CM
Canuel M
1 reviews | Active since Dec 2021
16 Sept 2024, 16:05
Momentum is a ****
My car was involved in the accident and was assessed to be a write off. Momentum wants to deduct R35000 from the settlement amount for high mileage. My policy is not mileage based and I did not buy the vehicle for display where it will not accumulate mileage. They want to **** me R35000.
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Replies (2)
Momentum Insure's replyOfficial
16 Sept 2024, 16:31Good afternoon Canuel.
Thank you for bringing your concerns to our attention. We are really sorry to hear about your dissatisfaction from the service you received from us. Please give us an opportunity to look into this for you.
Kind Regards
Brenda
Thank you for bringing your concerns to our attention. We are really sorry to hear about your dissatisfaction from the service you received from us. Please give us an opportunity to look into this for you.
Kind Regards
Brenda
Momentum Insure's reply16 Sept 2024, 16:31
Official
Good afternoon Canuel.
Thank you for bringing your concerns to our attention. We are really sorry to hear about your dissatisfaction from the service you received from us. Please give us an opportunity to look into this for you.
Kind Regards
Brenda
Thank you for bringing your concerns to our attention. We are really sorry to hear about your dissatisfaction from the service you received from us. Please give us an opportunity to look into this for you.
Kind Regards
Brenda
CM
Canuel M's updateReviewer Update
19 Sept 2024, 10:39I received below response from Momentum and when I asked a breakdown of how the R35000 was calculated and the specific parts which had wear and tear to support this figure and they are not forthcoming. Their response is a general response about industry norm and I wanted my case to be treated base on its merit. Clear they desperately to reduce the settlement amount and I heard it is how they work to contain claims costs. See below their response.
Hope you are doing well.
Hope you are doing well.
I hereby acknowledge receipt of your dispute related to the R3000.00 old damage and R 35 406.00 for high mileage deduction and would like to take this opportunity to clarify and address your concerns.
The retail value of a vehicle is the price that you would pay if you buy a vehicle from a dealer. Furthermore, the retail and market values of each vehicle is unique and will change during the life of the vehicle. The actual retail value of the vehicle will depend on its mileage and condition. Thus, the retail value of the vehicle will also reduce with time as a result of depreciation.
Additionally, high mileage can significantly affect the vehicle’s value due to increased wear and tear.
As a result, the settlement amount has been adjusted to reflect the current market value of a high-mileage vehicle.
In closing, I would like to mention that the financial wellness of our clients is the cornerstone of our deliberations when evaluating how the claim will be settled. However, as a business there is a need to be consistent in our decision making and application of our product offering, so as to ensure that it is fairly app**** to all our clients.
Based on the above, we believe that the deduction is considered fair and reasonable and in line with industry practice.
If you have any further questions or need additional information, please don’t hesitate to reach out to us.
CM
Canuel M's update19 Sept 2024, 10:39
Reviewer Update
I received below response from Momentum and when I asked a breakdown of how the R35000 was calculated and the specific parts which had wear and tear to support this figure and they are not forthcoming. Their response is a general response about industry norm and I wanted my case to be treated base on its merit. Clear they desperately to reduce the settlement amount and I heard it is how they work to contain claims costs. See below their response.
Hope you are doing well.
Hope you are doing well.
I hereby acknowledge receipt of your dispute related to the R3000.00 old damage and R 35 406.00 for high mileage deduction and would like to take this opportunity to clarify and address your concerns.
The retail value of a vehicle is the price that you would pay if you buy a vehicle from a dealer. Furthermore, the retail and market values of each vehicle is unique and will change during the life of the vehicle. The actual retail value of the vehicle will depend on its mileage and condition. Thus, the retail value of the vehicle will also reduce with time as a result of depreciation.
Additionally, high mileage can significantly affect the vehicle’s value due to increased wear and tear.
As a result, the settlement amount has been adjusted to reflect the current market value of a high-mileage vehicle.
In closing, I would like to mention that the financial wellness of our clients is the cornerstone of our deliberations when evaluating how the claim will be settled. However, as a business there is a need to be consistent in our decision making and application of our product offering, so as to ensure that it is fairly app**** to all our clients.
Based on the above, we believe that the deduction is considered fair and reasonable and in line with industry practice.
If you have any further questions or need additional information, please don’t hesitate to reach out to us.