AB Insurance Brokers provides you with answers to the most common questions you might have and if you do not find what you are looking for kindly visit our Blog page and submit your query and we will gladly inform you.
Can my age affect my premium?
Experience has shown that driving risk reduces with age; older drivers have fewer accidents than young or new drivers. So we charge premiums according to a sliding scale, where an 18-year-old driver will pay the highest premium and the premium loading reduces over the years.
Why does my premium increase every year even though the value of my car depreciates?
You are not only covered for the theft of your vehicle but also for the repair of your vehicle. The cost of repairing your vehicle and parts used increase every year, so your premium unfortunately has to increase in line with these costs.
What do I need to do to cancel my policy?
With AB Insurance Brokers, all you need to do is notify us via email or a written instruction from you as a client that you would like to cancel your cover, we do however require proof of new insurance and a 30 day notice period.
What factors are taken into account in determining what premium I pay?
Numerous things are taken into account, for example, the make and model of your motor vehicle, where you live, where your vehicle is kept at night, who the driver of the vehicle is, what purpose your vehicle is used for, and your previous claims history. Because your premium is calculated on these facts, amongst others, it is very important that you are honest when answering these and any other questions. If you are not sure about an answer, rather tell the consultant this and get back to them later. It is important to be honest in your dealings with your insurer or broker, including when you claim. Fraud costs the insurance industry millions every year and in turn costs you, the honest consumer, in increased premiums. Remember fraud ranges from things like claiming for a leather jacket you never had in the first place after a burglary, to claiming for a car that was allegedly hijacked when in fact it was actually sold. Fraud can also lead to a criminal record as most insurers prosecute customers who have committed fraud.
How can I reduce my excess?
You can definitely reduce your excess. The way to do this is by increasing your premium. You can also reduce your premium by increasing your excess.
Why do I need to install a tracking device in my vehicle?
We strongly recommend that you install a tracking device in your vehicle because it increases the chances of recovering your vehicle if it is stolen. Because these chances are increased, your risk decreases, and this means that when you claim for a stolen vehicle your theft excess will be much lower.
Why do I have to pay an excess if I was not at fault?
An excess is payable whenever a claim is submitted and is the first payment that needs to be made in the event of a claim – regardless of whether you are guilty or not. The administrative cost of a claim is the same, regardless of who is at fault. If you are not at fault, you can claim the amount back from the other party. Unfortunately, this can take a long time, especially if the guilty party isn’t insured. Our legal recoveries department will do their utmost to recover your excess, at no extra charge.
Do I need Insurance?
You need to insure against losses or events beyond your control, so to avoid being financially devastated.
What is SASRIA?
Means South African Risks Association, this is the insurer of damage caused by riots whether politically motivated or not, strikes civil disobedience, rebellion and labour disturbances.
What is the difference between the retail and market value of a vehicle?
The retail value is the dealer’s floor price (selling price) based on the year, model, condition & mileage of the vehicle. The market value is the average between the retail and trade-in value. The retail is the higher value.
Why would extra security be required on my vehicle?
Theft is an unfortunate, but a very real part of our lives. Extra security may minimize or prevent vehicle theft and the inconvenience thereof.
What is business or private use on a vehicle?
If your vehicle is used for any form, even occasionally, it can be construed by the insurer to be used for business.