There are certain insurance-related questions that we are regularly asked by our clients. We’ve combined these into a blog and answered them below. If you still don’t find the answer to your query, please contact us directly.
Can my marital status have an effect on my premium?
Yes, marital status is used to calculate risk. Our statistics show that a married couple or people who are co-habiting, present a lower risk than people who are divorced or single. The home of a single person is left unoccupied far more often than the home of a couple.
Can two different addresses be insured on the same policy?
No, the two addresses must have their own policy. The reason is that different risks apply at each address, resulting in different premiums.
The value of my car depreciates every year, so why does my premium go up?
While your vehicle insurance covers you for theft or an accident, it also covers you for repairs. Because vehicle parts and repair costs (such as labour and paint) increase annually, premiums go up to keep in line with the new costs. Premiums are also affected by VAT increases and inflation.
If I have an accident, can I take my vehicle to any panel beater I want, for repairs?
To guarantee the quality of the repairs, your vehicle is taken to a supplier that is approved by your insurance company. This enables your insurer to monitor the progress and quality of the workmanship.
Do I need a tracking device installed in my car?
This added safety measure is highly recommended and may result in a reduced premium, as it increases the possibility of recovering a stolen vehicle, which decreases the risk.
Does age affect premiums?
Statistics show that older drivers have fewer accidents compared to younger drivers, and for this reason a sliding scale is used to calculate premiums. A driver who is 18 years old will pay the highest premiums, and this reduces over the years as experience grows and risks decrease. To learn more about how the premiums scale works, call Indwe on 0860 13 13 14.
What is an “excess”?
This is the agreed amount that you are required to pay in the event of a loss and is the uninsured portion of your loss. For example, if you have had an accident and you submit a claim, the excess must be paid by you, irrespective of who is to blame for the accident. Clients must ensure that they read their policy documents thoroughly, as there could be additional excesses included.
If I’m not at fault, why am I required to pay an excess?
Regardless of who caused the accident, excess is the first payment that must be made when you submit a claim. If you are not at fault, Indwe will attempt to recover your excess from the other party, however this could potentially take time if they are uninsured.
Is there a way to lower my excess?
Yes, you can decrease your excess by increasing your premium.
If the answers that you are looking for are not here, please contact your trusted Indwe advisor on 0860 13 13 14.
Indwe is an Authorised Financial Services Provider. FSP: 3425