Have your Insurance value adjusted

[zaleonardz]

Hi All,

Important note to have your insurance adjusted as per your cars book value. Simply phone them up, say adjust, and ask what your new lowered premium is, this is important and they dont do this automatically.

For interest sake, lets say you are insured for 200k, and you are paying premiums on 200k.

1 year later, your car is worth 170k, given 30k in depreciation, if your dont let the insurance know, you will still pay for 200k, but should you claim, you will only get paid out at maximum market value, this case being 170k.

WHich means, your overpaying the insurance, this has got to be, in my view, one of the biggest fraud schemes ever.... yet its still perfectly legal....

 

[evilsee]

True true, I think Im getting a little rapes with my premiums at the moment R1220 for a 2007 e90 325i. Im bust going through the process of getting comparative quotes.

 

[Scouse]

Yup, i do mine bi-annually :thumbsup:

 

[msm]

I usually call them every 3-4 months to do this.

 

[akash]

True true, I think Im getting a little rapes with my premiums at the moment R1220 for a 2007 e90 325i. Im bust going through the process of getting comparative quotes.

I have a E90 2006 323i paying R957 with free tracker installation with Outsurance

 

[Dmonic1]

I do this every 6 months also, currently pay R770 pm on a 2008 model 335i current insured value is R380k

 

[kabal]

I do this every 6 months also, currently pay R770 pm on a 2008 model 335i current insured value is R380k

how old are you, and who is your broker?

 

[Twinz]

Thx for the headsup...will do too. :thumb:

 

[evilsee]

Dmonic1 whats your excess like? what company is that with and like Kabal said how old, you can PM me if you want.

 

[MikeR]

:thumbsup: great point guys...I had a fright on my bike insurance was going up on the 1st Feb, so I told them to re look as I'm not happy, he came back with a figure half of what it was going to go up. the filthy thieves. Dont leave it guys, rather have that money for mods.

 

[zaleonardz]

I know some of our members work in the insurance industry, and they will probably have stronger opinions then I would, so full respect. However I am under the full impression that the insurance industry is one of the most corrupt bunch of bastards that operates legally

 

[Dmonic1]

LOL... im 32, Excess is 5% of claim (minimum R3500.00), the price i have also includes car hire.
Im with a broker in durban called CCnA Insurance brokers.

 

[msm]

I know some of our members work in the insurance industry, and they will probably have stronger opinions then I would, so full respect. However I am under the full impression that the insurance industry is one of the most corrupt bunch of bastards that operates legally

Could not agree more.

 

[Venda Boy]

Hi All,

Important note to have your insurance adjusted as per your cars book value. Simply phone them up, say adjust, and ask what your new lowered premium is, this is important and they dont do this automatically.

For interest sake, lets say you are insured for 200k, and you are paying premiums on 200k.

1 year later, your car is worth 170k, given 30k in depreciation, if your dont let the insurance know, you will still pay for 200k, but should you claim, you will only get paid out at maximum market value, this case being 170k.

WHich means, your overpaying the insurance, this has got to be, in my view, one of the biggest fraud schemes ever.... yet its still perfectly legal....

Does your Insurance send you Renewal Letter every year? If yes , you will see that they do adjust and premium might decrease or increase based whether you have claimed or not.

 

[Phoenix]

Flippin hell....i wish i could change the first few numbers of my ID. I'm getting raped because of my age! Last year insurance on my little Opel Corsa 130i was R1650 pm!

 

[jaunef]

I wrote off my car last year, and thought I got a bad deal for insurance afterward. My e60 530i 2004 valued 215 000, Toyota Tazz 2004 valued +/- 50000 and household insurance for R120 000, premium a month is R1100. Nobody else could get me close to that. I'm with Santam and have been for the last 6 years. Not a day's problem.