MA
Michael A
1 reviews | Active since Jan 2011
25 May 2021, 14:20
Vehicle Claim 'Retail' Value
Claim number: ***. I claimed for my ****** vehicle. The process was smooth and pleasant until they required me to sign the documentation for the settlement amount. As per my policy, I am insured for retail value of my Ford Ranger. Their calculated amount was grossly incorrect by tens of thousands of what I even bought the vehicle for. Neither can I find a replacement Ford Ranger of the exact model and year, anywhere in the country, anywhere near their 'retail' value, based on a Transunion evaluation report. Their claims consultant, Dominic Madlala, even attempts to convince me that retail price does not include dealer profits, like I am a complete imbecile. I am giving discovery the chance to respond and redeem themselves to adjust the retail claim amount so I can fairly replace it for the same vehicle I pay them monthly premiums. If they feel their retail value still stands, then I will act against this **** and move my insurance portfolio to another insurer.
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Replies (2)MA
Michael A's updateReviewer Update
26 May 2021, 13:27Hi.
The example you gave me is for a single cab
https://www.carshop.co.za/used-cars/ford/2014-ford-ranger-2-2tdci-xl-single-cab-western-cape/1***.
Mine is a Supacab/Extended Cab
The example you gave me is for a single cab
https://www.carshop.co.za/used-cars/ford/2014-ford-ranger-2-2tdci-xl-single-cab-western-cape/1***.
Mine is a Supacab/Extended Cab
MA
Michael A's update26 May 2021, 13:27
Reviewer Update
Hi.
The example you gave me is for a single cab
https://www.carshop.co.za/used-cars/ford/2014-ford-ranger-2-2tdci-xl-single-cab-western-cape/1***.
Mine is a Supacab/Extended Cab
The example you gave me is for a single cab
https://www.carshop.co.za/used-cars/ford/2014-ford-ranger-2-2tdci-xl-single-cab-western-cape/1***.
Mine is a Supacab/Extended Cab
MA
Michael A's updateReviewer Update
26 May 2021, 17:33Good day Michael
*Without prejudice*
Thank you for taking my call earlier today …
In light of the settlement reached, we wish to affirm our position that the amount arrived at is valid.We have studied the merits of the claim comprehensively and uphold that the settlement reached is in line with the correct indemnification method and the basic principle of insurance app****.This value is obtained from the Auto Dealer’s Guide published by Transunion Auto Information Solutions (Pty) Limited, or any similar publication we approved.
The value is also adjusted according to mileage and condition. ( does not rule out depreciation amongst other factors ).Our plan guide refers:7.7.2 | Retail and market valueIf your vehicle is:Written off, including ****** or hijacked:We will pay the market or retail value at thedate of loss, depending on the cover optionthat you have chosen if your vehicle is olderthan 12 months, and you are on the Classic orEssential plan.We are thus unable to offer you a different outcome.Our claims handler remains committed to assist and awaits your advice to proceed with the claim.
RegardsDiscovery Insure
*************
Hi
"The value is also adjusted according to mileage and condition". These variables are based on MARKET value. My policy clearly states RETAIL value. I don't know how you guys managed to calculate a MARKET value without even knowing the mileage, nor the condition of the vehicle.
As per our discussion, neither me or you can even source the same make and model within a R50 000 difference of the settlement amount.
I urge anyone reading this to avoid discovery insure like the plague. You are only wasting valuable time and putting yourself into debt for giving them your business.
I'll be moving the remainder of my insurance portfolio to another insurer.
*Without prejudice*
Thank you for taking my call earlier today …
In light of the settlement reached, we wish to affirm our position that the amount arrived at is valid.We have studied the merits of the claim comprehensively and uphold that the settlement reached is in line with the correct indemnification method and the basic principle of insurance app****.This value is obtained from the Auto Dealer’s Guide published by Transunion Auto Information Solutions (Pty) Limited, or any similar publication we approved.
The value is also adjusted according to mileage and condition. ( does not rule out depreciation amongst other factors ).Our plan guide refers:7.7.2 | Retail and market valueIf your vehicle is:Written off, including ****** or hijacked:We will pay the market or retail value at thedate of loss, depending on the cover optionthat you have chosen if your vehicle is olderthan 12 months, and you are on the Classic orEssential plan.We are thus unable to offer you a different outcome.Our claims handler remains committed to assist and awaits your advice to proceed with the claim.
RegardsDiscovery Insure
*************
Hi
"The value is also adjusted according to mileage and condition". These variables are based on MARKET value. My policy clearly states RETAIL value. I don't know how you guys managed to calculate a MARKET value without even knowing the mileage, nor the condition of the vehicle.
As per our discussion, neither me or you can even source the same make and model within a R50 000 difference of the settlement amount.
I urge anyone reading this to avoid discovery insure like the plague. You are only wasting valuable time and putting yourself into debt for giving them your business.
I'll be moving the remainder of my insurance portfolio to another insurer.
MA
Michael A's update26 May 2021, 17:33
Reviewer Update
Good day Michael
*Without prejudice*
Thank you for taking my call earlier today …
In light of the settlement reached, we wish to affirm our position that the amount arrived at is valid.We have studied the merits of the claim comprehensively and uphold that the settlement reached is in line with the correct indemnification method and the basic principle of insurance app****.This value is obtained from the Auto Dealer’s Guide published by Transunion Auto Information Solutions (Pty) Limited, or any similar publication we approved.
The value is also adjusted according to mileage and condition. ( does not rule out depreciation amongst other factors ).Our plan guide refers:7.7.2 | Retail and market valueIf your vehicle is:Written off, including ****** or hijacked:We will pay the market or retail value at thedate of loss, depending on the cover optionthat you have chosen if your vehicle is olderthan 12 months, and you are on the Classic orEssential plan.We are thus unable to offer you a different outcome.Our claims handler remains committed to assist and awaits your advice to proceed with the claim.
RegardsDiscovery Insure
*************
Hi
"The value is also adjusted according to mileage and condition". These variables are based on MARKET value. My policy clearly states RETAIL value. I don't know how you guys managed to calculate a MARKET value without even knowing the mileage, nor the condition of the vehicle.
As per our discussion, neither me or you can even source the same make and model within a R50 000 difference of the settlement amount.
I urge anyone reading this to avoid discovery insure like the plague. You are only wasting valuable time and putting yourself into debt for giving them your business.
I'll be moving the remainder of my insurance portfolio to another insurer.
*Without prejudice*
Thank you for taking my call earlier today …
In light of the settlement reached, we wish to affirm our position that the amount arrived at is valid.We have studied the merits of the claim comprehensively and uphold that the settlement reached is in line with the correct indemnification method and the basic principle of insurance app****.This value is obtained from the Auto Dealer’s Guide published by Transunion Auto Information Solutions (Pty) Limited, or any similar publication we approved.
The value is also adjusted according to mileage and condition. ( does not rule out depreciation amongst other factors ).Our plan guide refers:7.7.2 | Retail and market valueIf your vehicle is:Written off, including ****** or hijacked:We will pay the market or retail value at thedate of loss, depending on the cover optionthat you have chosen if your vehicle is olderthan 12 months, and you are on the Classic orEssential plan.We are thus unable to offer you a different outcome.Our claims handler remains committed to assist and awaits your advice to proceed with the claim.
RegardsDiscovery Insure
*************
Hi
"The value is also adjusted according to mileage and condition". These variables are based on MARKET value. My policy clearly states RETAIL value. I don't know how you guys managed to calculate a MARKET value without even knowing the mileage, nor the condition of the vehicle.
As per our discussion, neither me or you can even source the same make and model within a R50 000 difference of the settlement amount.
I urge anyone reading this to avoid discovery insure like the plague. You are only wasting valuable time and putting yourself into debt for giving them your business.
I'll be moving the remainder of my insurance portfolio to another insurer.