Insurance Insanity!

I was paying R1300pm with no excess for my 325i valued at 280K at Indwe Risk. Its underwritten by Santam. Outsurance quoted me R2800pm with R5000 excess on same car.

I'm now on a company scheme, paying a ridiculous R500 pm. :o
 
Yeah Indwe kept raising my insurance, per month, and then my policy expired... lol... oh happy days LOL
 
I never understood the 25 year thing that insurance companies have. I turned 25 recently, and my insurance dropped by like 40-50% for my A3. I asked them why it is, and they said you're less of a risk at 25, cause you are a better driver. Then i mentioned that Lewis Hamilton was racing in Formula 1 at 20.... silence at the other end.... no comeback...

If you use that logic, your premiums should go up once you hit 60, cause old people are dangerous on the roads.
 
MAGANGAT said:
try and get an older person to insure it , maybe your mum or dad , they are usually less riskier than 20 year olds.
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When doing this just be prepared to have your claim rejected for misrepresentation of the risk. People do all sorts of these things then complain when they hit a snag.
 
Broker

Get a quote through a broker?

My cars were insured with one Company for almost 20 years. I never had a days problem with them and even got no claims bonuses.
The problem started when I needed to list my 18 year old daughter as the regular driver of the one car we own. The Insurance Company I was with refused to put my daughter down as the regular driver. I pleaded with them and even asked them to elevate it to Management level and they came back with the same answer of, no.
So I made enquiries and chatted with a few people about the matter and I got the suggestion to consult a broker which I did. The broker came to see me, heard my story, I filled in a few forms and within a week I had a new quote from another Insurance Company through the Broker.
The new quote was about R100 more expensive, but with that I got 2 cars insured comprehensively and 1 bakkie insured with balance of third party, plus and here comes the bonus, household insurance for several hundred thousand rand. My premium is a little over R1000 a month.

And the new Company was put to the test recently as well. Someone ran into the back of the one car last year and they settled the claim and I got the excess back last week via EFT.

The Brokers are in the business. They know what is happening in the Industry on a daily basis.
 
But how much do you have to pay a broker to get you a nice deal?
And also can anybody use a broker?I have this idea that only wealthy people use brokers.
 
Fern9do said:
But how much do you have to pay a broker to get you a nice deal?
And also can anybody use a broker?I have this idea that only wealthy people use brokers.
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No, most people use brokers if they're insured with Santam, or any company that doesn't fall under Budget/OUTSurance/Miway/etc. Their commission per policy is not really something to get excited about.
 
Fern9do said:
But how much do you have to pay a broker to get you a nice deal?
And also can anybody use a broker?I have this idea that only wealthy people use brokers.
Click to expand...
I only pay the Insurance Premium. The Broker must obviously get his cut from the Insurance Company.
 
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