Santam
Insured Amount vs Retail Value

In 2013/07 my father's car was written off. Santam has offered pay out the retail value.
The policy schedule shows an Insured Amount. Nowhere in the schedule is it further mentioned that if an event were to happen resulting in a total loss any other amount but this "Insured Amount" will be paid out (after allowing for the applicable Excess). I have subsequently been referred by the broker to Santam's policy wording doc. I do not believe that by putting an additional clause in PAGE 107 of a different document it serves as sufficient transparency to negate what is said in the actual schedule?
According the CEO "Santam's systems automatically adjusts the annual depreciation value of all vehicles insured by the company". This, together with Santam's apparent commitment to TCF, confuses me because the Insured Amount stated on the schedule is still the Retail Value of the vehicle on 1 Jan 2012, that is, >18 months before the claim event! How can this then be?
How can Santam feel comfortable that the scenario above can be interpreted as treating a customer fairly? Because the way I see it, premiums are charged for an unachievable insured amount with no effort being done to align these?

Company: Santam
Country: South Africa
City: Car Insurance

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