Hefty Premium increases by Budget Insurance

In Jan 2020 I wrote the following in an email to Budget Insurance: (Please note, as you read this, that over the period 2018 to Dec 2019 I had made not a single claim.)

Please justify for me the following increases that you have app**** to my policy in writing by return email in terms of how your costs and risks of providing me with insurance cover have increased whilst both inflation and CPI are running at approximately 4% and the CPI transportation index has experienced a mere increase of approximately 6.6 points (points not percentage!) over the year of 2019 - approximate 6%.

1 Jan 2019 : 589,64 to R720,42 represents an increase of 22.18% 1 Jan 2020 : 720.42 to R899.85 represents an increase of 24,89%

The total increase from R589.64 to R899.85 represents and increase of 52.61% in the space of 2 years.

ie I am now paying 1 and half times what I was paying 2 years ago

At this rate (Average annual increase of approximately 24%) you will have slightly more than doubled my premium in another 2 years to approx R1394.04 - representing an increase in my total premium over 4 years of 128,89%.

ie you will have more that doubled the premium over a space of 4 years.

.........I never received the justification!

Instead I received a call that said that someone would review my premium and get back to me. This never happened.

In any event - no matter what the response to my email - these were the increases that I was saddled with by a company that advertises its commitment to keeping premiums reasonable. Perhaps its just the premium at the beginning of the relationship that is low.

I since moved to first for Woman and have basically the same cover for just less than half the cost.

My Policy Number at Budget: POLICY NUMBER ***