Discovery Portable Possessions Insurance Review 2021

Published by
Lethabo Ntsoane

Portable Possessions are the assets and smaller items that we carry with us when we leave the house. Most of our portable possessions are important to us and we need them in our day to day activities as they enable us to work or form part of our entertainment. Since these possessions are so important to us, we need to protect them from loss or damage. 

The portable possessions insurance protects portable possessions from loss or damage. However, it does not cover intentional damage or loss caused by negligence. As a result, even if you have portable possessions insurance, proper managing of your portable insurance is critical.

Discovery Insure’s portable possessions insurance helps safeguard portable possessions from loss or damage. Clients can choose from a range of portable possessions insurance options offered by Discovery insure and they are able to select the option which they believe is best for them.

Portable Possessions Insurance from Discovery Insure has its own limitations but comes with plans that have some of the best covers for portable possessions insurance products in South Africa. The cover on any portable possessions insurance product is active anywhere in the world. 

Discovery Portable Possessions Insurance Summary

Discovery Portable Possessions Insurance has portable possessions cover packages for people who desire a small amount of coverage for their personal belongings to those who want to cover expensive items. With the Discovery Portable Possessions Insurance, you can cover your clothing and personal items, jewellery, watches, electronic devices and other items that you take out of your building. 

The portable possessions insurance requires the specification of certain items. Items that need to be specified under the portable possessions insurance are those that are expensive. Other items that are not very expensive may not be specified. Unspecified items include items that are deemed to be cheap. Items that are worth over R2,000.00 have to be specified. 

Discovery Portable Possessions Insurance Products

Discover Portable Possessions Insurance has three plans offered to customers. The plans available target owners of different kinds of portable possessions. Plans available under the portable possessions insurance include the Essential plan, Classic Plan and Purple Plan. 

Below are the portable possessions plans discussed. 

Essential Plan

The portable possessions Essential plan provides cover that is limited based on what one wants to cover. This cover is for any portable possessions that you carry around with you.

Like any other portable insurance plan, you will need to specify items under the Essential plan. Items that are expensive such as jewellery, watches and collectable assets of value will have to be specified. Unspecified items are also included in the Essential plan. 

Unspecified Items use aggregated cover amounts for claim purposes. If an item does not fall under the unspecified cover criteria, it should be specified. This will help get the right cover for the item insured. The value of an item that is insured must be correct for claiming purposes. The use of a SABS (South African Bureau of Standards) valuator is advisable when insuring specified items. 

Classic Plan

Discovery Classic plan offers a moderate cover for portable possessions. The Classic plan covers a wide range of items and many of which need to be specified. Specification of items will help in providing the actual value of an asset. When making a valuation of an asset it is good to keep the valuation certificate of an asset that is being specified. This will help in making claims in the future.

The use of a SABS accredited valuator when valuating the items you intend to insure under the specified cover is crucial as it will provide credibility to the valuation of the assets. Furthermore, such a valuation will help in making sure that the amount covered is the correct asset value. You won’t be at risk of being overinsured or underinsured. 

The items that the classic cover include:

  • General clothing and personal effects,
  • Safety deposit items,
  • Camera and media devices,
  • Caravan and camping equipment,
  • Computing equipment and mobile communication devices,
  • Firearms,
  • Jewellery,
  • Watches,
  • Motorised equipment,
  • Pedal cycles,
  • Stamp, medal and coin collections,
  • Surfboards, paddle skis, kayaks, canoes, kiteboards, surf skis, windsurf boards, and sailboards, and more

Purple Plan

Discovery Purple portable possessions insurance plan provides high-end cover on items that fall under the portable possessions category. All items need to be specified under the Purple plan and these may include:

  • General clothing and personal effects,
  • Safety deposit items,
  • Camera and media devices,
  • Caravans and camping equipment,
  • Computing equipment and mobile communication devices,
  • Firearms,
  • Jewellery,
  • Watches,
  • Motorised equipment,
  • Pedal cycles, and
  • Stamp, medal and coin collections

The cover on the Purple plan is higher than any other portable possessions insurance plan. It is crucial to be thorough when specifying items under the plan. The plan is specifically made for executives who carry around with them expensive items. 

What the Discovery Portable Possessions Insurance doesn’t cover

Discover Portable Possessions Insurance doesn’t cover certain things, these include:

  • Sporting equipment used for professional purposes,
  • Money or documents,
  • Motor vehicles, motorcycles, trailers, caravans, hang gliders, drones, aircraft and motorised watercraft, and
  • Any loss or damage to
    • Property which is bought to be specifically sold in a business transaction,
    • Property which is dispatched under a bill of lading,
    • Tools used for business or professional purposes unless that tool is specified.

Advantages of Discovery Portable Possessions Insurance

  • Portable possessions are also covered when they are at home.
  • There are a number of plans available to choose from.
  • The cover amount on portable possessions is adjustable.
  • Different types of portable possessions can be covered.
  • Even the cheapest policy covers a wide range of home contents.

Disadvantages of Discovery Portable Possessions Insurance

  • There is no cashback benefit.
  • There are no free benefits for policyholders.

Conclusion

The portable possessions insurance offered by Discovery allows you to insure a variety of portable possessions, many of which can be specified. The insurance plans are tailored for various types of customers based on their asset value. The primary distinction is whether or not things can be specified per plan.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at lethabo@rateweb.co.za

Published by
Lethabo Ntsoane