1 reviews | Active since Aug 2011
20 % increase in premiums this year, next year maybe 30%. Who knows whats next.....
<p>Budget, </p> <p> </p> <p>something is really wrong with the way you calculate new premiums for clients that have not even claimed.</p> <p> </p> <p>I had my insurance with you on my moter vhecle at R 2300 per month, now suddenly you guys must have played roulette and came up with a total close to R 2900 for the new year.</p> <p> </p> <p>Thats an increase of over 20 %. Its rediculous.</p> <p>Given this increase is i stay with you for the next 20 years, my premium will be R 111 000 per month on my 20 year old jeep. Wow, thats crazy.</p> <p> </p> <p>Please catch a wakeup, i dont know if you though that you could sneak this price increase email past me, but thats not going to happen.</p> <p>I am happy to move to another company that charges the same new premium rather then stick with a company that thinks a 20 % increase in premium for a customer who has not claimed anything is in order.</p> <p> </p> <p>Please restore my premium to the amount we agreed upone last year. </p> <p> </p>
We refer to your enquiry with regards to your latest policy review and wish to respond as follows.
As you are aware your policy is reviewed on an annual basis. As we have seen in recent years insurance premiums, as everything else, is unfortunately also on the rise. When a policy is reviewed there are a wide range of factors that will be considered in order to determine your new premium. The most common factors range from the current global and local economic conditions to the performance of our currency against global currencies. These factors will have a profound effect on the replacement and repairs of motor vehicles and household goods as a number of these items and components are imported.
Further to the pure financial factors mentioned above there are much more to insurance premium rates such as the risk factors of insured goods.
The use of the latest technology and improved methods to analyse risk underwriting has enabled us to have a much clearer understanding of risk underwriting as well as the wide range of factors which will influence the risk ratings of insurable goods and circumstances. This has led to new risk ratings and inevitable fee structures that may apply in certain instances.
We can however understand that you are unhappy with the recent increase and have escalated the matter to our Underwriting Department to contact you during the course of the day to see if a discount is available on your policy.
We trust that you will find the above in order.
Kind Regards
The Budget Team
We refer to your enquiry with regards to your latest policy review and wish to respond as follows.
As you are aware your policy is reviewed on an annual basis. As we have seen in recent years insurance premiums, as everything else, is unfortunately also on the rise. When a policy is reviewed there are a wide range of factors that will be considered in order to determine your new premium. The most common factors range from the current global and local economic conditions to the performance of our currency against global currencies. These factors will have a profound effect on the replacement and repairs of motor vehicles and household goods as a number of these items and components are imported.
Further to the pure financial factors mentioned above there are much more to insurance premium rates such as the risk factors of insured goods.
The use of the latest technology and improved methods to analyse risk underwriting has enabled us to have a much clearer understanding of risk underwriting as well as the wide range of factors which will influence the risk ratings of insurable goods and circumstances. This has led to new risk ratings and inevitable fee structures that may apply in certain instances.
We can however understand that you are unhappy with the recent increase and have escalated the matter to our Underwriting Department to contact you during the course of the day to see if a discount is available on your policy.
We trust that you will find the above in order.
Kind Regards
The Budget Team