Camera claim

[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!

[Phil Cooper]

Dave

There are now a number of Insurers who will actually send out a valuator who will value the property contents, and provide a detailed inventory. That is used as the sum insured, and claims are then surted out with no hassle.

The alternative is to complete an inventory form - like the attached - yourself, using new replacement values. It is fairly accurate if you do it properly.

Most people are between 35% and 65% UNDER insured - it is frightening how people under-estimate!

[ians]

It doesnt help being over or under insured if there always an excuse for non payment,

Equipment left in the front of the vehicle behind the seat is not covered by insurance, but because a canopy if not regarded a safe place to leave equiupment, because the window rubber can be removed without forceable entry, it isnt covered there either, that was the excuse many years ago when i put in claim for equipment left in the back of the backkie, so i put it behind the seat baecause of the alarm etc, and still didnt get paid out.


I was gona type up a whole list, but i am sure you get the idea.

Then as soon as you do claim, you loose your no claim bonus, premiums go up to cover the loss, my sons vehicle insurance is RXXX, because he wrote off his vehicle and because all the insurnace companies are on a central data base, they all know who is a high risk and who isnt. So what do you do, insure the vehicle in your name, and let him be a designated driver, premium drop by hundreds of rands.

Bottom line, get the cheapest insurance for critical stuff like your house you have to have insurnace if you have a bond, get cover for fire which is normally quite cheap, then get quotes for insurance on other stuff and start some form of investment and pay a little extra for the first couple of years, till you have a resonable amount saved, or better still invest the money in yourself like have done and use the money to buy equipment and setup my workshop so that i can get a regular income from my hobby, which in turn will be used to insure myself. Only catch, i need to figue out way to be able to claim it as a tax write off.

[ians]

It looks like i will have to go buy another camera, while i wait for the claim to be sorted out. Another issue with insurance, the camera is part of my tools required to perfom my daily job. Going into my 3 rd week waiting for claim to be sorted out, thank goodness for cameras on cellphones.

I better hope the insurance company doesnt read this post, they might send me a reply, due to the fact that you have a camera phone we dont feel we should pay you out because you have a camera phone. Yeah laugh, Honestly it wouldnt suprise me.

[flaker]

name your insurance company!!!!

[ians]

I might just do that, i need to finalise some things first and wait to see what happens with the camera claim.

[ians]

Just got a response from my insurance company with regards to my claim, camera valued at just under R2000 less R1000 excess, payout R900. i wonder what the increase amount on my monthly premium is gona be, look forward to the letter or email, notifiying me of the increase.

[Phil Cooper]

Ian

NO decent, reputable company will increase your terms for a single claim of this nature, particularly if you have had such an unblemished record over the years.

[ians]

This is my first claim since i took out the bussiness insurance about 7 years ago. all the items insured are covered for all risk and specified, about R180 000 worth. It was more to test the insurance than anything else. Something which i never took note of until today the excess. I have already sent an email to the insurance company requesting info with regards to the excess amount if i have to put in a claim for one of the more expensive item like the fluke 435 or the thermal imager, that could make it rather interesting. I found out that my vehicle excess if i right off my van will be over R10 000 which is 10 % the value of the vehicle. Windscreen needs to be replaced excess is 20 % min. R500, my van windscreen costs R8000 to replace