Cash, Miles or Insure Funder Account?
Posted in Mining For Miles With Mims on Mar 12, 2024
Cash, Miles or Insure Funder Account?
“I was recently travelling on the freeway and an object the size of my hand went through my tyre and totally damaged it. For an ordinary person, this could have ruined their festive season. R3500 towards a run flat tyre is not an easy amount to think about at the last minute. I was not even bothered; I've got myself covered. Discovery is going to pay for the new tyre”.
Deciding whether to keep your cashbacks, convert to Miles or transfer it all into your Insure Funder Account is a game. You really need to play this game according to your needs.
Previously, it was very easy to choose between taking the money or doubling it into your Funder Account and protecting yourself against all kinds of emergencies.
Your Excess Funder Account is the best option. Even if you don't have claims, it grows. When it grows, you have an opportunity to start increasing your excess and lowering your premiums. The Funder Account is also available to cover your car excess, should you have a claim.
Now, you have an option of getting Miles instead.
“I've been with Discovery Insure since 2017. In 2021 I had two badly damaged tyres and I used the IFA to fund those two tyres. 2 years later I replaced two more tyres, and recently I had an accidental tyre damage. That means that 5 tyres so far have been paid through my IFA and I still have R30000 available”.
My opinion on whether you should bank your cashbacks or take your Miles?
You really should build your IFA to a level where you are able to cover all your tyres (4 of them in one year) from your Funder Account and have enough money to cover your excess.
So, if your excess is sitting is at R5000, you should have your R5000 ready. And if your tyres are around R3000 per tyre, that’s R12 000. So, in total R17000. Keep that amount available in your IFA.
After that, you can review and if you're comfortable you can start taking your cash back as Miles.
Watch the full video here: https://youtu.be/6HG3T6MbXxU?si=tNuiS_qYA3G6n-aR
You can get in touch with Mims directly about her program by clicking here: