The only thing premium about Old Mutual is the price

I had a 2013 Honda NC700x motorcycle, insured with Old Mutual for R60000. This motorcycle was ****** on the 6th of September.

The same day, I went to the police, filed the case, and submitted a claim with my broker. I was advised to get the Natis document and settlement letter from the bank in order to speed up the process. I did this and sent it.

I was advised that the claim would take between 3-5 days to be processed. I waited 5 days and called; nothing yet. Fast forward to the 8th of October and I finally received a settlement offer from Old Mutual. R39500 on a motorcycle that I still owe +-R37000 on, because that is it's retail value according to the M&M book. This leaves me with just over R2000 to replace the vehicle. What exactly am I supposed to do with R2500? That's not even enough for a deposit on a new vehicle.

In the policy schedule, it states that losses will be paid according to replacement value, which means that the payout should cover the cost to replace the vehicle with a similar one. I've checked, the cheapest 2013 NC700x I can find, retails for R59000. Nowhere, not even in the classifieds, could I find one for R39500 or less.

So, Old Mutual, riddle me this: how exactly do you expect a customer to pay R670 per month in premiums and be satisfied with a payout that's only 66% of the insured value of the vehicle? How is that fair? Should I not then receive 33% of my premiums back, since I'm only entitled to 66% of my cover?

One would expect that as an apparently "premium" insurer, with monthly premiums higher than I've ever heard of, Old Mutual would at least pay out what it says on the schedule.

Had I known what a mess Old Mutual would land me in, I would have switched to a commercial, budget insurer ages ago, saved a ton of money on premiums and probably had the same, or better cover. Thanks for the "help", Old Mutual. We'll find someone better to handle our family portfolio, thanks.