The announcement of an increase to VAT has left many South Africans wondering what the impact will be on their budgets. The 0.5 percentage point increase for 2025\/26, followed by a further 0.5 percentage point increase for 2026\/27, mean that VAT will increase to 15.5% this year and 16.0% in 2026.<\/p>\n\n\n\n
\u201cWhile this could see more strain on our pockets, it\u2019s important not to abandon financial plans, particularly, short-term insurance cover, says Ryno de Kock, Head of Distribution at PSG Insure. \u201cInsurance is often considered to be intangible but overlooking the value it can bring when you need it most, can have far-reaching effects.\u201d<\/p>\n\n\n\n
![\"Ryno](\"https:\/\/novanews.co.za\/vistanews\/wp-content\/uploads\/2025\/03\/Ryno.jpg\")
Life is unpredictable, and accidents or unforeseen events tend to happen while we\u2019re busy making other plans, as the saying goes. Short-term insurance serves as a safety net, providing protection and peace of mind in the face of unexpected emergencies and costs.<\/p>\n\n\n\n
\u201cWhile it may seem like a luxury item in your budget that you might not need in the present moment, the long-term benefits of having comprehensive insurance coverage far outweigh the costs,\u201d he explains.<\/p>\n\n\n\n \u201cWhile this could see more strain on our pockets, it\u2019s important not to abandon financial plans, particularly, short-term insurance cover, says Ryno de Kock, Head of Distribution at PSG Insure. \u201c<\/p>Ryno de Kock<\/cite><\/blockquote><\/figure>\n\n\n\n When it comes to the financial factors involved in crime, or following a natural disaster like a fire or flooding or even if your geyser bursts, there are many expenses to contend with, which are much harder to face without insurance. If you are still paying off a loan for your vehicle or property and disaster strikes, you could find yourself in terrible debt.<\/p>\n\n\n\n \u201cWithout insurance to cover losses, you would be left to shoulder the burden of replacing your assets while continuing to meet your loan obligations. And even if you\u2019re not still paying off your car or home, the repair costs could be high and are unlikely to be easy to manage within your monthly budget. To have to rely on credit or borrowing from your long-term savings to manage something that could\u2019ve been covered by insurance, doesn\u2019t make good financial sense,\u201d de Kock adds. <\/p>\n\n\n\n \u201cEven if you have access to a substantial sum of money, depleting your savings to cover such expenses could have long-lasting repercussions on your financial stability. Keeping insurance in place safeguards your future self against the financial impact of unexpected setbacks.\u201d<\/p>\n\n\n\n It\u2019s entirely possible to find affordable insurance cover and it\u2019s worth consulting an insurance adviser who can assist you with \u2018shopping around\u2019 for the right cover to meet your needs \u2013 and your pocket.<\/p>\n\n\n\n An adviser helps you strike a balance between comprehensive coverage and affordability by looking holistically at your needs \u2013 such as where you live and work, the car you drive and the items (contents) you need to insure.<\/p>\n\n\n\n It\u2019s important to keep in mind that the cost of items like appliances, clothing and furniture tend to go up in price each year, usually due to inflation and import costs, so this is why it\u2019s required to regularly keep track of what you own to ensure you cover your goods effectively.<\/p>\n\n\n\n \u201cHopefully you never have to make a claim on your insurance policy, but it is best to be prepared for unforeseen events than to face financial hardship that could\u2019ve been prevented. We live in a country that is full of surprises, so prioritising insurance, with the help of tailored advice, is a proactive step towards protecting yourself and your assets against any uncertainty,\u201d de Kock concludes. <\/p>\n","protected":false},"excerpt":{"rendered":" The announcement of an increase to VAT has left many South Africans wondering what the impact will be on their budgets. The 0.5 percentage point increase for 2025\/26, followed by 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