I had a motor vehicle policy with Iwyze for the last 2 years. My annual review is in May and received my new policy documents and new rates effective May 2013. To my surprise my premium jumped from R 737.00 to R 1404.00. when i called i was told that is the premium calculated and after the discount it will be R 1255.00. when i asked the lady to justify the increase i was told it is the cost to replace parts and car, so naturally my response was if my premium was doubled will i get double the payout, for which i was told no as the retail on my car is only what they insured me for. In my opinion if i did not claim for the 3rd consecutive year i would have qualified for the refund and Iwyze would have had to pay me out and that's why they bumped up the premium so they don't have to pay out any no claim bonuses. I have since cancelled my policy with Iwyze after telling the retention's lady that they are a bunch of.
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