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nvdF
nurhan van der Fort

1 reviews | Active since Aug 2010

11 Mar 2019, 11:46

CAR A WRITE OFF - POOR PAYOUT

I was in a car accident on the 27th February 2019 and am insured with Budget for Market Value.

Budget then sends me a calculation indicating that the market value is calculated as retail + trade divided by 2 but cant varify what the trade in value is so not sure how they calculated the amount. They then send me quotes of cars located in Kwazulu Natal but i am situated in the Western Cape.

Now based on the amount that budget will want to pay out i will not be able to buy a 2013 white automatic bmw 118i for that price.

There service had been completely unacceptable. Please do not take insurance with budget. I will move my other car to another insurance broker as well.

Aziza valley response to most of my queries is "That is just how it is" or "Id need to speak to my other department"

0
Replies (2)
Budget Insurance
Budget Insurance's reply11 Mar 2019, 12:05
Official
We have received your complaint, a Customer Relationship Consultant will be in contact during the course of the day.

Kind Regards
The Budget Insurance Team
nvdF
nurhan van der Fort's update12 Mar 2019, 11:56
Reviewer Update
Dear Budget, No one has responded to me other than Azeeza Valley with her selective reading. Please see below definition taken off budget insurance website (link below) https://www.budgetinsurance.co.za/blog/insurance-blog/insure-your-car-for-the-right-value/ Based on on budget definition listed on there website Retail value is the actual price you would pay for the car if you were to buy it new from a dealer. It’s the highest amount for which you can insure a car, and the type of insurance that gives you the closest payout to what it will cost you to replace your car. Market value isn’t necessarily what you would think it is. In the open market – if you were to sell your car privately – market value would be the price that you could sell it for. But because this can fluctuate from car to car and from person to person, the insurer So, in insurance terms, market value is the average of retail value and trade value added together. If the retail value is R300 000 and the trade value is R220 000, the market value is R520 000/2 = R260 000. Please provide a decent repsonse