The Nedbank Portable Possessions Insurance covers items that a person takes with them when they leave their home, such as clothes, phones, tablets, laptops, jewelry, and handbags.The items covered by the insurance plan are protected against theft, loss, or damage in South Africa and anywhere in the world. The plan is comprehensive, and the policyholder must specify which items will be covered.

The cover’s specifications include items of high value that one takes with them, and these items are covered individually for a certain maximum amount. Unspecified items are covered as a group for a set maximum and include low-value items.

When purchasing the plan, the policyholder can receive a premium discount of up to 25% if they have other insurance products with Nedbank, such as life insurance, funeral insurance, and more. Premiums assigned to the cover will be evaluated individually and determined by the individual underwriting.

The Nedbank Portable Possessions Insurance also offers cashback to policyholders after 3 years of no claims. The product offers a cashback of 10% on premiums paid during the claim-free period.

When policyholders subscribe to the product, they receive value-added services such as roadside assistance, drive me home service, and pick me up service. There is no additional charge for these extra services.

The Nedbank Portable Possessions Insurance provides the policyholder with numerous benefits; however, there are some exclusions that the policyholder should be aware of. The plan’s benefits and exclusions are discussed in detail below.

Nedbank Portable Possessions Insurance Policy Inclusions

The Nedbank Portable Possessions policy covers the loss or damage of jewelry carried on a trip. Travel covered by the policy includes both domestic and international travel.

The plan covers clothing and personal items owned by the policyholder’s family members who live with him/her. Clothing and jewelry that cost more than the amount specified on the Nedbank schedule must be specified and insured for the full amount.

Bicycles are also covered under the plan, but only when they are used outside of the home. There is no cover for bicycles parked at home; such coverage is available through Nedbank home contents insurance.

The plan also covers prescription glasses and contact lenses. Prescription glasses and contact lenses, like bicycles, can be covered under the plan if specified.

The plan may cover electronics such as laptops, phones, and tablet computers that are borrowed. These items, however, can only be covered if they are specified.

Borehole and swimming pool equipment are only covered if they are specified. For claiming purposes, these private possessions can be covered up to a certain limit.

When filing a claim for watches, jewelry, or precious metals, valuation certificates may be required. Before covering any of these items, have them evaluated by an SABS approved evaluator. Furthermore, these items must be stored in an SABS approved safe if not worn.

The Nedbank Portable Possessions Insurance covers most portable valuables and allows individuals to insure them for their fair market value. As much as the plan may cover your valuables, it also has exclusions. These exclusions are discussed further below.

Nedbank Portable Possessions Insurance Exclusions

While the plan provides comprehensive coverage for the majority of items that one may take out of the house, it does not cover certain incidents and items.

Common incidents such as overwinding, leaking batteries, and immersion in water for watches are not covered by the plan. The loss or damage of a watch caused by one of the aforementioned incidents is not covered.

The plan does not cover loss or damage to an insured portable possession caused by moths or vermin, cleaning, ironing, repairing, or restoring. Items used solely for commercial, trade, or professional purposes are not covered.

Drones and other remotely operated vehicles covered by the plan are not covered if they are lost or damaged while in use. The plan expressly excludes any liability arising from such an incident.

Stolen items in a watercraft, cabin, or vehicle boot are only covered for the amount stated on the insurance schedule. If there is no evidence that the items were stolen as a result of a break-in, the insurance will not pay for the missing items.

If clothes are insured under the plan, the plan will not pay if they are stolen while they are out in the open. Since the plan does not cover such incidents, safety measures will have to be implemented to avoid such situations.

The plan does not cover money, checks, or other negotiable instruments. This includes cover for international travel.

Advantages of Nedbank Portable Possessions Insurance

• The plan provides comprehensive cover for portable possessions.
• The plan provides up to a 25% premium discount if the policyholder has more than one insurance product with Nedbank.
• Policyholders can choose to specify or unspecify items that they want to insure under the plan.
• Items on the cover can be insured for their fair value.
• There is a 10% cashback on premiums every three claim-free years.
• The plan can be subscribed to online.
• The plan covers portable possessions locally and abroad.
• Premiums on the plan are very competitive.
• There are free services available, which include pick me up, drive me home, and roadside assistance.

Disadvantages of Nedbank Portable Possessions Insurance

• Money cannot be covered by the plan.
• Unspecified valuable items will result in being underinsured.

Conclusion

The plan’s coverage for portable possessions is highly customizable, especially for those who want to cover more valuable items. Those who want to cover less valuable items can also take advantage of the plan by selecting an unspecified cover if the cover amount allows.