Experience has shown that driving risk reduces with age; older drivers have fewer accidents than young or new drivers. So we charge premiums according to a sliding scale, where an 18-year-old driver will pay the highest premium and the premium loading reduces over the years.
You are not only covered for the theft of your vehicle but also for the repair of your vehicle. The cost of repairing your vehicle and parts used increase every year, so your premium unfortunately has to increase in line with these costs.
With AB Insurance Brokers, all you need to do is notify us via email or a written instruction from you as a client that you would like to cancel your cover, we do however require proof of new insurance and a 30 day notice period.
Numerous things are taken into account, for example, the make and model of your motor vehicle, where you live, where your vehicle is kept at night, who the driver of the vehicle is, what purpose your vehicle is used for, and your previous claims history. Because your premium is calculated on these facts, amongst others, it is very important that you are honest when answering these and any other questions. If you are not sure about an answer, rather tell the consultant this and get back to them later. It is important to be honest in your dealings with your insurer or broker, including when you claim. Fraud costs the insurance industry millions every year and in turn costs you, the honest consumer, in increased premiums. Remember fraud ranges from things like claiming for a leather jacket you never had in the first place after a burglary, to claiming for a car that was allegedly hijacked when in fact it was actually sold. Fraud can also lead to a criminal record as most insurers prosecute customers who have committed fraud.
An excess is the amount you have to pay in the event of a loss and is the uninsured portion of your loss. The excess serves to prevent customers from submitting minor claims as well as fraudulent claims and assists in keeping premiums down. Let’s use motor excess as an example. When you submit a claim you will have to pay an excess, irrelevant of who was to blame for the accident. It is important to read your policy documentation regarding excesses as there may sometimes be additional excesses depending on the facts of your claim, e.g. who was driving your vehicle at the time of the loss. In most cases we offer a flat excess as opposed to an excess that is a percentage of your loss. We will also do our best to try and recover your excess from a guilty third party even though there is no legal obligation for us to do so. This is a service Budget offers to customers at no extra charge.
You can definitely reduce your excess. The way to do this is by increasing your premium. You can also reduce your premium by increasing your excess.
We strongly recommend that you install a tracking device in your vehicle because it increases the chances of recovering your vehicle if it is stolen. Because these chances are increased, your risk decreases, and this means that when you claim for a stolen vehicle your theft excess will be much lower.
An excess is payable whenever a claim is submitted and is the first payment that needs to be made in the event of a claim – regardless of whether you are guilty or not. The administrative cost of a claim is the same, regardless of who is at fault. If you are not at fault, you can claim the amount back from the other party. Unfortunately, this can take a long time, especially if the guilty party isn’t insured. Our legal recoveries department will do their utmost to recover your excess, at no extra charge.
You need to insure against losses or events beyond your control, so to avoid being financially devastated.
Means South African Risks Association, this is the insurer of damage caused by riots whether politically motivated or not, strikes civil disobedience, rebellion and labour disturbances.
The retail value is the dealer’s floor price (selling price) based on the year, model, condition & mileage of the vehicle. The market value is the average between the retail and trade-in value. The retail is the higher value.
Theft is an unfortunate, but a very real part of our lives. Extra security may minimize or prevent vehicle theft and the inconvenience thereof.
If your vehicle is used for any form, even occasionally, it can be construed by the insurer to be used for business.