Hi Murdock
You have a valid point. We automatically re-value all our clients' cars every year based on "book" value - and this more often than not results in a premium reduction.
As far as NO insurance is concerned - I would seriously recommend that you NEVR drive an uninsured vehicle - even if the insurance is for JUST the Third party damage you may cause. A R10,000 car can do a LOT of damage to a R500,000 Merc! Then, the problem comes up (and I have FREQUENTLY seen that) - you have an accident which is NOT your fault - but suddenly you get a letter of demand from the other Insurer holding you liable - either 100% or a portion due to Contributory Negligence. If you have to take them on at your own cost, it can HURT!
Balance of Third Party only is NOT expensive - but sure can save you a LOT of problems!
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