Hey all, anyone who insures with BMW get the awesome letter this week saying all monthly premiums are going up by nearly 18%! Madness when you've owned a car a few years and all it's done in value is depreciate - so now you pay more for a car even though value is less than it was 6/12months ago, crazy!! Think i'll be calling around looking for new quotes soon.
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Read the WELCOME ALL BMWFANATICS post.
BMW Steelers insurance increase!
- Thread starter EdOC
- Start date
Gregmeister
Member
Yup, I got that same letter. This is now the second time while with "BMW" insurance, that they have unashamedly hiked the price unexpectedly. First time they changed my premium, because they had suddenly devised a new rule that introduced a MINIMUM premium, regardless of the value of the car. So my premium went up by R180!! Now a 18% hike! I contacted them, to find out how my premium got hiked 8 months after first insuring a specific car, and they told me they don't have a period of guaranteed premiums, meaning they can hike the premium when they see fit. Other insurers will guarantee your premium for at least a year.
I called DD whom with I have my home/bakkie/bike insurance and they quoted me about R150pm less, but this included a R3500.00 excess as well as only insuring the car for a value of R90k. In fact they struggled to find the right vehicle to evaluate in the Mead & McGrouther guide, also worrying. With BMW Insurance I am insured for a value of R140k and no excess for R604. Difficult to make a true comparison, but at least BMW Insurance seem to recognise the vehicle's value better, which will be important if I ever have to face replacement.
Maybe someone out there knows of an insurer who specialises in less run of the mill models etc. I mean who do the M5 guys have their cars insured with?
I called DD whom with I have my home/bakkie/bike insurance and they quoted me about R150pm less, but this included a R3500.00 excess as well as only insuring the car for a value of R90k. In fact they struggled to find the right vehicle to evaluate in the Mead & McGrouther guide, also worrying. With BMW Insurance I am insured for a value of R140k and no excess for R604. Difficult to make a true comparison, but at least BMW Insurance seem to recognise the vehicle's value better, which will be important if I ever have to face replacement.
Maybe someone out there knows of an insurer who specialises in less run of the mill models etc. I mean who do the M5 guys have their cars insured with?
imp:
TOOFAST MP
New member
I got my. E60 insured from quicksure. Insured for 225k. R630 + 120. For tracking. It was R850 rand cheaper than all the others and I would still have had to install tracking
Gregmeister
Member
I can understand repair costs increasing, especially with rising fuel prices, but I have had comprehensive insurance for 14 years, and I have never had a premium increase after just 8 months of insuring a car for a specific value, without a claim. Case in point. The last time I did claim after some douche-bag drove into the back of my E46 325Ci, my premium STILL stayed the same until a full year had passed and back then I was with A&G!! It is, IMHO uncompetitive of an insurance company to not want to fix insurance premiums for at least a year. Therefore, justifed increases due to rising costs or not...I don't like the feeling I am getting of being SHAFTED! Rant over...:argh:
BMW M
///Member
Why do you guys insure with BMW Insurance? I was told straight by the salesman when I bought my cars, he's not even going to bother with that,as I will find better and cheaper insurance 'outside'...
So currently my 2010 Dynamic is insured for R430k with a access of R1800 for body damage and no access on glass and I'm paying R674 p/m with Santam.
My total insurance premium with them is R1380p/m which includes house content and my Navara insured for R240k. Dont think thats half bad.
:bravo:
So currently my 2010 Dynamic is insured for R430k with a access of R1800 for body damage and no access on glass and I'm paying R674 p/m with Santam.
My total insurance premium with them is R1380p/m which includes house content and my Navara insured for R240k. Dont think thats half bad.
:bravo:
Gregmeister
Member
mmm...maybe I should give them a call....
L~C~G
Active member
Every time you get an increase letter you NEED to shop around. it is the easiest way to save yourself some money in this economy. You have to keep them on their toes.
I had all of my vehicles with Outsurance.
1998 - E36 328i
1997 - E39 323i
1999 - Merc C250TD
2003 Peugeot 1.9d panel van (business use)
The total for all of these cars was around R3200 per month.
Miway quoted me R1600 for everything. when I went back to outsurance to cancel the policy I was handed over to their retentions department and they matched miways price.
I would love to have dropped outsurance on the spot for shafting me for so long but rather than having all four cars inspected again for new insurance I stayed with them.
I also moved the other halfs Fiat Palio to outsurance for R300 a month after budget had just increased it to R615.00. Just wait until I get an increase letter again. :thumbs:
I had all of my vehicles with Outsurance.
1998 - E36 328i
1997 - E39 323i
1999 - Merc C250TD
2003 Peugeot 1.9d panel van (business use)
The total for all of these cars was around R3200 per month.
Miway quoted me R1600 for everything. when I went back to outsurance to cancel the policy I was handed over to their retentions department and they matched miways price.
I would love to have dropped outsurance on the spot for shafting me for so long but rather than having all four cars inspected again for new insurance I stayed with them.
I also moved the other halfs Fiat Palio to outsurance for R300 a month after budget had just increased it to R615.00. Just wait until I get an increase letter again. :thumbs:
zaleonardz
Well-known member
Yea but see, we are getting ass raped once again.
While increases of way over 10%+ is on the cards for virtually anything, our goverment has chosen our inflation basket so selectively that they only reflect inflation of under 6%.
Far from the truth, but I cannot give increases above inflation or my german head office would have my balls, so I know the guys are getting shafted, they know they are getting shafted, and as such, we are loosing talent because guys are literally leaving positions for an extra R1,000 a month.
This is a serious problem...
Who got an 18% or more salary increase last year... I know I sure as hell did not.
While increases of way over 10%+ is on the cards for virtually anything, our goverment has chosen our inflation basket so selectively that they only reflect inflation of under 6%.
Far from the truth, but I cannot give increases above inflation or my german head office would have my balls, so I know the guys are getting shafted, they know they are getting shafted, and as such, we are loosing talent because guys are literally leaving positions for an extra R1,000 a month.
This is a serious problem...
Who got an 18% or more salary increase last year... I know I sure as hell did not.
Gregmeister
Member
The plot thickens...so I called Sanlam, and they can't really match the value covered that BMW are insuring the car for....which got me thinking...how DID they get to the R140k they claim on the Policy, the car is insured for...so I ring them up and... lo and behold, the only value they can come up with in the M&M is R99k (by the way, an automatic E39 of the same year has a higher value in the M&M at R113k, so the fact that the manual was more expensive and is now rare has no bearing) So all this time, I'm paying for a car that is covered for 40k more than they would be willing to pay out, as they would only pay out what the book tells them to, or a dealer valuation (which I am now going to do). They have no idea where the amount comes from....So I get them to adjust the premium according the book value, and the premium comes down to R464. Awesome...but wait...that that cannot be right, as BMW have a minimum premium rate of R540? I bring it to the attention of the consultant... He is confused, and says he will have to ring me back...which he has not done...Something very strange is going on here...why did he not realize right away the premium of R464 would be invalid....and why did the system allow that figure to be calculated...mmm...Stay tuned...
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