Tuesday, May 27, 2008

Why I Hate Insurance

Righto, time for that rant I promised.

So, last week I got an unexpected phone call from a very well-spoken gentleman. The underwriters (for my car insurance) it seems, had decided to cancel the policy I am currently on. Sigh. And my car insurance expires at midnight on 31 May ... even better, a mere week and a half to sort this all out. But he was very helpful and phoned me back the next day (at my request since I was about headed home when he originally phoned) to give me a new quote assessment.

So we went thru all the particulars, none of which have changed, and he proceeded to provide me with a new rate. Now let me explain how this perfectly nice tale turned into a rant: I'm currently paying approx R790 for my monthly car insurance. The cheapest quote he could offer me (with another company, even!) was R1300 or thereabouts. If I stayed with them and just moved to the next closest policy, my repayments would be approx R1400 and first for women and some others were over R1700 ... that's more than my current monthly car repayment, people! In which case, surely it'd just be smarter (and cheaper too!) to buy a whole new "back-up" car. Pffft, madness.

Being completely furious at the situation, I just couldn't bring myself to deal with it during my few sweet days off last week, but am left dealing with it again this week ... rather urgently. Luckily yesterday I did manage to get my first quote under a grand (barely!) - friggin' hell, put that on the list of all the reasons I just can't help but hate insurance!

Sigh, but I will have to get it sorted asap. Nothing like the threat of being insurance-less to make you get up and pay attention (or pay more for insurance :P)

But in good news, the print cartridges from Canon got delivered yesterday and I could officially switch on my MX310 for the first time, error-free!

Other than that, not much to report ... the weather in Joburg is bizzare, it rained thru the night again last night.


Charmskool said...

Holy macaroni girl! Those rates are humongous and I work in insurance! Have you no claims free status, is your car a Porsche, do you have a proper broker? Or is it just because you live in Joburg? I am astounded - my entire premium on everything including my car, home contents, cell, jewellery, handbag contents, specs, and I don't pay a motor excess, is R520 pm. I have a feeling you may be being ripped off. Contact a broker like Alexander Forbes or Glenrand MIB and get them to quote on one of their schemes (and take supported insurance it will save you a fortune).

Tamara said...

Eish. Insurance is such a grudge purchase. Good luck finding a better deal.

phillygirl said...

@charmskool - I know, I'm sure I'm being scammed! I drive a puny little Citroen C2 and my last accident (which was re-claimed by my then insurance company, Glenrand MIB - who have been no help recently) was in Oct 2006. I have never been without insurance either (what a bizarre question to ask?) - although at the moment I'm considering saving the R700 a month as "insurance". The real issue is that I don't need household insurance (Varen already has for our place), which I think is such a ridiculous reason to push up my premium!! I am highly irate.

@tamara - isn't it just? Thanks, keeping my fingers crossed!

Sweets said...

i'm in insurance too and that is just totally ridiculous! call me for a quote i'm SURE i'll be able to help you better!

i tried to get a quote from first for woman once and will NEVER deal with them again, they have a kind of a credit rating thing going on... with insurance?!

charmskool's comment is so funny... a porche?! mwhahahahahahaha

Charmskool said...

The Porsche thing was tongue in cheek. Maybe you could add your car to Varen's policy and get them to note your interests as owner and driver of the car. That would pass on some savings. The comment about the claims free part was a joke. However, the accident in 2006 may be hampering it a bit, but not THAT much. If Varen has a policy on the household contents then your interests should already be noted iro your items in the house etc. Pity I'm in Cape Town or I would definitely do better than what you've been quoted. Don't drive uninsured it's a tantalization to the accident gods and as sure as heck you'll scrape a Mercedes in the parking lot at work or something expensive.

boldly benny said...

What a damn pain! I hate insurance - it's my absolute worst, I got the worst service I have ever experienced last year when my car was written off. The only solution I could find to bring my insurance down was insuring my household contents and getting all risk. It also helped insuring through the broker who ensures my brother's company! BUT it irritates me that you have to have leverage in order to get results!

So sorry I missed the blog girls - I was whisked away by MM for a fabulously romantic weekend. Will be sure to make the next one.

Hope the new job is going well!

phillygirl said...

@sweets - check your email, I'll gladly see if you can quote better!

@charmskool - yep, I just called Varen's broker and she could only even get me R1182 a month! But she did suggest that we consider getting a policy together for our cars & the household goods. Will wait and see if it's any better ... but I've only got till the end of this week!

@benny - yeah, it's an absolute nightmare and I feel so out of control cause you have no idea who to trust and who is good and it all just seems to be a giant black-hole for cash! Sigh.

Yeah, we missed you at lunch, but the June08 Joburg lunch (and there's a new Durban one even!) is already taking names ;)

AngelConradie said...

oh crappers i feel for you! when i changed jobs a few years ago i suddenly had to start paying my own insurance where it had been a “perk” before… that took some getting used to!

phillygirl said...

@angel - yeah that whole experience was a bit of a nightmare. But Varen & I now have joint car & house insurance and it's cheaper for both of us! Well, mine's not really cheaper but it's only gone up by a mere 100 bucks instead of doubled like some of the quotes I got.

Can everyone spell SHARKS with me, now?

ps. Sweets got me a decent quote too, I'd recommend mailing her if anyone is looking!

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