I was approached by MiWay to insure with them, as they could not beat my current premiums at the time they quoted me with an excess free premium. I agreed and we entered into a contract. My policy schedule clearly states that I do not pay any excess. Then I received an email from MiWay on Wednesday the 4th of September stating that due to the weakening of the exchange rate and more claims than expected they are increasing the excess for all their clients after 30 days. I enquired to find out whether this applies to me and they responded by stating that I will now also have to pay the standard excess of R3300 or my premiums would be significantly increased by a couple of hundred Rand per month. This is unacceptable as they are completely changing the product that I purchased. They responded by stating that in the contract it is stipulated that MiWay can change or amend the contract on 30 days notice. But they are changing the fundamentals that I purchased! What is the use of the contract then? If I join a gym on contract that I pay an amount for the right to gym there 7 days a week, this would be akin to them stating that I can now only gym 3 days per week because of that clause.
0 comments