I took out insurance and was advised that the vehicle will be insured for retail value but was not advised for how much it would be insured. I noted that the schedule did not specify a value either, I called 4 days later (2 business days later) in on the 30th July 2013 to query on the insured value and found that my insured value is only R3500. My excess on this policy is R3400, it made no sense to continue the insurance with an excess and insured value being almost identical so I requested cancellation and my premiums to be refunded. I was advised that I can only get a portion of the premiums back and that Outsurance does not offer a cooling off period. Candy the team manager advised that she cannot take the matter further and I am welcome to bring this to the attention of the ombudsman..I would like Outsurance to refund me all monies paid as I believe I was sold the policy without advising me of the insured value. I feel that by OUTsurance not offering a cooling off period that they are not allowing consumers to ascertain whether the cover is appropriate or not and effectively receiving money from consumers for services which provide no value to the consumer.
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