1 reviews | Active since Aug 2014
My first claim and it’s already a disaster
Good day,
I logged a claim on Monday, 29 April after my Apple Watch screen cracked and needed to be replaced as it can’t be repaired as stated by iStore. I then submitted the relevant supporting documents as mentioned in your email after submitting the online claim, and got confirmation from Tracey that the documents were received and the claim was approved.
I then got an email from Tracey on Tuesday, 30 April requesting confirmation of my banking details and the quote given by iStore to replace my Apple Watch which I sent immediately. She then got back to me saying that you will only be paying out R5500 from which a 15% excess will be deducted as stated in my policy document, which means R 4 675 will be paid into my account.
The issue is that my watch was insured for R8000 (as stated in the attached document) and not for R5500, even though that is the retail value of my current watch that I had. I am currently paying a premium of R86 per month which is the premium based on the value I added when I insured the watch for R8000 and not R60 which it premium stated on your site for a replacement value of R5500. Therefore, I expect that the payout would be R8000 as this what I was paying for on a monthly basis and what you excepted and agreed to when my policy was approved and payments were deducted. We did not go into an agreement for the amount of R5500 as this is nowhere mentioned on my policy and this is not what I was paying for, so unless you are in the business of overcharging clients and then underpaying them (which I am sure the ombudsman will see as **********). Also, a part that’s unique to you to my previous insurer is that you ask for pictures of the device to confirm and the approve these images once reviewed. My watch clearly states it’s a Series 3 Nike + Watch, so if you reviewed the images then at their stage why was the insured amount not adjusted accordingly and my premium? But rather you accepted the value I added as a replacement value and insured my device for the amount given, but now that you need to pay you are changing your tune and saying no that’s not how it works. So basically the consultant confirmed the exact watch as mine is no longer available to buy in Series 3 but that I can get the black one still so I should take that one. So now I have straps which matches a sliver watch that cost about R4000 for the 3 and just need to throw them away and wear a black watch I don’t want.
I intentionally insured my watch for the above mentioned amount as I knew that the value of these devices change on a monthly basis and replacing with with something alike will cost much more than what I paid for initially.
Also, after speaking to the consultant she said that the reason for this is that there is still Series 3 available at that price. I personally checked with iStore and Digicape and neither of them had the same device as I had in stock anymore as Series 3 was no longer manufactured and replaced by Series 4 last year already and this is also why iStore gave me a quote for series 4 as I specifically asked them if they had the Nike + version in silver with the platinum sports band, which they said only comes in series 4 now. I do not want a different colour or range but this is is not the issue and has nothing to do with you.
Just to mention that my dad recently claimed for he’s Apple Watch that broke with King Price insurance and he’s watch was insured for R9000 and they literary processed he claims, asked for a report (as you did) and paid out R9000 minus the excess amount. He has no issue replacing his watch and they didn’t care if he bought a new watch of what value as this was not their concern. Their concern was to process the claim with as little hassle to the client for the insured value.
I really hope this can be resolved and the full insured amount will be paid out as I really do hope this does need to be referred further and additional action will be needed to take just for a claim of R8000. I was really impressed with the quick claim process and how easy it was but now this whole experience has spoilt the experience and I will definitely not be recommending you to any of my ***orkers or family anymore after this. Also, I hope to get this resolved promptly!
We're so sorry to hear you're having a difficult experience. We do however believe that we take all steps to be both fair and reasonable to each and every one of our awesome clients. Our team has corresponded with you at length over email but given your post, we're happy to re-respond to your concerns.
The primary sticking point is that you insured your device for R8,000 when it is actually worth R5,500. We request all clients to insure devices at market value (i.e. R5,500) since, when there is a claim, we purchase a new device for you or pay out the replacement value. Market value is used so we can place you in the exact same position as you were before any incident. You can imagine that if you insured your device for a non-market value amount, say R1 million, you would be put in a far better position than you were before the incident.
The fact that you over insured your device by R2,500 resulted in you paying a total of R142 extra over five months. We are more than happy to refund this amount as communicated to you as well as pay out the value of your claim (minus your excess). We'd love to give you the same watch you had before (we can find the same Series 3 Nike + model but not the silver colour you had before) but since we aren't able to control our supplier's stock (this even includes Takealot and iStore) the claim payout will allow you to purchase a different colour or wait until there is stock.
We believe we're as reasonable as practically possible and hope you consider remaining insured with us :)
Have a lovely day.
Sincerely,
LOOM
We're so sorry to hear you're having a difficult experience. We do however believe that we take all steps to be both fair and reasonable to each and every one of our awesome clients. Our team has corresponded with you at length over email but given your post, we're happy to re-respond to your concerns.
The primary sticking point is that you insured your device for R8,000 when it is actually worth R5,500. We request all clients to insure devices at market value (i.e. R5,500) since, when there is a claim, we purchase a new device for you or pay out the replacement value. Market value is used so we can place you in the exact same position as you were before any incident. You can imagine that if you insured your device for a non-market value amount, say R1 million, you would be put in a far better position than you were before the incident.
The fact that you over insured your device by R2,500 resulted in you paying a total of R142 extra over five months. We are more than happy to refund this amount as communicated to you as well as pay out the value of your claim (minus your excess). We'd love to give you the same watch you had before (we can find the same Series 3 Nike + model but not the silver colour you had before) but since we aren't able to control our supplier's stock (this even includes Takealot and iStore) the claim payout will allow you to purchase a different colour or wait until there is stock.
We believe we're as reasonable as practically possible and hope you consider remaining insured with us :)
Have a lovely day.
Sincerely,
LOOM