KM
Kutlo M
1 reviews | Active since Jan 2014
17 Apr 2015, 13:48
They sell what they won't give! !
<br> <br> <br> I have a huge query, and I am not happy with how PMD is handling my insurance payment, which most customers are not aware of, had I not known these glitches, I wouldn't have taken insurance at all.<br> <br> <br> Firstly, upon accepting insurance, no one stated us that the insurance will make payments directly to the bank, a 3rd party stepping in between my relationship with the bank to cancel out a finance plan I was well aware of and committed to
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Prime South Africa's replyOfficial
17 Apr 2015, 16:26Hello Kaytee4Tee,
We are sorry to learn of your disappointment mentioned above.
All insurers has an obligation to make payment to the financing bank when a vehicle is financed at the time of loss and particularly when the bank's interest has been noted, as in this case. This is so as a result of the fact that the bank is the title holder, and thus the owner of the vehicle until the entire financed amount has been repaid. In such a case, the insured is still effectively indemnified for the loss, irrespective of whether payment is made to the financier or the policyholder.
Notwithstanding the above, your enquiry has been escalated to our legal department who will provide you with a full written explanation of legal practice in cases of this nature.
Assuring you of our continued best endeavours.
Kind Regards,
The PMD Team
We are sorry to learn of your disappointment mentioned above.
All insurers has an obligation to make payment to the financing bank when a vehicle is financed at the time of loss and particularly when the bank's interest has been noted, as in this case. This is so as a result of the fact that the bank is the title holder, and thus the owner of the vehicle until the entire financed amount has been repaid. In such a case, the insured is still effectively indemnified for the loss, irrespective of whether payment is made to the financier or the policyholder.
Notwithstanding the above, your enquiry has been escalated to our legal department who will provide you with a full written explanation of legal practice in cases of this nature.
Assuring you of our continued best endeavours.
Kind Regards,
The PMD Team
Prime South Africa's reply17 Apr 2015, 16:26
Official
Hello Kaytee4Tee,
We are sorry to learn of your disappointment mentioned above.
All insurers has an obligation to make payment to the financing bank when a vehicle is financed at the time of loss and particularly when the bank's interest has been noted, as in this case. This is so as a result of the fact that the bank is the title holder, and thus the owner of the vehicle until the entire financed amount has been repaid. In such a case, the insured is still effectively indemnified for the loss, irrespective of whether payment is made to the financier or the policyholder.
Notwithstanding the above, your enquiry has been escalated to our legal department who will provide you with a full written explanation of legal practice in cases of this nature.
Assuring you of our continued best endeavours.
Kind Regards,
The PMD Team
We are sorry to learn of your disappointment mentioned above.
All insurers has an obligation to make payment to the financing bank when a vehicle is financed at the time of loss and particularly when the bank's interest has been noted, as in this case. This is so as a result of the fact that the bank is the title holder, and thus the owner of the vehicle until the entire financed amount has been repaid. In such a case, the insured is still effectively indemnified for the loss, irrespective of whether payment is made to the financier or the policyholder.
Notwithstanding the above, your enquiry has been escalated to our legal department who will provide you with a full written explanation of legal practice in cases of this nature.
Assuring you of our continued best endeavours.
Kind Regards,
The PMD Team