim process.
Your claim form.
A copy of the FIR report.
Invoice and receipt of your belongings.
Property irregularity report.
Police investigation report.
A personal possessions insurance plan takes care of the few things that could slip through the insurance web, regarding you being caught off guard at the wrong moment. In order to prevent this, and ensure personal belongings that are valuable to you but do not come under any other insurance that you have, you can avail of personal belongings cover. This helps you target the car insurance of specific belongings that are important to you that you carry around with you in your car. From mobile phones, tablets and cash to your sporting equipment and musical equipment, all of this can be insured. The Finserv MARKETS website gives you access to a wide selection of personal belongings car insurance and care insurance policies by different providers. Visit the Finserv MARKETS website to get a package that best suits your needs and budget.
Reasonable care includes the action of taking proper precautions while using your personal belongings. If you leave your car unlocked and your wallet on the front seat for instance, then this might void your policy due to lack of reasonable care.
The specifics are down to your specific insurer, however things like general wear and tear and damage incurred while being used for its intended purpose do not qualify for a claim.
Unfortunately, personal possessions insurance is currently only available as an add-on to car insurance or home insurance. However, you can look into gadget insurance.
If your money has been lost or stolen, it is most likely going to be covered under the insurance of your personal belongings.
Coverage for your personal belongings if you leave your country of origin might or might not be void, based on the terms of the insurer you have chosen.