Who use Momentum Insurance?

SilverNodashi

Expert Member
Joined
Oct 12, 2007
Messages
3,315
#1
Hi,

Who use momentum insurance?

Are you happy with them?

Are / were there any incidents that they did not pay out?


We're using Miway currently, for car, household and movables (phones, laptops, etc) but they recent price increase made me look for alternative. We use Momentum Multiply to get discount on our life policies (similar to Discover Vitality) so I would get some discount on my car and household insurance as well. But moving insurance always leaved one with questions: Will the other be good, better, or worse?
 

1nsane!

Senior Member
Joined
Sep 10, 2007
Messages
752
#2
I've been with them for a few years now. They are great when it comes to claims. The only issue is they are a bit behind in terms of ease of use. Unlike MiWay, you cannot change your policy online, you have to go through your broker or send an email. When you have safedays enabled on your Multiply app, you get quite a nice discount.
 

signates

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4,840
#3
Also with momentum and claims were a breeze the 2 times I needed to claim. One claim was over R110 000 and approved within a week.
 

The_MAC

Executive Member
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Oct 11, 2012
Messages
5,014
#4
I use them for our 2 cars and household contents.

Got the best quote from them through a broker.

My wife had a small incident 3 months ago, there was also a bit of 3rd party damage - the claim was paid in full, 3rd party sorted out, no issues at all.
 
Joined
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Messages
61,572
#5
Hi,

Who use momentum insurance?

Are you happy with them?

Are / were there any incidents that they did not pay out?


We're using Miway currently, for car, household and movables (phones, laptops, etc) but they recent price increase made me look for alternative. We use Momentum Multiply to get discount on our life policies (similar to Discover Vitality) so I would get some discount on my car and household insurance as well. But moving insurance always leaved one with questions: Will the other be good, better, or worse?
Outsurance/Momentum same pap different sauce.

I personally would not touch Outsurance with a barge pole, which by default means Momentum too.
 

SilverNodashi

Expert Member
Joined
Oct 12, 2007
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3,315
#6
I've been with them for a few years now. They are great when it comes to claims. The only issue is they are a bit behind in terms of ease of use. Unlike MiWay, you cannot change your policy online, you have to go through your broker or send an email. When you have safedays enabled on your Multiply app, you get quite a nice discount.
Thanx, so I can't just insure a new phone, for example, online? I have to ask my broker to load it everytime?
 

SilverNodashi

Expert Member
Joined
Oct 12, 2007
Messages
3,315
#8
Outsurance/Momentum same pap different sauce.

I personally would not touch Outsurance with a barge pole, which by default means Momentum too.
Sure, but I don't think there's much difference with Miway either. The thing is I don't see why I should pay R350/m extra for the exact same stuff. They tell me my cars' replacement parts are more expensive since they got older. Perhaps it's true, though I know it's not really the case. Momentum quoted me R340 less on the same cover + I'll get 25% discount since our life policies are with them. So it's a big +
 

Fcon_Vpro

Senior Member
Joined
Oct 9, 2007
Messages
895
#10
Hi,

Who use momentum insurance?

Are you happy with them?

Are / were there any incidents that they did not pay out?


We're using Miway currently, for car, household and movables (phones, laptops, etc) but they recent price increase made me look for alternative. We use Momentum Multiply to get discount on our life policies (similar to Discover Vitality) so I would get some discount on my car and household insurance as well. But moving insurance always leaved one with questions: Will the other be good, better, or worse?
I use Momentum for household and vehicle insurance.
I am happy with them.
I havent claimed for my vehicle but I had lightning damage to appliances and they paid out fine. Much better experience than I expected. I only got screwed over for my soundbar which had 3 hdmi inputs and the replacement only had 1 hdmi input. But they were very proactive and even apologized for "taking long" when I hadnt even complained.
 
Joined
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61,572
#11
Sure, but I don't think there's much difference with Miway either. The thing is I don't see why I should pay R350/m extra for the exact same stuff. They tell me my cars' replacement parts are more expensive since they got older. Perhaps it's true, though I know it's not really the case. Momentum quoted me R340 less on the same cover + I'll get 25% discount since our life policies are with them. So it's a big +
This is how insurance works:

New business is written at a reduced rate to lure in new client's. A new policy only really starts "breaking even" in year 3. So they try and close the gap with increases which is minimal but needed. Then, it's not so much the parts that cost more, it's the materials and labour which costs more year on year. Remember the biggest risk is vehicles and vehicles being bumped but are repairable. It does cost more year on year to repair the same car if you take paint and labour into account. That is part of your increase also. Then if you had a claim your risk profile is adjusted and there is another part of your increase.

You can take one quote from one company and use it to get a cheaper price at the next one and so on. However, when it comes to claims being dealt with easily and fluently, loyalty is key. People having issue with claims are new clients on insurance policies (under 3 years).

Loyalty is rewarded post 3 years with bigger discounts on requests if your loss ratio is favorable and so forth. Anyone can keep on moving year on year and pay less every year. But don't cry when you have a claim :)
 
Joined
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Messages
61,572
#12
I've been with Outsurance for 8 years and I've never had an issue.
See my post above this one.

You're in the loyal part of the business. People who are with them 3 years or less, are probably not so lucky. I have heard horror stories about Outsurance and claims. Luckily we're all entitled to our opinions :)
 

SilverNodashi

Expert Member
Joined
Oct 12, 2007
Messages
3,315
#13
This is how insurance works:

New business is written at a reduced rate to lure in new client's. A new policy only really starts "breaking even" in year 3. So they try and close the gap with increases which is minimal but needed. Then, it's not so much the parts that cost more, it's the materials and labour which costs more year on year. Remember the biggest risk is vehicles and vehicles being bumped but are repairable. It does cost more year on year to repair the same car if you take paint and labour into account. That is part of your increase also. Then if you had a claim your risk profile is adjusted and there is another part of your increase.

You can take one quote from one company and use it to get a cheaper price at the next one and so on. However, when it comes to claims being dealt with easily and fluently, loyalty is key. People having issue with claims are new clients on insurance policies (under 3 years).

Loyalty is rewarded post 3 years with bigger discounts on requests if your loss ratio is favorable and so forth. Anyone can keep on moving year on year and pay less every year. But don't cry when you have a claim :)
Interestingly I had a claim with them recently with not so good an outcome and been with them for, I think, 6 years. So the loyalty thing doesn't always work that well.
 

Moereloos

Well-Known Member
Joined
Jul 9, 2018
Messages
217
#17
My motor and household contents was insured through Momentum.
1 claim (smash and grab) was paid our quickly and fully, apart from an issue with the 'smash and grab' film on the window, which was not specified, After I showed them the invoice for the car (bought new) with no mention or charge for the window film, they refunded me for that.
Now with Santam and paying significantly less than I did through Momentum.
 
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