Delay in settling of claim.

On 3 September 2015, I lodged a claim with my Insurer (Budget Insurance) regarding a ****** bicycle from my home.<br> <br> On 4 September 2015, I submitted all the relevant documents as requested by the Insurer (Sheryl Ngxangane). <br> <br> Today, 8 September 2015, I received a call from Budget Insurance (Brent Udeman) informing me that the claim will NOT be settled until my next premium is collected on the 15th of September.<br> <br> I was also informed that I am insured on a month to month basis only. This was never my understanding as long as I have been insured. <br> <br> According to them my last premium which was collected on 15 August 2015, is for the month of August. I must now first pay the premium for September 2015 on 15th of September 2015 before the claim can be settled.<br> <br> So what happens when I report a loss on the 16th of a month. Must I wait until next month for my claim to be settled???<br> <br> I have never heard of this.<br> <br> I have also lodged a complaint with the FSB, (William Sepuru) to investigate. He informed me that this is an unusual situation and never heard of it before.<br> <br> I am appalled by the fact that insurers can spin such stories to their customers. It's quite disturbing to say the least.