REUTERS/Benoit Tessier
REUTERS/Benoit Tessier

What are the most important questions you need to ask when looking for handbag cover?

By Vernon Pillay Time of article published Dec 4, 2021

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Handbag cover is not something we think about until it’s too late. We have so much of our lives inside our handbags that we take for granted but little do we realise we can insure these items and have a sense of safety surrounding this item we carry around with us without thinking.

Rudolf Britz, Chief Actuary at Momentum Insure has some pointers:

Q: What are the basic specifics you would need to cover?

A: For the handbag benefit there is no need to specify any particular item. The typical items that would be covered under this benefit include prescription glasses, sunglasses, makeup, perfume, your purse, and wallet - but contrary to the male species perspective, not the kitchen sink!

Q: What is not covered by any insurer?

A: Every insurer has their terms and conditions, but at Momentum Insure we will not cover cellular phones and personal documents like your driver’s license and ID, as well as bank or credit cards. With other insurers who do not have this specific benefit aimed at women, one would most likely have to take a more comprehensive insurance solution and go through a rigorous process of underwriting to get to the same benefit.

Q: Up to how much could be paid out for a handbag when stolen?

A: We will pay up to the amount noted on the policy schedule.

Q: Can it fall under household and/or car insurance?

A: The optional woman’s benefit is available on any Momentum Insure policy and includes handbag cover and breast cancer cover. For example, it can be selected on a household contents policy or a car insurance policy.

Q: What is the process of getting handbag insurance?

A: The women’s benefit option needs to be selected on the policy. This will not require any additional underwriting. The benefit will then provide cover for the loss or theft of a handbag and its contents. This cover is in addition to any other cover provided for the same insurance risk (such as unspecified or specified personal portable possessions cover).

Q: Does it have to be a specific handbag you constantly use or the same contents?

A: No, this is a general cover for your handbag so you won’t need to specify it, and you will enjoy cover even if you have a different handbag for each day of the week. However, remember that no matter the handbag, the bag, and its contents are covered to the maximum value specified on the policy schedule.

Q: What are the things your insurer needs to know?

A: No additional underwriting needs to be done for the optional benefit. We would need to know if your handbag and its contents exceed the limit so that we can give the best advice on what additional cover you might need.

Q: Do you need to disclose things like where you walk to and from or where you keep your handbag in the car?

A: No additional underwriting needs to be done for the optional benefit so these issues don’t need to be disclosed. However, for your safety and the safety of your belongings, it is best to keep your handbag out of sight when it is in your car.

Q: What are the different kinds of cover you get for handbags?

A: Your handbag can be covered under unspecified portable possessions or under optional women’s benefits. If unspecified portable possessions have been selected as well as the optional female benefit cover then the handbag cover is in addition to the personal portable possessions cover.

Q: How do these differ from each other?

A: Unspecified portable possessions refer to the following:

These are items you wear or carry with you; these could change from day to day and it would be impossible to list them each time you need them covered. These items are therefore automatically covered for the overall maximum value you choose (this includes household goods-in-transit). Within this overall limit, there is a maximum value per item, which is noted on your policy schedule. Examples of unspecified portable possessions include handbags, briefcases, prescription glasses, sunglasses, clothing, baby pushcarts and car seats.

Handbag cover under optional female benefits and rewards covers the following:

This provides cover for loss or theft of a handbag and its contents. This cover is in addition to any other cover provided for the same property.

We will pay up to the amount noted on the policy schedule.

Q: What impact does that have on things like waiting times for pay outs?

A: There won’t be much difference between the waiting times for the different claims It is important to note that there is no policy imposed waiting times or time excesses in this regard. You are covered from the day you take the option.

Q: Who qualifies for each?

A: Unspecified cover under personal portable possessions, requires that a contents policy be taken out as well. Handbag cover under optional female benefits and rewards can be taken with any personal lines policy including a motor-only policy.

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