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Thread: insurance companies

  1. #1
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    insurance companies

    insurance companies promote the fact that you save money by dealing direct...as much as 22 %

    ^&*%$ what are the TV ads costing them...imagine how much you would save if you deal with a company which didnt blow R100 000 000 on Tv ads running 24/7.

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    Site Caretaker Dave A's Avatar
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    I think you really need to navigate the fine print to get to that saving.

    For example, my brother had a run-in with one of those direct deals. To get the saving, if you have no claim for four years you get your first year's premiums back.

    So after 4 years of no claims he asks for his money - "but sir, your wife had a claim to repair a chipped windscreen on her car."

    The two cars weren't even on the same policy apparently, but the instalments are drawn off the same bank account.
    The trouble with opportunity is it normally comes dressed up as work.

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    Diamond Member tec0's Avatar
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    This reminds me of the day I lost my first job. I was still running around on foot and my mom asked me if she can drive me to work in our “very old very rusted car” My job was about 20Km away so I was very happy that she was willing to drive me to work.

    Well to make a long story short the car’s right door “opened by itself” and the door got left behind. The cost for a new door and to fix the rest of the stuff was over R24000 and our car was worth only R10000 so we never claimed it and we fixed it ourselves.

    {Well I was late for work and lost my first job -> if only I have known about the CCMA back then....}

    Anyway ten years on and we got a letter informing us that they value us as customers and we got a full R500 as a reward... We never even bothered claiming it
    peace is a state of mind
    Disclaimer: everything written by me can be considered as fictional.

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    i am battling with a claim for my driveway...they say it is a maintenance issue...how on earth do you maintain a tar driveway...with all the big rain the driveway lifted and started breaking up...maybe i should start a natural disaster fund and put in a claim from our goverment

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    Site Caretaker Dave A's Avatar
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    So it was flood damage, Murdock?

    Damn amazing how some insurance companies will automatically repudiate a claim. I know they have to watch out for being taken for a ride, but still - at least they should take a reasonable look before they reject.

    I suppose giving them a photo of the driveway in good condition before the flood might help. They don't necessarily know what the condition of the driveway was before and the view might be - repudiate, and if the client can show it was really flood damage, he'll present the evidence and then we'll pay.

    Or maybe they're just bastards
    The trouble with opportunity is it normally comes dressed up as work.

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    I used to work for a big direct insurance company, it cost them around R8000 for every phone call that comes in. Basically R8000 advertising per client...So just imagine the amount of money they make from you if they can afford R8000 just to get you top pick up the phone.

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    Email problem Phil Cooper's Avatar
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    The Direct Insurers SAY that they save you money - and everyone believes them.

    Firstly - their Advertising (percentage of premium-wise) approaches, or exceeds, the commissions paid by conventional insurers to Brokers.

    Secondly - they say they do not pay commission - but their call centre operators DO get commission - sometimes more than Brokers would get.

    If their terms seem cheap - READ THE POLICY WORDING. Their wordings / extensions/ limitations are (almost always) more limited / restricted than a conventional insurer.

    Read facts on Direct Insurers on my web site - http://www.philcooper.co.za/?page_id=34.

    As a point of interest - I have quoted on a number of policies issued by OutSurance. I am (usually) around 20% - 30% less costly, with lower excesses and wider benefits.

    THAT is why Direct Insurers make 20%+ profit on premium turnover, as against 2% - 5% on a conventional insurer.

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