Top up / shortfall cover
Bought a car as a demo as is with extra factory fitted and did not ask for anything extra to be done. It was written off and the insurance paid the bank retail value as per my policy and the assessment report from the dealership.Also had a top up/shortfall policy with PinnAfrica which now when they have to settle the balance they come with stories that during their calculation it was noted that the vehicle has been sold at an inflated price in terms of the vehicle values as per the Auto dealers guide.Their issue is that the extras which were on the vehicle add value to the vehicle over and above the base value of the vehicle should have been insured with your comprehensive insurer so that when they pay out in the event of the total loss of the vehicle, they pay out inclusive of extras, which was not the case.My insurance did not pay out on the retail value as the retail value of the base model vehicle in terms of the Auto Dealers guide at the time of the incident, if they include the extras the true Retail value is more than their calculation.Why use the dealer guide which was not used before when selling to calculate retail value when it is stipulated on the assessment report?
Dear Mrs Mashishi our response to your complaint is as follows;
As confirmed by our claims team, your vehicle extras were not insured at the time of the vehicle purchase which is a requirement of the policy. Our policy does not act as additional comprehensive insurance but to cover any shortfall on the difference between the settlement and the insurers payout less any excess payable.
Your insurer has confirmed that you did not cover the extras on the vehicle that were included in the price of the vehicle you purchased. Our policy is also quite specific in that we use the Auto Dealer Guide to determine value, as used by the industry as a whole.
This matter is then between your self and the comprehensive insurer as stated by our claims team, we would suggest that you request from them what they used to determine the vehicle value, and if they had in fact questioned why the value differed from the basic value they used and the price you paid for the vehicle. We would suggest you request a copy of the recorded discussion. We would be happy to assist you with the review of this, you might be able to hold them accountable if they did not request the correct information or did not comply
Dear Mrs Mashishi our response to your complaint is as follows;
As confirmed by our claims team, your vehicle extras were not insured at the time of the vehicle purchase which is a requirement of the policy. Our policy does not act as additional comprehensive insurance but to cover any shortfall on the difference between the settlement and the insurers payout less any excess payable.
Your insurer has confirmed that you did not cover the extras on the vehicle that were included in the price of the vehicle you purchased. Our policy is also quite specific in that we use the Auto Dealer Guide to determine value, as used by the industry as a whole.
This matter is then between your self and the comprehensive insurer as stated by our claims team, we would suggest that you request from them what they used to determine the vehicle value, and if they had in fact questioned why the value differed from the basic value they used and the price you paid for the vehicle. We would suggest you request a copy of the recorded discussion. We would be happy to assist you with the review of this, you might be able to hold them accountable if they did not request the correct information or did not comply