Vehicle insurance

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archibald

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My Insurance Company dont want to automatically reduce the retail value of my car on a monthly basis.
As members will be aware the retail value decreases each month and as i pay my premium annually
i am paying excess premium on a value which is less every month.The story i get is that their computer can only
make an annual adjustment.In my opinion that is rubbish and the programme can be amended to cater for monthly
adjustments to the retail value.Another insurance ripp off.Can the whizz kids guide me.
 
I guess this is how they make money. They say their system "can't" re-evaluate your premiums monthly. Rubish, a system can do whatever it's programmed to do. Have you asked if they can do it every 6 months?
 
You almost never win with insurance companies. Even if you do get them to reduce it every month, you will pay it back plus more when their annual increase comes into effect.

It is a sad but necessary requirement of car ownership unfortunately :(
 
wabbit16 said:
You almost never win with insurance companies. Even if you do get them to reduce it every month, you will pay it back plus more when their annual increase comes into effect.

It is a sad but necessary requirement of car ownership unfortunately :(
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It's not about winning.
It's about mitigating your loss when an accident happens.

Not all insurance systems can adjust vehicle values monthly. It's that particular software's faults. Most of the companies these days do however have software which can do this whenever you ask so it might be a tactic by that particular company or broker.

Santam and most of the other big companies and their respective brokers can adjust it for you whenever you request it.

Do keep in mind though that sometimes it is actually better to keep your vehicles insured value higher than the "book" value depending on the condition of the car and it's popularity in the market. For example the Corsa Utility bakkies normally have a book value that is less than what they are really worth in the market so it might be in your interest to insure it for higher than the "book" value.
You would have to discuss this with your broker though.
Good luck.
 
I would certainly leave it on an annual basis, as the value drops every month- if your car is insured for replacement value, it won't matter at all, however, if it is on current retail, it will drop monthly, but quite honestly, it's being bloody pedantic asking them to adjust your payments on a monthly basis.
 
Most people insure on current retail value.A substantial saving can be made over a period of 12 months.
 
Fazda said:
I would certainly leave it on an annual basis, as the value drops every month- if your car is insured for replacement value, it won't matter at all, however, if it is on current retail, it will drop monthly, but quite honestly, it's being bloody pedantic asking them to adjust your payments on a monthly basis.
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I saw an advert the other day about an insurance company that adjusts the premium on a monthly basis, so it is quite possible to do this (can't remember who it was unfortunately). I have an arrangement with my insurer to adjust the premium every 6 months.
 
King Price Insurance claim to reduce your premiums on a monthly basis according to the M&M book value depreciation.
 
OGroteKoning said:
I saw an advert the other day about an insurance company that adjusts the premium on a monthly basis, so it is quite possible to do this (can't remember who it was unfortunately). I have an arrangement with my insurer to adjust the premium every 6 months.
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Gazbal said:
King Price Insurance claim to reduce your premiums on a monthly basis according to the M&M book value depreciation.
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That's it... King Price. The name I could not remember
 
Gazbal said:
King Price Insurance claim to reduce your premiums on a monthly basis according to the M&M book value depreciation.
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Book value only depreciates every 3 months. Or is published every 3 months ;)
 
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if i recall correctly, Passenger Vehicles Book gets updated monthly. Commercial and Ten Years and older every second month.
 
Other than the Transunion book where can one source the trade/retail value of ones vehicle.
 
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