Informed today First For Women Insurance increased my car ins' premium from R451 to R550 & excess from R2975 to R8500 as part of the annual increase for 2014.Upon investigation I was furnished a with a sloppy generic response " it is linked to other economic factors, i.e. petrol price increase etc" I would think a detailed analysis should be provided to clients whom excess suddenly almost trebles in value/cost?!? The vehicle in question is valued @ R43000, yet the access is almost a 4th of the vehicles value?!? What happens in the event a claim amounts to less than the excess of R8500? Further to this FFW did not contact me other than via post which they claim I have received. I would think a spike of this value should warrant a follow-up phone call or electronic correspondence & the client should authorize the increase or be given the option to cancel. none of these options were afforded to me. I am by no means an actuary but I don`t think even Einstein himself could solve this mystery spike of R5575?! Please ensure you do not become a statistic like me-hoodwinked by FFW`s marketing gimmicks! Clearly they should inject some of their marketing budget into improving ethics and legal
0 comments