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SA's No 1 Insurance Blog

Does your car and home insurance company see you as a dream client?

Think about that one for a moment.
You have a car you’d like insured. You know the year, the make, and the model. You know where it will be parked day and night. Most of all you have the money to pay the insurance.

So why wouldn’t an insurer want you as their client?

Take Ralph for example.
Ralph pays a fortune for car and home insurance every month. Year after year he faithfully pays his contributions.

One day his laptop goes missing and Ralph submits a claim. Since the laptop is a few years old, the claims assessor asks Ralph where he bought the laptop. Ralph, irritated by the endless questions, blurts out that he bought it at Makro.

The assessor checks with Makro. The laptop in question had never been stocked with them. Ralph’s claim is rejected. Ralph, to put it mildly, is irate. He cancels his car and home insurance.

But what does the insurer do?

The insurance company could list Ralph on the insurance database as a high risk client.

  • The first question I get asked when requesting a quote for a client is: “Do I have the client’s permission to share their personal information with the insurer?
  • The second question is always: “Has the client ever had insurance refused, given with conditions, or ever been asked to move their insurance elsewhere?

My standard response to the first question is “yes”. To the second, it’s usually “no”. But don’t think the insurer takes my word for it.
One of their follow up questions is: “What is the client’s ID number?”

The South African Insurance Association (SAIA) maintains a database of fraudulent claimers. One of the reasons for asking for your ID number is because of this database. The other reason is for ITC, but that’s another article.

Three tips when insuring…

  • Make sure you send a copy of you invoice to your broker or insurance company. This applies not only to all risks but to any high value item.
  • Make sure that the make, model, and serial number appear on your policy schedule
  • Never inflate your claim. What do I mean by this? Your home gets broken into and they make off with your flatscreen TV. You’re tempted to claim for a surround system you never owned. Problem is, they might just ask for make and model and where you bought it…ask Ralph!

InsuranceFundi has partnered with some of SA’s most reputable insurance and investment companies. We believe that everyone should have access to a wide range of comprehensive and affordable solutions. Pick the product you are interested in below, and expect a call-back from our partners.

Until next time.

The InsuranceFundi Team

 

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