FNB Device Insurance increase

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lholhos

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Dear MR A *********

Policy Number: FNB*****

FNB Insurance Brokers (“FNBIB”) would like to thank you for the confidence you have shown in us to manage your short term insurance on your smart device.

During the last year, the insurance industry has been faced with a number of challenges; with a marked increase in the number of claims experienced.

The current economic situation has also affected the insurance industry which in turn has affected the underwriter’s business strategy and it has therefore become necessary for them to implement a general rate adjustment. For a number of years now, premiums for most lines of short-term insurance have been below inflation and keeping rates at this level has become unsustainable.

Further to this, to ensure that your interest is protected we have, where necessary, adjusted your Device sum/s insured to the current retail value to ensure that you are adequately insured at the time of a loss. Kindly note that this amendment, if applicable, could result in an adjustment of your premium amount.

Given the afore-mentioned changes, your insurance premium will increase by R 37.08 per month and we request that you kindly accept this letter as the 30 days notice with regards to the adjustment of your insurance policy effective as of the 1st of October 2013.

We trust that you will find the adjustment reasonable and in line with current market trends. For queries or assistance please contact us on 0861 000 804 or you may forward an email to [email protected]

Yours sincerely,

The FNB Device Insurance Team
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Did anyone with FNB device insurance received this shocking notification? Currently paying R42.91 for my Note 2 since January. 86% increase WTF?
 
A rate of between 11-13% is the normal market rate, anything higher and I would test the market.
 
Crime is climbing, so then must premiums. My 4 cellphones are not insured. If one goes, but a R199 model, till the contract allows for a upgrade.
 
My s2 was insured 2 years ago for R7500 at a rate of R28pm.
My s4 was insured 3 months ago for R8500 at a rate of R87pm. Both dialdirect. No idea why but that's the premium they offered me.

Also my policy is claim free since inception in 2008.
 
This is bad, cant cancel my insurance. I will have to accept the price adjustment as it seems like its the industry current trend.
 
The insurance only covers the outstanding amount you owe FNB.

FNB has almost double the amount and reduced your FNB reward points from 200 to 100 points. This makes it for me longer an acceptable deal.
 
MtnUser said:
The insurance only covers the outstanding amount you owe FNB.

FNB has almost double the amount and reduced your FNB reward points from 200 to 100 points. This makes it for me longer an acceptable deal.
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How do you know it's only for the outstanding amount? Insurance is normally based on replacement cost of the device, not outstanding financed amount.
 
sjm said:
How do you know it's only for the outstanding amount? Insurance is normally based on replacement cost of the device, not outstanding financed amount.
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Do you still have the original document they sent you?
 
sjm said:
How do you know it's only for the outstanding amount? Insurance is normally based on replacement cost of the device, not outstanding financed amount.
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https://www.fnb.co.za/insurance/device-insurance.html

What am I insured for?
This insurance covers you against accidental loss, damage or theft. If your insured smartphone / tablet/device is accidentally lost, the amount payable will be the current settlement value. You will be responsible for the 10% excess payable, the insured sum to a minimum of R500.
 
I have out and about insurance with Outsurance.

Excess is R250, and I pay about R36 for my S3 Mini at R4000... So it seems more or less in line. Except for the excess...
 
Spyk3r said:
I have out and about insurance with Outsurance.

Excess is R250, and I pay about R36 for my S3 Mini at R4000... So it seems more or less in line. Except for the excess...
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If you still owe FNB R1000 when something happen you pay them R500 to get only the R1000 written off. Nothing else, so you still have to pay for your new device.
 
MtnUser said:
If you still owe FNB R1000 when something happen you pay them R500 to get only the R1000 written off. Nothing else, so you still have to pay for your new device.
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No, if something happens, I get a new phone (by buying it new or through classifieds), or take the money and pay off the phone...
 
I now cancelled my insurance with FNB and saw this also:

ADDITIONAL COMPULSORY EXCESSES:
Insured Event Excess - All Claims submitted within the first 6 months of inception date of cover R1,500
 
In June,I lost my Samsung Note 2 which I 'bought' in December 2012, I was paid R3400 to settle the phone. It was not a smooth claim as I had to call, email them endlessly to actually get the money. Thanks to RB Jacobs.
 
I went from my S4's R111 premuim at outsuckers to a 10 inch R999 tablet and a small R1000 phone.

I never have to deal with outsurance again +1000
I have a battery that lasts like 7 days +1
my 10 inch is a lot better when i am waiting at the post office/insert government waiting line here +1

(not really any help but my s4 went in for repairs for battery related problems six times now and now i just leave it in it's box. :) )
 
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