IT IS TOO LATE AFTER THE EVENT

**Phil Cooper** · 14-Jun-12, 11:30 AM

Murdock

Depends on the Insurer! I deal with guys who do NOT look for ways OUT - but HOW to pay!

Have a current case where they are paying R96K ex-gratia because the "intent" was there - even though the letter of contract excluded the covers.

Assessors are NOT there to catch you out - unless you give them reason to doubt legitimacy of your claim.

BUT - you do need to READ policy to know what is, as is not, covered!

As for "BUT they are not insured because...as the new owner of the property i dont have the plans for the retainer wall nor are my security gates of an approved type...not forgetting my gates are no longer insured because they are swing gates and dont have sensors..." - that is cr*p unless you are dealing with Insurer near the bottom of the barrel!

**murdock** · 14-Jun-12, 01:44 PM

i beg to differ...

one thing about insurance comapnies...they are quick to insure but reluctant to actually visit the property or site they actually insure...hence the problem with under insuring...parts not covered etc...etc.

unfortunatelty i have been burnt one time too many and now before i put in a claim...i make sure everything is as it should be before i call out the assessor...i make sure i have done my homework...know what to say and not to say...right down to the little details...like the tyres on my vehicle...if they even look like they might be a little smooth which the insurance use as an excuse not to pay out for accidents...i first put a good second hand set on...such a silly thing but if you want to make sure you get paid out do your homework.

insurance companies must be the only ones that i know of which have millionare clubs and its not their client i am talking about.

**Phil Cooper** · 14-Jun-12, 02:17 PM

Hi Murdock

You speak as someone who has been burned, and has been with companies with restricted covers!

A number of Insurers I use these days send out valuators and they carry out DETAILED inventories of contents, which is presented to client to accept.

After that claims are a snip. Average NEVER applies, and there are no arguments when a claim occurs - it is just settled. And fast!

The only Insurer I know of with Millionaire Clubs are LIFE insurers - never seen such a thing with Short Term!

Short Term Insurers generally make around a 3% to 5% underwriting profit, so they are not making HUGE money returns. The exceptions are the Direct Insurers - their profits are in the 25% to 30% mark.

Why? I leave that to you to work out!

**Nickolai Naydenov** · 14-Jun-12, 05:51 PM

Whole lot of crap Murdock, I completely disagree with 99.9% of what you are saying. Our company started doing short-term insurance 5 years ago(prior to that we didn't offer tha service) and in that time we have had 0 repudiated claims and last year we collected R12 000 000 in premiums, this is considered a small book but a million a month in premiums is quite a few vehicles, houses and contents to have 100% pay out rate in claims. I'm not in a mood to argue but I'll tell to to cancel your insurance and save your money and when you have a loss you take the risk, as simple as that. I don't see why you have insurance if that's what you saying.

**murdock** · 14-Jun-12, 06:45 PM

unfortunately i had to have insurance when i got a bond..and hp on one of the vehicle(which requires i have insurance)...otherwise i have managed to be insurance free for more than 12 years.

**Pap_sak** · 14-Jun-12, 08:14 PM

I had a claim with Outsurance last year - not huge about 18 time monthly premiums. They where fantastic to deal with and had the money in my account 8 days after the incident.

**murdock** · 15-Jun-12, 07:01 AM

it must be just me then...who seems to have bad luck...i must be part of the .1 percent...could it be that i have just chosen the wrong companies or could it be i am a crook or just said the wrong thing at the wrong time?

found this article rather interesting...it must be the case of a small minority of us who have issues with insurance comapnies.

http://www.whatisgoinon.com/podcast/...rance-company/

went to hello peter to check out the complaints...to my suprise auto and general have more good comments...and found why i have been having insurance issues...checked out the company i am insured with and there are more complaints...time to change my insurer.

**Phil Cooper** · 15-Jun-12, 08:41 AM

Hi Murdock

The worst thing you can do is insure with the Bondholder's insurance - the Banks' covers are invariably limited - and expensive.

Likewise, the "HP" linked motor insurers more often than not give hassles - they are "sausage machine" linked, and it can cause problems!

Nikolai's comments bear out what I feel - if you deal through someone who knows what they are doing for you - and DON'T just buy by the "bottom line" - you should not have any problems.

And - do the right thing, and do it right - and you will certainly not have problems!

**murdock** · 15-Jun-12, 11:59 AM

i been thinking about this today because one of my vehicles is almost paid up...as i have mentioned i am not big on insurance so i need to put a little thought into whether i should just stop the insurance once the vehicle is paid up...considering i have had the vehicle for 4 + years and no claims...yet it goes up every year instead of going down (contacted the insurance and queried this...was told it is my job to notify them every year to re evaluate)...and 10 years prior to the hp vehicle have always insured myself...saved me thousands in insurance premiums...

one of the things which come to mind...trusting so called friends or family friends to take care of your insurance needs...be it life or short term...believing they are looking after your best interest...instead of actually going out and getting a second or even 3rd opinion for that matter...considering life and short term insurance is a considerable percentage of a households monthly expenses...more than our monthly food bill...it shouldnt be something you leave to chance.