RIDICULOUS PREMIUM INCREASE

Miway Insurance increased my car insurance premium for 2019 Toyota Corolla Prestige CVT from R1329.13 to R2 001.82 i.e 50.61% increase. Bear in mind that the Retail Value of my car is now stands at R262000.

And also increased my excess from R6 100 to R6 700

After I complained MiWay Insurance reviewed my premium from R2 001.82 to R1 803.21 with the same excess of R6700.

The reasons given by MiWay to justify the abnormal increase are as follows:

1. I recently claimed (bumped by the driver that failed to stop-so it was not my fault). They fixed my car. I do not understand why clients are punished even though they were not in the wrong when the accident happened. Moreover, we have insurance to cover us when accidents happened.

2. The total premiums collected so far from me are less that the amount spent on my claims. Yes. But am not the only MiWay client.

When i looked at how much MiWay is now charging me i think they are overcharging me. Personally, i prefer MiWay, but if they are overcharging me like this i will be left with no choice but to shop around for better insurance. The increase is nearly 10 times the inflation rate. Thats ridiculous!!!