Vehicle Insurance Hikes?

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mr_norris

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Morning all,

I just wanted to see if I was alone here.

I received a notice from my broker informing me that the benefits in my motor vehicle policy has changed. I assumed it was for the better until I read the attachments.

It turns out that Zurich have upped my car insurance by R100. Apparently it's due to the amount of accidents and how much it's costing them.

Bear in mind:

- I haven't had a serious accident in years (the last time I claimed was at the end of 2012, my old car and a surprise pillar high-fived)
- I'm driving a new car, less than a year old.

The increase is outside of the yearly revision, and in my mind it should have gone down.

Has this happened to any one else?
 
mr_norris said:
Morning all,

I just wanted to see if I was alone here.

I received a notice from my broker informing me that the benefits in my motor vehicle policy has changed. I assumed it was for the better until I read the attachments.

It turns out that Zurich have upped my car insurance by R100. Apparently it's due to the amount of accidents and how much it's costing them.

Bear in mind:

- I haven't had a serious accident in years (the last time I claimed was at the end of 2012, my old car and a surprise pillar high-fived)
- I'm driving a new car, less than a year old.

The increase is outside of the yearly revision, and in my mind it should have gone down.

Has this happened to any one else?
Click to expand...


The fact that you had an accident increases your risk profile. You will pay more.
 
SinghDude said:
The fact that you had an accident increases your risk profile. You will pay more.
Click to expand...

Surely they must study the particulars if an accident. If you stationary and a d00s knocks you, why should your insurance profile be affected by being the victim?
 
SinghDude said:
The fact that you had an accident increases your risk profile. You will pay more.
Click to expand...

Completely agree, but that would have affected the premium I started off with on the new car. It shouldn't have affected the premium 9 months down the line.
 
What % is R100 of your premium?

All insurers will have increases this year due to the:
1) Hail
2) Rand/Dollar and parts costs
3) Inflation
4) General increase.
 
akescpt said:
Surely they must study the particulars if an accident. If you stationary and a d00s knocks you, why should your insurance profile be affected by being the victim?
Click to expand...


Nope. Nobody gives a rats a$$ whose liable. You claim > your premium will increase.


The worst case scenario is if there are multiple claims or if your claims ratio exceeds your premiums paid you WILL BE REFUSED INSURANCE.
 
I have received one as well ( Winchester Brokers / New National) with revised excesses as well - the previous minimum was based on insured value, now it is same as the highest (previously) bracket.
 
/

Good tip if you have managed to stay claim free.... Call your insurer every Jan to get the insured value of your vehicle reduced as it would have depreciated. Premium should drop if there has been no claims lodged.
 
SinghDude said:
/

Good tip if you have managed to stay claim free.... Call your insurer every Jan to get the insured value of your vehicle reduced as it would have depreciated. Premium should drop if there has been no claims lodged.
Click to expand...

how do you get the current value though? my stupid insurance doesn't want to give it to me.
 
my insurance broker has moved all the profiles from them. I'm not going to mention anything specific but the just of it was they made a huge loss
 
akescpt said:
how do you get the current value though? my stupid insurance doesn't want to give it to me.
Click to expand...

They are obliged to.


One can always phone other companies and get a quote, if your current insurer does not provide a service , you can always leave.
 
SinghDude said:
They are obliged to.


One can always phone other companies and get a quote, if your current insurer does not provide a service , you can always leave.
Click to expand...

they covered me fully for two accidents so this current value thing is the only crap thing I have gotten from them.
 
akescpt said:
they covered me fully for two accidents so this current value thing is the only crap thing I have gotten from them.
Click to expand...


Unfortunately your insurance history stays with you. Should you wish to move you will be forced to disclose all recent accidents/claims.


Still a good idea to scout around for rates, in the current economic climate any saving will do.
 
Hemi300c said:
What % is R100 of your premium?

All insurers will have increases this year due to the:
1) Hail
2) Rand/Dollar and parts costs
3) Inflation
4) General increase.
Click to expand...

I do not understand why I must pay extra for the hail that did a) not happen in my province, b) I did not claim for. The insurance company is suppose to have second insurance and some other partial under writing if they could not handle the size of their risk portfolio.
 
Devill said:
I do not understand why I must pay extra for the hail that did a) not happen in my province, b) I did not claim for. The insurance company is suppose to have second insurance and some other partial under writing if they could not handle the size of their risk portfolio.
Click to expand...

Find a new broker!
Find a new broker!
Find a new broker!
Find a new broker!
Find a new broker!
Find a new broker!
Find a new broker!
Find a new broker!
 
akescpt said:
Surely they must study the particulars if an accident. If you stationary and a d00s knocks you, why should your insurance profile be affected by being the victim?
Click to expand...

what you believe counts for nothing.


my car is a WO, and the culprit ran away somehow from my insurance. In this case he is fully liable.

even if they could find his new location, I would still have my squeaky clean no claims history tarnished.
I asked my insurance and even called a few others, they all say the same - you cost them money...
 
Other option which is not always viable....

File a civil claim against guilty party. Win case. Tell insurer.

As long as the insurer doesn''t suffer a loss, it will not tarnish your claims history.
 
Get a quotation from a competitor.

Send them your whole portfolio and tell them to beat it.

They will.


Send new quote back to your broker and tell them to beat or at least match it.


They will once again.


Ta da, back on old price.
 
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