Insurance problem

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Devill

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Hello All

I am just looking to be pointed in the right direction.

I have a friend that is 21 y/o and he wants insurance for his Ford Focus ST.
The problem is that he is 21 y/o and he has never had insurance on his own name before.

Now he can afford to pay more than a fair monthly fee, and he has even said that he will pay excess (bybetaling?) of R25,000.00.

Where can he go look for a more tailor made insurance packages for him, as he has been declined by two insurance companies already?

Thank you in advance.
 
He's 21, drives an ST and can afford an excess of 25k? Wish I was that wealthy at 21. Are his parents paying for him? If so have them put the insurance in their name and have him as a secondary driver. Way cheaper that way.

He's 21, male and has a fast car. No way any sane insurance company is going to touch him without a HUGE premium.

J

Devill said:
Hello All

I am just looking to be pointed in the right direction.

I have a friend that is 21 y/o and he wants insurance for his Ford Focus ST.
The problem is that he is 21 y/o and he has never had insurance on his own name before.

Now he can afford to pay more than a fair monthly fee, and he has even said that he will pay excess (bybetaling?) of R25,000.00.

Where can he go look for a more tailor made insurance packages for him, as he has been declined by two insurance companies already?

Thank you in advance.
Click to expand...
 
That large excess should help him get insurance. Does he live with his parents or alone? If he lives alone he should ask for household contents insurance AND motor insurance. It makes him look more respectable and they can subsidise the motor insurance with the money they are getting from the contents insurance and so might be willing to take him on. Also adding all risks cover for things like his watch etc will show the insurance company he is there to be properly covered and not just looking for his car only.

Basically car insurance has by far the most claims, so therefore is the most risky, if you add the other things they might feel they have a better chance of making money.

If he doesn't have his own contents he needs to get himself added to his parents cover.
 
Try Momentum Short Term Insurance.
A friend was having a similar issue and the did offer him cover.
The premium was a huge.

Otherwise find a short term insurance broker. They have ways of getting these things approved and may even manage to get a better rate.
 
jsheed_sa said:
He's 21, drives an ST and can afford an excess of 25k? Wish I was that wealthy at 21. Are his parents paying for him? If so have them put the insurance in their name and have him as a secondary driver. Way cheaper that way.

He's 21, male and has a fast car. No way any sane insurance company is going to touch him without a HUGE premium.

J
Click to expand...

No he is paying for himself. He also does not really want to involve his parents.

Sarakael said:
That large excess should help him get insurance. Does he live with his parents or alone? If he lives alone he should ask for household contents insurance AND motor insurance. It makes him look more respectable and they can subsidise the motor insurance with the money they are getting from the contents insurance and so might be willing to take him on. Also adding all risks cover for things like his watch etc will show the insurance company he is there to be properly covered and not just looking for his car only.

Basically car insurance has by far the most claims, so therefore is the most risky, if you add the other things they might feel they have a better chance of making money.

If he doesn't have his own contents he needs to get himself added to his parents cover.
Click to expand...

He is living alone. And I will suggest he do the above mentioned.

memakda said:
Try Momentum Short Term Insurance.
A friend was having a similar issue and the did offer him cover.
The premium was a huge.

Otherwise find a short term insurance broker. They have ways of getting these things approved and may even manage to get a better rate.
Click to expand...

Any other short term insurance brokers you would recommend?
 
Had a similar issue when i bought myself a honda civic at age 22 and been a male.
Check these brokers out http://www.cylex.co.za/company/ed-phaal---associates-15466897.html
They use a 5% excess on your own property damage claims (damage to your own car) so on the focus st of about R350k the max excess is R17500.
On 3rd party property damage and liability (damage to another person car or injury) has no excess.
Outsurance wanted R3050 a month for the insurance alone (laughably close to my monthly instalment on my car in the first place) - granted, it has a flat excess of R3000
Ed Phaal placed it for R930 a month - not nearly as bad, and close to half of the next cheapest place i could find.
My grandfather has used them for 15+ years and my parents for 13 years (they have paid out on 2 separate vehicles which were stolen without much investigation into the matter)
Congrats to your friend for his car :) - I wanted the Focus ST myself, but it was a bit pricey....
 
Last edited:
Devill said:
Hello All

I am just looking to be pointed in the right direction.

I have a friend that is 21 y/o and he wants insurance for his Ford Focus ST.
The problem is that he is 21 y/o and he has never had insurance on his own name before.

Now he can afford to pay more than a fair monthly fee, and he has even said that he will pay excess (bybetaling?) of R25,000.00.

Where can he go look for a more tailor made insurance packages for him, as he has been declined by two insurance companies already?

Thank you in advance.
Click to expand...

Let his mother put the car on her insurance with him as a driver ;)
 
Has he tried going through a broker? Hollard, Santam, Alexander Forbes... He should be able to find cover that way.
 
Pitbull said:
Sorry to hear. That would have been the perfect solution.
Click to expand...

Jip. It would have been a perfect solution. We even thought of putting it on my parents insurance but he says that he doesn't want to put the extra risk on them :)
 
Ja I'd suggest contacting a few brokers. They know these things and even though we pay them a little commission, I personally think they're worth it.
 
Well many of you are suggesting to add his car on his parent's policies which unfortunately isn't possible, but I'd like to mention that one must be very careful when doing that, policy should be done correctly so that you won't have problems at claims stage!

You can PM me your details, I will phone you and give you a quote. We work with 9 insurance companies including Mutual and Federal, Santam, Execuline, Frontline, Regent, CIB, MUA and so on, we haven't had a repudiated claim in the last 4 years, our premiums are very competitive.
 
get hold of dial direct. they have been the best insurance cover we have had experience with by far and reasonable with their fees as well. these others are all over the top with their fees and don't want to pay out when it comes to paying out. we've also never had a problem when we needed to contact them.
 
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