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Thread: Rules of motor insurance

  1. #11
    Phil,

    I have mentioned these rules to a couple of people, and one or two have asked about point No 5 in relation to their no-claim bonus. How does that work ? Does it get affected ? Does NCB work any differently when going through a broker from when insuring direct ?

    Dave.
    InterNEDI - Any files, anywhere, anytime, automatically.
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  2. #12
    Dave

    MOST - but not all - Insurers reinstate the bonus on completion of a successful recovery. So they will lose their NCB in the interim.

    But this is more than offset by getting their vehicle PROPERLY fixed, and having their Insurer argue the point on Apportionment of Damages, etc.

    The NCB will not work any differently when going through a Broker, but, in a lot of cases, MORE recoveries are successful when a Broker is involved as they chase the Insurers on a recovery. A lot of Insurers, on smaller cases, will send a couple of letters of demand, but that us where the matter ends. A broker will nag them to proceed further.
    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

  3. #13
    Thanks, Phil.

    Dave.
    InterNEDI - Any files, anywhere, anytime, automatically.
    Fully automatic Internet data transfer.
    KrantzKloof Software cc - 031-764-2642.
    www.internedi.com info@internedi.com

  4. #14
    Sorry Phil, more questions. Shout when you've had enough.

    Apparently someone did what you suggested in point 5, and the insurance company's response was that they had an agreement with the 3rd party insurer in the accident that they would not claim from each other for 3rd party claims (One for One or knock for knock agreements, something like that). What's that about ?

    And in the case of a claim being put in for something that was tiny, 9 months after the fact, are there no blanket regulations governing this ? If a claim with one's own insurer has to be lodged within 30 days, why not claims from any insurer ? If there are no such regulations, is there ANY expiry period for such claims ?

    Thanks,

    Dave.
    InterNEDI - Any files, anywhere, anytime, automatically.
    Fully automatic Internet data transfer.
    KrantzKloof Software cc - 031-764-2642.
    www.internedi.com info@internedi.com

  5. #15
    Hi Dave

    Where there is "knock for knock" Insurers just claim your excess amount from the other Insurer. Once that is done, the Recovery is deemed successful and your No Claim Bonus is reinstated.

    You have to claim from YOUR insurer inside 30 days. HOWEVER - you can claim against the THIRD PARTY for up to 3 years, where prescription kicks in. You are NOT claiming against their INSURER, but them personally. THEY will, in turn, claim against their Insurer - and have the 30 day requirement. (NB 30 days is common in the industry - but each Insurer's wording may differ. One of the Direct Insurers says you must notify "as soon as possibly" or "immediately" - and tried to get out of a claim where they were notified 10 days after the event, ignoring the fact that the guy was in hospital unconscious for 7 days). That was overturned by the Ombud with alacrity.

    Your claim against the Third Party lasts 3 years till prescribed. The limitation re Insurer depends on each company's policy conditions.
    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

  6. #16
    Cool. Thanks.

    Dave.
    InterNEDI - Any files, anywhere, anytime, automatically.
    Fully automatic Internet data transfer.
    KrantzKloof Software cc - 031-764-2642.
    www.internedi.com info@internedi.com

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