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Thread: "cheap" insurance

  1. #1

    "cheap" insurance

    There is an expression: You get good insurance, you get cheap insurance, but you do not get good, cheap insurance.

    The Direct Insurers play on this, and tell you how much money you can save by buying cover through them. This is cr*p - the money that Conventional Insurers pay Brokers is the same, or less, than the Direct Insurers spend on the plethora of advertising campaigns. So you have the option of either paying a broker to hunt among several Insurers to get you the most cost-effective insurance, and assist you to get the maximum payout in the event of a claim, or to pay a Direct Insurer's advertising bill, and "fit" into THEIR sole product, which may not QUITE be right for you.

    I have just quoted to a new client, who wrote the following to me:

    Hi Phil

    Thank you very much for letting me know as I am clueless. My jewellery is worth nearly R400 000.00 and my sons bicycle to replace is about R12 000 and my camera equipment is worth about R22 000.00 alone. The motorbike to replace Honda Big Wheel 85cc not sure.

    My garage and camping items are also worth quite a bit so I think this is awesome. I have had nothing but irritation and problems with Outsurance and I paid them a fortune when I had my items in Storage during my divorce and some items got stolen and both Magna International Removers (where my items were stored) and Outsurance refused to pay : each saying each other should pay and items were dropped and broken and damaged when my furniture was delivered and Outsurance refused to pay for that as well so I lost about R85 000.00 in loss and damages so I cannot wait to change. Then Outsurance treated me like I was some criminal until such time I was in tears. So the sooner I move off Outsurance the better.

    Thank you for your very full description. What do I need to do to change from Outsurance to your market and what happens with items like I have listed above?


    I would add that

    - My quote is 28% less than she was paying through Outsurance

    - The Covers are FAR wider. Through Outsurance NONE of her jewellery was covered (they exclude items of jewellery over R1,500 unless specified), she has full All Risks now, both at and away from home, the bike is automatically covered, as is the camping equipment.

    She now has FAR superior cover, and we will handle and resolve any problems like the above (not that they will arise now - she has proper cover for less money)!
    PHIL COOPER
    Phil Cooper Insurance Brokers (Pty) Limited
    198 Jutlander Road, Beaulieu, Midrand.
    PO Box 31114. Kyalami, 1684.
    (P) 011-702-1328 (F) 011-702-1360 (C) 082-903-4754
    www.philcooper.co.za
    Authorised Financial Services Provider - Licence No. 17239

  2. #2
    The point about having a broker in the insurance supply chain, even if it costs a bob or two extra, has been well-learned by my son, who has a house in Sunnyrock, Germiston, that was hit by those massive hailstones four weeks ago. His experience with Nedwank, trying to get the damage to his gutters and windows assessed and repaired is, well, less-than-perfect. He's vowed to change his cover through a broker as a result.

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