Making up retail values as you go?

<p>I received an SMS from 24 Hour Mobility, stating my Samsung S6 Edge is, suddenly, under insured. How that happened, I don’t know. I have all the original documentation - by them - stating that my handset is valued and insured at R12,900 with a monthly premium of R155. </p> <p> </p> <p><br />The company is now saying that because the S6 Edge is no longer available on the market, they have to change the value of the phone to R16,800, at a R221 monthly premium! </p> <p>Not only is there no Samsung phone on the market at R16,800, but the premium is also increasing as a proportion of the insured amount! (1,2 % of R12,900, now 1,3% of R16,800)</p> <p> </p> <p><br />The terms and conditions state that under no circumstances are handset upgrades on the policy allowed, but the only phone even close to this made-up amount of R16,800 is the Samsung S7, which is actually an upgrade. They are contradicting their own terms and conditions, and are not honouring a written contract between us. Phones do not arbitrarily increase in value, they decrease, so the premiums, if anything, should go down. A Samsung S6 Edge is NOT worth R16,800, and my contract is for insurance on MY phone. My premium is not for a phone they wouldn't even buy as a replacement (as per their T's&C's) </p> <p> </p> <p><br />I would like to know how are they valuing my phone and exactly how would they would replace it if needed, because it makes no sense. I’m sure they are taking me for a ride. You cannot just arbitrarily increase the value of an insured item, as well as the premium, without a new, mutually agreed contract. This is just a thinly-veiled attempt to extract more money out of me.</p> <p> </p> <p> </p> <p>Here is the part of the policy I referenced:</p> <p><br />“This insurance policy aims to place you in exactly the same position that you were in prior to the loss occurring. In the event of a claim you will be replaced with exactly the same insured mobile device which you had prior to the loss occurring. The only instance where exception will be made is if the mobile device has been discontinued or if there is no stock available. If this situation were to arise you would be replaced with a mobile device of similar price, features and functionality, at the sole option of the Insurer. No upgrading through the insurance claim will be permitted.” </p>