Pure Savage Posted January 10, 2019 Posted January 10, 2019 How many here have lied or maybe just bent the truth a bit to get a more favourable pay out from an insurer? Come be honest? Even if it was only “a friend”.Just hand the bike to the insurer's bike shop and let them make the call. Did not know the bloke but came up with similar damages. They then do the repair vs replace quote as well. Obviously if you drive over the bike on purpose this is different, but I dont think that was the question.
Steven Knoetze (sk27) Posted January 16, 2019 Posted January 16, 2019 So I phoned an insurance company to get a direct comparison to my current policy. I used the exact same values and terms, with regards to excesses, exclusions, etc. I did increase my bicycles value by R20k as it is currently under insured.The quote I was sent is over R1000 cheaper than my existing policy through a broker.I sent it to him and asked what is up.He basically said, "oh I can see what they did"and 2 days later said we can match it even though the rates used are very low.I am actually speechless, so have I been shafted for the last 2 years with the premiums and should tell them to get stuffed and take the new offer or should I just be grateful, accept the counter offer and stick with the broker?
wolf182 Posted January 16, 2019 Posted January 16, 2019 Activated my Mtb insurance on R30 000 replacement value @ r120 per month with access of R500 with OMInsure (old Mutual and Federal) Called MIway and got quoted almost double that amount, with 10% of claim value as access !Also called Cyclesure who quoted me R188 p/m
Chingy182 Posted January 16, 2019 Author Posted January 16, 2019 I am actually speechless, so have I been shafted for the last 2 years with the premiums and should tell them to get stuffed and take the new offer or should I just be grateful, accept the counter offer and stick with the broker? Whichever you feel more comfortable with.Personally, I like to stick it to the insurance company if I feel like I've been shafted.Only receiving a price match once you threaten to leave? Nee meneer!!
Steven Knoetze (sk27) Posted January 16, 2019 Posted January 16, 2019 Whichever you feel more comfortable with.Personally, I like to stick it to the insurance company if I feel like I've been shafted.Only receiving a price match once you threaten to leave? Nee meneer!! I hear you, just when it comes to claims it is so much easier through a broker than over a telephone directly with the company. BTW, my new premium as I have decided to stick with the broker, is R1300 cheaper. My bicycle which is insured for R85k has a premium of R275 with a 10% excess.I still have excess buyback on my motor vehicles too.Very pleased now......
Chingy182 Posted January 16, 2019 Author Posted January 16, 2019 I hear you, just when it comes to claims it is so much easier through a broker than over a telephone directly with the company. BTW, my new premium as I have decided to stick with the broker, is R1300 cheaper. My bicycle which is insured for R85k has a premium of R275 with a 10% excess.I still have excess buyback on my motor vehicles too.Very pleased now......That is one helluva saving!! Enjoy spending the few extra bucks every month
Help.Me. Posted January 16, 2019 Posted January 16, 2019 So I phoned an insurance company to get a direct comparison to my current policy. I used the exact same values and terms, with regards to excesses, exclusions, etc. I did increase my bicycles value by R20k as it is currently under insured.The quote I was sent is over R1000 cheaper than my existing policy through a broker.I sent it to him and asked what is up.He basically said, "oh I can see what they did"and 2 days later said we can match it even though the rates used are very low.I am actually speechless, so have I been shafted for the last 2 years with the premiums and should tell them to get stuffed and take the new offer or should I just be grateful, accept the counter offer and stick with the broker? Maybe some insight to your brokers "dilemma".....The commission on personal policies are not that great. Do yourself a favour and check it out on your schedule. Now for earning a salary of say R 25 000 pm ,divide the Salary by the commission and see how many policies the broker needs to cover his salary only. Now he needs money(commission) to pay a secretary , office rent and all that nice things when working for yourself....... Now to stay "competitive" the broker must do monthly quotes on his existing clientele , so now the "cheaper" quotes come in and the broker negotiate with the existing underwriters of said client for discount. This happens and the broker actually takes less money(commission) home. So he gets more clients and more clients and the chase never stops !!! My brokerage is not big, i employ 3 ladies , i am the only broker and let me tell you, it never stops !! What i sometimes "use" as an "excuse" is the following, Show me any place where you do your shopping and you can "negotiate" the price? Good on you with sticking to your broker, i had clients that walked for R 5,00 i kid you not...........
Rock Guy Posted January 16, 2019 Posted January 16, 2019 Reading this thread it feels like I'm getting cheated by Santam. Feeling pretty bleak as I have my household, car and wife's wedding ring insured with them as well, all through a broker. Bike 1:Value = 59000Premium = 450 Bike 2:Value = 15000Premium = 115 Bike 3:Value = 69000Premium = 470 Excess on all three bikes are R500.
Steven Knoetze (sk27) Posted January 16, 2019 Posted January 16, 2019 Maybe some insight to your brokers "dilemma".....The commission on personal policies are not that great. Do yourself a favour and check it out on your schedule. Now for earning a salary of say R 25 000 pm ,divide the Salary by the commission and see how many policies the broker needs to cover his salary only. Now he needs money(commission) to pay a secretary , office rent and all that nice things when working for yourself....... Now to stay "competitive" the broker must do monthly quotes on his existing clientele , so now the "cheaper" quotes come in and the broker negotiate with the existing underwriters of said client for discount. This happens and the broker actually takes less money(commission) home. So he gets more clients and more clients and the chase never stops !!! My brokerage is not big, i employ 3 ladies , i am the only broker and let me tell you, it never stops !! What i sometimes "use" as an "excuse" is the following, Show me any place where you do your shopping and you can "negotiate" the price? Good on you with sticking to your broker, i had clients that walked for R 5,00 i kid you not........... I hear you, its a crappy situation but I also have to look out for my best interests.On the flip side, if the commission doesn't warrant the hassle then as a broker you can also say that you can't match it, thanks for your business and my door will always be open should you need me.For me, it was simple economics. New baby in the house, expenses through the roof and I was just seeing where I could squeeze some bucks. My motorcycles are on a seperate policy which I am paying R500 for but now received 2 quotations for R400. The saving doesn't warrant a change in this case.......
Mokgaga'a mmakubela! Posted January 16, 2019 Posted January 16, 2019 sjoe, bicycle insure of more than R100pm? mine is not insure. the value is <R3000
AllAboutRides Posted January 16, 2019 Posted January 16, 2019 R660 p/m for Epic S-Works. Is this good premium or can I get better elsewhere ??? Basic Excess : 5.00% of claim minimum R 250.00
Chingy182 Posted January 16, 2019 Author Posted January 16, 2019 R660 p/m for Epic S-Works. Is this good premium or can I get better elsewhere ??? Basic Excess : 5.00% of claim minimum R 250.00Not my forte, but sounds like a reasonable premium considering your bike is probably insured around the R80k mark. I was quoted around R450 on a R30k bike.
Recommended Posts
Archived
This topic is now archived and is closed to further replies.