Vehicle Insurance- Write off

[SinghDude]

Just some clarity from forumites will be appreciated.

I have recently written off my vehicle and I need to confirm what amount should be paid out to me.

My vehicle was insured for R38 K. Retail Value is around R34 K.

Insurer wants to pay me R34 K - 2K excess = R32 K.


Should the amount not be based on R38K since i have paid premiums based on that value ?

 

[xrapidx]

AFAIK - its your responsibility to keep the insured value = to the retail value.

 

[AstroTurf]

Yep, retail value is right, you should at least once a year revalue everything you insure.

 

[A3@MBB]

No, they take the current retail value of your car and pay that to you.
By default the insured value of your car will be be adjusted by your insurance company on a yearly basis.

I adjust my car's values on a 6 month basis, as they are still depreciating quite strongly.

 

[SinghDude]

Well..... i have email correspondence to my broker suggesting they re-look my policy. This was done a few months ago. They insisted that the policy is up for annual reviewal in June only.


My premiums will have only been adjusted to the retail value in June, yet i was paying a higher premium.

 

[Ecco]

Retail value

 

[xrapidx]

Then take it up with your broker? It was his responsibility to keep it accurate.... and I'd say being 12% off is not accurate.

 

[Voicy]

Glad you're ok, dude.

 

[A3@MBB]

Then take it up with your broker? It was his responsibility to keep it accurate.... and I'd say being 12% off is not accurate.

and don't take nonsense from your broker about updating your policy.
I guess they don't have a problem if you want to specify certain items or adding a vehicle? i.e making your premium higher.

 

[SinghDude]

Glad you're ok, dude.

Yep, thanks.

Its been a FCKIN month now and the insurance co has still not paid up. WTF.

Thankfully, i borrowed bros car.

 

[SinghDude]

and don't take nonsense from your broker about updating your policy.
I guess they don't have a problem if you want to specify certain items or adding a vehicle? i.e making your premium higher.

Its a FCKIN scam i tell u !!!!

They will bleed you for every cent possible.