Camera claim

[Rafael]

That's ridiculous

I'm not sure who you insured with but it does not cost money, just time to change it.
Every year your premium should actually get cheaper as the item insured depreciates in value, you also get older so premium is cheaper.

Most people never check their insurance and every year the premium increases only to find out one day they paying R2400 for a vehicle when they should be paying R1000

[Justloadit]

Very convenient for the insurance company, however if you under insure they pay prorate to the value insured, so why not over pay when you over insure?

[ians]

That's ridiculous

I'm not sure who you insured with but it does not cost money, just time to change it.
Every year your premium should actually get cheaper as the item insured depreciates in value, you also get older so premium is cheaper.

Most people never check their insurance and every year the premium increases only to find out one day they paying R2400 for a vehicle when they should be paying R1000

Thats what i thought, but every year i remind the insurance broker to check the vehicle value, i get a 10 % inflation increase so my policy only goes down by a couple of rand.

[Blurock]

It is the policy holder's duty to check values every year and ask for adjustments accordingly. A good broker will have the renewal date diarised and will make an appointment to see his client well before the time.

Business rule # 17 - Do not assume. Get the facts and see that someone attends to it. Follow up for implementation.

[Phil Cooper]

A good Broker will re-value all the vehicles every year. We do!

The Direct Insurers get away with it by not SHOWING a value - policies usually read "Market Value" or "Retail Value" (and most people do not know the difference)!

Remember - on non-motor you need to insure for NEW REPLACEMENT VALUE - not depreciated.

[flaker]

100% agree with Blurock & Phil. You need to check values each year and adjust. if its over-valued you pay extra premiums--extra premiums for nothing--extra money down the drain

[ians]

As i mentioned, i do it with my vehicle, but didnt realise that is applies to all isured items.

[Rafael]

You learn something new everyday

I agree with Blurock and Phil.
It is up to the policy holder to check values every year, but a good broker should be doing that for you.

[Dave A]

Remember - on non-motor you need to insure for NEW REPLACEMENT VALUE - not depreciated.

I'm feeling that one over for catches. No wonder there's so much "you're under/over insured" type gripes - you can play the "replacement value" game like a harp, especially when it comes to technology.

After a little consideration, I suggest insurance such as for "general household and contents" should be banned. What should happen is the insured provides an inventory of insured items and the deemed replacement values are agreed and binding in the policy. That would bring transparency and end a lot of arguments.

[Blurock]

Unless you want only the very basic, off the shelf insurance, it is advisable to have a good insurance broker to advise you. A broker can save you a lot of money and see that you are adequately covered for specific risks. Problem is, if you have a very low premium as I do, it would not be profitable for a broker to spend time analysing my insurance.

One of the most expensive items on your policy is the specified items such as jewellery. One can save a lot of money by reducing the items covered or by not covering and keeping those items in the safe. (Why would you want expensive jewellery anyway?) Look at the probability of certain risks happening and then decide whether it is advisable to cover for it. Eliminate the unnecessary items and you can save quite a lot. Best is not to accumulate and so have nothing to lose, you then have nothing to insure!