Outsurance, Santam etc.

[biometrics]

Tips, tricks and traps.

 

[satanboy]

Don't go for the cheapest.

Don't over or under insure.

 

[biometrics]

Don't go for the cheapest.

Don't over or under insure.

I suspect I am over insured but working out my house contents is a big task. What is the implication of that?

 

[biometrics]

Want to get a Outsurance quote today to compare to Santam. Anyone had any issues with Outsurance?

 

[satanboy]

I suspect I am over insured but working out my house contents is a big task. What is the implication of that?

There is the possibility that your claim (when you have one) will be apportioned according to the insurers calculations. So if you insure for R10 and your contents is worth R8. Your claim will be apportioned at that rate. So you would have wasted money each month that you will never get back. If the amounts are vast, there is the possibility of being accused of fraud.
Just creat a spreadsheet with all your household items and place values next to them. Keep it updated every year, and you should be fine. It is a big job the first time.

 

[biometrics]

There is the possibility that your claim (when you have one) will be apportioned according to the insurers calculations. So if you insure for R10 and your contents is worth R8. Your claim will be apportioned at that rate. So you would have wasted money each month that you will never get back. If the amounts are vast, there is the possibility of being accused of fraud.
Just creat a spreadsheet with all your household items and place values next to them. Keep it updated every year, and you should be fine. It is a big job the first time.

It's a huge job! How do I even value a desk? How do I value a perfectly good i7 laptop from 2012? It's not worth much now but the replacement value is R20k. Guess the problem is Santam or PSG auto escalates/depreciates.

Just got a quote from Outsurance that is 30% less than Santam. Devil is in the details though, will have to compare the two, so tedious.

 

[satanboy]

It's replacement value. So what would a desk cost to replace the one you have? Insurance places you back in the same position as before the loss.

 

[Venomous]

It's a huge job! How do I even value a desk? How do I value a perfectly good i7 laptop from 2012? It's not worth much now but the replacement value is R20k. Guess the problem is Santam or PSG auto escalates/depreciates.

Just got a quote from Outsurance that is 30% less than Santam. Devil is in the details though, will have to compare the two, so tedious.

You should also ask santam to revise. Annually

 

[satanboy]

You should also ask santam to revise. Annually

It's automatic.

 

[Venomous]

It's automatic.

Nope.
Every year I get RX increase.
Call them go over everything then they give a price lower than original (pre increase). So then saving reduction plus their increase.

Always contact any insurer after the "birthday" of your policy. Never just accept / assume.

They often like creaping up the excess. I want the excess low. Imagine an excess of R10-20k.
Outsurance pulled that one. I called them when I per chance read the policy renewal notice.
At that point they were the insurer for 6 years, car was worth exactly double their planned excess. And I had not been in an accident in years, prior to joining Outsurance.

I got told "oh, their system assumes that client wants lowest premium"
Was an old car and was worth about R45-50k at the time.
My excess got taken down to R2k. And monthly installment even got dropped.

After that I call whatever insurer annually

 

[satanboy]

Mine increases each year (automatically). They send me the docs and I adjust it again if I don't agree.

My excess never changes.

It is in your own best interest to read all the documents sent to you.

 

[Venomous]

Mine increases each year (automatically). They send me the docs and I adjust it again if I don't agree.

My excess never changes.

It is in your own best interest to read all the documents sent to you.

Santam started on R1.5k excess. Eventually was on nearly R6k because I thought they wouldn't do the same. I had to fight them as escalating excess was not something I agreed to when signing up.

They were less than half the price of outsurance when I signed up with them when I bought current car. Was paying it off so dealer wanted insurance details.

 

[biometrics]

Have asked my contact at PSG to compare the Santam and Outsurance quotes. I suspect thinks are not as clear cut.

The Outsurance process to get a quote sucks, spend 40 minites on the phone, couldn't hear half of what they said. They do a hard sell which I really dislike. After telling the guy I need to deal with clients and need to drop the call and he needs to mail me the details he still tried to hard sell me. Even phoned back (when I told him not to) with an improved offer another few hundred rand less. Yeah don't do that, I distrust you already.

 

[satanboy]

Always use a broker.

 

[Johnatan56]

Outsurance for car insurance was a complete rip-off (twice the price as I got with Naked, the sales people lie and say x price, then only after question you are told you need to hit reward levels etc., have a tracker installed, don't add tracker price that you need to ask yourself, all that nonsense). Use a broker, check with Naked https://www.naked.insure/home-contents-insurance and use ctrl: https://www.takectrl.co.za/ , the latter two you need to use the app.

 

[Venomous]

Have asked my contact at PSG to compare the Santam and Outsurance quotes. I suspect thinks are not as clear cut.

The Outsurance process to get a quote sucks, spend 40 minites on the phone, couldn't hear half of what they said. They do a hard sell which I really dislike. After telling the guy I need to deal with clients and need to drop the call and he needs to mail me the details he still tried to hard sell me. Even phoned back (when I told him not to) with an improved offer another few hundred rand less. Yeah don't do that, I distrust you already.

They tried that with me when buying this car. I had called them twice. 3 days before and 2 days before.
Santam offered me 2 cars and home insurance for about R1000 less than outsurance offered for just the newer vehicle.
Both those calls the would yada, yada, yada... No we can't. I told them both times that if they don't budge they could lose my business.
Standing in dealer I cancelled insurance with immediate effect. That guy then tried to offer to reduce rates. i asked for call ref. Got it. He again offered, I said no thanks, cut the call.
Called santam. Gave quote number and accepted.
Phone kept ringing (beep to say another call incoming)
Over and over and over...
I only answered after santam call. Then suddenly I had a guy from a special dept offering to beat any other quote.
I gave him the call refs to my other 3 calls.
Told him to go listen and comprehend why I won't be a returning client. Ended the call. Since then I get a call every 12-18 months.
Last time I told the guy that if they did not remove my details from their contact list I will consider harassment charges again their CEO in small claims court. Let's see if they will call. Next 18 months is up end of November....

So not worth the effort.

 

[konfab]

I am fairly content with Naked insurance. Took me 5 minutes to sign up and pick an option that suited me.

 

[biometrics]

PSG/Santam has offered to reduce my premium by 10% after sending them the Outsurance quote.

 

[satanboy]

I am fairly content with Naked insurance. Took me 5 minutes to sign up and pick an option that suited me.

iow Hollard