Insurance Costs

Rayne said:
He is underinsured af. Common sense dictates that someone with a a R100k TV cannot have have a mere R200k worth of contents in his home.

Everything he takes with him if he moves = contents.
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Highly possible if he's single, 100k TV, 3k fridge, 12k Xbox or PS5.
 
Depends what cover he took out. Normal Contents cover provides cover against the basics like fire, theft, lighting, etc. If he knocked it over or if it broke accidentally, he would need the optional cover for Accidental Damage. If it broke down electrically or electronically, that's also an optional cover. The kind of Contents cover he has will thus dictate IF he even has a valid claim.
 
Big-Mac said:
So a friend of mine just broke his expensive ass OLED TV, he always believed that insurance is a scam and has never had any sort of insurance but when he bought his OLED 4 months ago he took out home contents insurance, he was quoted 70k to fix it by the authorised repairer, he wants to know what are the ramifications of claiming so early? His total cover is for 200k.
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It happens but he will be fine, we changed insurers to PPS wife lost her rings, on day 2 of new insurance, paid out day 4 been with them over 5 years no issues.
 
Katelknaap said:
Depends what cover he took out. Normal Contents cover provides cover against the basics like fire, theft, lighting, etc. If he knocked it over or if it broke accidentally, he would need the optional cover for Accidental Damage. If it broke down electrically or electronically, that's also an optional cover. The kind of Contents cover he has will thus dictate IF he even has a valid claim.
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Also this, unless you have accidental or specific item, this item will not be covered unless theft fire etc.
 
Lupus said:
Highly possible if he's single, 100k TV, 3k fridge, 12k Xbox or PS5.
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It's exactly this, he has like 6 items in his name, 2 beds - 15k, TV - 100K, sound system - 50k, PS5 - 12K, fridge - 5k and everything else like microwave and coffee table amount to less than 3k, he is adamant that 200k covers everything. He says his policy covers accidental damage as that's one thing he made sure he had. So his tv is is a LG 77" G1 which comes with it's own wall mount and no stand, so when he got the tv we just used the normal vesa mount he had to put it on the wall, he now wanted to use the gallery mount to make it look flush on the wall. His gf was helping him and well the rest is history. He will be purchasing a house in the next few years and when that happens he was going to increase the cover and so he doesn't want this to affect him in the future.
 
Lupus said:
They could cancel on him, which will be a black mark for the next 5 years, this black mark makes other insurance companies increase their amounts.
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Alas why he thinks insurance is a scam lol but why would they do this though i mean accidents happen and is why we take out insurance in the first place.
 
Big-Mac said:
Alas why he thinks insurance is a scam lol but why would they do this though i mean accidents happen and is why we take out insurance in the first place.
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No decent insurer will cancel a policy if u claim soon after inception. They might just take a longer look at the claim, but if everything checks out, they'll proceed and settle.
 
Big-Mac said:
Alas why he thinks insurance is a scam lol but why would they do this though i mean accidents happen and is why we take out insurance in the first place.
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Cause if your loss record is higher than the premiums you've paid, it's counted as a loss and they will cancel on you.
 
Big-Mac said:
It's exactly this, he has like 6 items in his name, 2 beds - 15k, TV - 100K, sound system - 50k, PS5 - 12K, fridge - 5k and everything else like microwave and coffee table amount to less than 3k, he is adamant that 200k covers everything. He says his policy covers accidental damage as that's one thing he made sure he had. So his tv is is a LG 77" G1 which comes with it's own wall mount and no stand, so when he got the tv we just used the normal vesa mount he had to put it on the wall, he now wanted to use the gallery mount to make it look flush on the wall. His gf was helping him and well the rest is history. He will be purchasing a house in the next few years and when that happens he was going to increase the cover and so he doesn't want this to affect him in the future.
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Good on him if he made provision for such a high Accidental damage cover limit. Most people have maybe R 10/R20k Accidental damage cover.

Your friend is forgetting about his clothing which can quickly add up to a hefty amount. Everyone is different though and hopefully it works out for him. Accidental damage cover is normally not subject to average, but again, it depends on what his policy says. There are so many different insurers these days with all kinds of different products that it's difficult to make broad comments.
 
Snyper564 said:
As I mentioned I joined PPS and claimed on day 2 was paid out day 4 no issues whatsoever and been with them many years since.
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That's good, they took the risk. But I know they can cancel because of that reason, I was with an insurance company for 5 months, my house got robbed cleared me out for 95k in 2009 and they cancelled shortly after stating the loss was too high.
 
Lupus said:
That's good, they took the risk. But I know they can cancel because of that reason, I was with an insurance company for 5 months, my house got robbed cleared me out for 95k in 2009 and they cancelled shortly after stating the loss was too high.
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Ah I guess its case by case basis thats really not cool, but also good to know. Thanks!
 
Snyper564 said:
Ah I guess its case by case basis thats really not cool, but also good to know. Thanks!
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Yup think it is, and guess the only insurance company to black mark me over it?
 
Katelknaap said:
Good on him if he made provision for such a high Accidental damage cover limit. Most people have maybe R 10/R20k Accidental damage cover.

Your friend is forgetting about his clothing which can quickly add up to a hefty amount. Everyone is different though and hopefully it works out for him. Accidental damage cover is normally not subject to average, but again, it depends on what his policy says. There are so many different insurers these days with all kinds of different products that it's difficult to make broad comments.
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Damn even i haven't taken our clothes into account on my own cover, il have to look into that but yes the policy is comprehensive and says accidental damage included at 200k, the insurer is miway if that helps.

I know companies like Naked want you to specify things for accidental damage but they go up to 50k, well when i did a quote with them it was like that, so if something is more than 50k they don't cover it for accidents?

Also how do insurers settle claims like this? Do they give you the money (he doesn't prefer this) or do they do the repair? Or do they replace?
 
Car - R525 pm comprehensive cover (Hyundai Elantra 1.6 - 2017 new shape model) with R1,500 excess.

With Old Mutual, been with them for 15+years - recently got competitive quotes, Outsurance couldn't even get close and got some free money from them :)
 
When i got my F30 320d i took out insurance with outsurance, i know, it was back in the day. Anyway, i crashed it within 2 weeks. The 1st premium was still due to go off. R100k damages. They did their normal investigations. Repaired the car and carried on as normal. No increased premium or anything. I changed insurers after a year or 2.

FFW 2 years. I jumped my fathers jeep wrangler through a ditch and into a fence. Outsurance did a moerse investigation. Same people that did the investigation with the BMW. They paid out. Changed insurers not long after that.

Guess we were lucky.
 
W@P said:
When i got my F30 320d i took out insurance with outsurance, i know, it was back in the day. Anyway, i crashed it within 2 weeks. The 1st premium was still due to go off. R100k damages. They did their normal investigations. Repaired the car and carried on as normal. No increased premium or anything. I changed insurers after a year or 2.

FFW 2 years. I jumped my fathers jeep wrangler through a ditch and into a fence. Outsurance did a moerse investigation. Same people that did the investigation with the BMW. They paid out. Changed insurers not long after that.

Guess we were lucky.
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Why did you change then?
 
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