Car likely written off

The sum insured is the maximum they'll pay not the definite value you'll get... Those are good premiums though.

EDIT: please PM me your brokers details
 
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stroller said:
Have checked my policy and the two vehicles that are on the policy each has a sum insured. No mention of Trade, Retail, Transunion or M&M.
Presumably, that is what I'll be paid out in the event off a 'write-off'.

Did a quick search on Autotrader and the sums assured are very much in the ball park of prices quoted on their website.

2004 Jazz insured for R53,900 and 2013 CR-V 2l for R242,800. No Excess.
Premium on the Jazz is R109.03 and on the CR-V is R292.91

Insured with Zurich.
I have had only two insignificant claims and these were paid out within seven days.
I think that I've a very competent broker.
Click to expand...
Amazing premiums, perhaps Hondas aren't stolen much?
 
I'v just chatted to my broker and she tells me that it works like this:

Because my policy's renewal date is October the sums assured as shown in my post and the values as reflected in the Autotrader at present are in line. However if I prang my car in, say September 2016 and it is a write off, I'll not get the values as contained in the policy because the vehicle will depreciate over eleven months. What I'll get would be close to the prices that would be listed on the Autotrader website in September 2016.

The argument used by the insurance industry use as to why the monthly premiums don't decrease:
Whist the value of the vehicle decreases every month, the cost of vehicle parts and labour increases.
In the event of my having a prang during this period the insurer has made provision for the increase in the cost of repair.
I checked this with a panel beater and he assured me that the rapid escalation of costs of components and material to do the repairs is mind boggling.

My monthly premiums are low because of my age, my track record of claims and because I reside in a small town; folk here don't steal cars, they simply borrow them!
 
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stroller said:
I'v just chatted to my broker and she tells me that it works like this:

Because my policy's renewal date is October the sums assured as shown in my post and the values as reflected in the Autotrader at present are in line. However if I prang my car in, say September 2016 and it is a write off, I'll not get the values as contained in the policy because the vehicle will depreciate over eleven months. What I'll get would be close to the prices that would be listed on the Autotrader website in September 2016.

The argument used by the insurance industry use as to why the monthly premiums don't decrease:
Whist the value of the vehicle decreases every month, the cost of vehicle parts and labour increases.
In the event of my having a prang during this period the insurer has made provision for the increase in the cost of repair.
I checked this with a panel beater and he assured me that the rapid escalation of costs of components and material to do the repairs is mind boggling.

My monthly premiums are low because of my age, my track record of claims and because I reside in a small town; folk here don't steal cars, they simply borrow them!
Click to expand...

That's how insurance work.

I'm just curious did your broker say Autotrader or Autodealer?
Autodealer refers to the Autodealer Association Transunion booklet
 
Well on a plus note I get my excess back in 5-10 working days, so getting an effective pay out of R59 800, almost what I paid for the thing 5 months ago... Now to try and rationalize the R12k spent fixing the old one as "school fees".
 
stroller said:
Have checked my policy and the two vehicles that are on the policy each has a sum insured. No mention of Trade, Retail, Transunion or M&M.
Presumably, that is what I'll be paid out in the event off a 'write-off'.

Did a quick search on Autotrader and the sums assured are very much in the ball park of prices quoted on their website.

2004 Jazz insured for R53,900 and 2013 CR-V 2l for R242,800. No Excess.
Premium on the Jazz is R109.03 and on the CR-V is R292.91

Insured with Zurich.
I have had only two insignificant claims and these were paid out within seven days.
I think that I've a very competent broker.
Click to expand...

the policy is updated annually, you should be sent docs prior to the policy's birthday.
 
So my payment was authorized and on it's way, until it wasn't... Apparently they need the original registration docs to authorize the payment. You think they would have mentioned that in the last 3 and a half weeks, but no... Had a serious sense of humour failure and now have to wait until they pull finger and get a courier to me to collect the doc.

I am ****ing apoplectic...
 
ScottulusMaximus said:
Well on a plus note I get my excess back in 5-10 working days, so getting an effective pay out of R59 800, almost what I paid for the thing 5 months ago... Now to try and rationalize the R12k spent fixing the old one as "school fees".
Click to expand...
And your time, that's the killer, arranging for the repairs, dropping the car off fetching it, dealing with the garage and the quibbles.
 
ScottulusMaximus said:
So my payment was authorized and on it's way, until it wasn't... Apparently they need the original registration docs to authorize the payment. You think they would have mentioned that in the last 3 and a half weeks, but no... Had a serious sense of humour failure and now have to wait until they pull finger and get a courier to me to collect the doc.

I am ****ing apoplectic...
Click to expand...

funny story here,

when my dad went to the insurance offices to drop off the keys of my written off car,
he mentioned seeing the emails going around,

saying" we have no choice but to pay out" and " tried to examine him multiple times, but sticking to his story",

this convinced me that they a buisness after all, and if they can pay you any less, or delay the payment in even the smallest way,
theyll take it,
 
xrapidx said:
Which part was difficult?
Click to expand...

"allows you to claim against preparation of the claim"

EDIT: nothing in my policy even remotely resembling that... And besides I don't have any costs I incurred preparing the claim(except the vast amounts of alcohol that was required to prevent mass murder)
 
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eg2505 said:
Congrats, Consider yourself lucky,
Many don't even get the cash just fight everyday with the courts.

Insurance companies can take the hot out of life sometimes.
Click to expand...

The excess and returned Nov premium also came through last night! Seems it pays to be a pain in the arse... Although I do feel bad for the poor people I terrorized, phoned and thanked them and apologised.
 
Pitbull said:
Go get finance on a new vehicle, pay down a nice deposit and have a great holiday with the change.
Click to expand...

If you're going to finance a vehicle... rather go with no deposit, and pay it in after the loan, it should get you a better interest rate (once you pay the extra money in, you can ask them to reduce the term, or reduce the monthly payments.
 
Pitbull said:
Go get finance on a new vehicle, pay down a nice deposit and have a great holiday with the change.
Click to expand...

xrapidx said:
If you're going to finance a vehicle... rather go with no deposit, and pay it in after the loan, it should get you a better interest rate (once you pay the extra money in, you can ask them to reduce the term, or reduce the monthly payments.
Click to expand...

Buying new car cash...

Not a S'african so financing is ridiculously expensive.
 
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