When Car And Home Insurance Policies Do Not Pay Out |
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February 24 - Do not become one of the many South Africans whose car and home insurance claims are not paid out in full, or in some cases at all. There are many reasons why this might happen ranging from small-print quibbles to major oversights, and we're listing a few of the more common problems. If your car is stolen it is incumbent upon you to show that the vehicle was secure. That much we all know. For instance, if you left the windows down and the keys in the ignition your insurer is not going to honour that policy! But did you know that the gear lock on your car has to be approved by the Vehicle Association Of South Africa (VESA)? If the gear lock you used was not approved by this body then your car insurance policy is unlikely to be valid, and according to a recent report this accounts for 1% of all rejected claims. The South African Insurance Association stands behind VESA and it is a very good idea to make sure that your gear lock conforms to their standards. Another problem that crops up is partial payment of a claim. This can occur when your property is undervalued and there is damage to your home. If you bought your home years ago and have failed to update your policy to take into account the increased value of that property, then you could fall into this trap. Please also note that some car insurance policies place a ceiling on the replacement value for individual parts of that car. This can be a significant problem if a major part of the car, such as the engine or fuel injection system, needs to be completely replaced. You must remember to update all your policies and have a broker or insurance expert go through the fine print so that there are no nasty surprises down the line. Related Insurance Articles: * Possible South African Insurance Merger For Sanlam * Dial Direct Offers Six Month Premium Waiver Cover * Liberty Group Reports Good Results, Shares Rise * Santam Wins Industry Award For Low Cost Insurance * South African Unemployment Insurance For All * How To Ensure Your South African Car Insurance Pays Out * A South African Insurance Guide Check List * Used Car Insurance Questions And Answers 
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| 3/14/2010 7:06:37 AM | |||||||||||||||||||||
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