I joined budget insurance over 2 years ago and insured my Cherv Aveo (sedan) with them. my premium was R 778 a month and I had an excess of around R 3 000. Just recently I started noticing that my premium has increased to R 940 per month - thats 22% year on year increase and they deduct them on a different day (earlier than we agreed they would).
I phoned their call centre today and I was told, by a guy who said he was Victor Padayachee, that this is inline with increased costs. He also told me that my excess has been increased from R 3500 to R 8 500 - thats 143% increase. When I asked him who increased my access and why wasnt I told - he said that is what the company decided to do and there is nothing that I can do. I dont see the logic in increasing a premium by over 22% and then at the same time increase the excess by over 143% - even if there was logic, someone should have atleast communicated that and I would have taken a decision to cancel my policy.
This is extortion and its bad business ethics. I want to make people aware of this practise so we can bycott budget insurance, they are taking us for granted. I am going to cancel my policy with them. I'll rather be uninsured
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