MB
Marileze B
1 reviews | Active since Dec 2012
12 Feb 2021, 09:37
PSG - wants to pay out book value of a classic car instead of the insured value!
Claim number: CL767705 (1978 Toyota Corolla 1200 - classic vehicle with 65000 km) My Policy nr: PSGTP*** Contact Person: Phumzile Hlongwane My son had an accident with the vehicle and according to PSG the damage accoring to Auto Magic in Parow is R10041.00 and the book value according to PSG is (R15000) and the vehicle is now considered as code 2 (written off). PSG only want to pay out the book value of R15 000 even though the vehicle is insured for R45 000 less than the current replacement value the same vehicle. I pay a premium of R334.22. We bought the vehicle for R40 000 because it's a classic. If you do a search on this specific vehicle there's only a few of these available in South Africa and the price range from between R48 000 and R60 000. These vehicles, because they're classics DON'T depreciate in value - the value of these vehicles only increase. Something that PSG clearly don't understand. NOW I'm being told that PSG is going to pay the book value of the vehicle even though I paid the premium for R45 000. NOBODY at PSG advised or told me that according to there standards I'm over insuring this vehicle. I paid for the replacement value NOT the book value. I'm not at all satisfied with the explanations / excuses that I received. This is unacceptable to pay out an amount of R15 000 for a vehicle worth more that R48 000.
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Replies (4)
PSG Insure's replyOfficial
12 Feb 2021, 15:37Good day Marileze,
We apologise for the poor experience that you have had. We have raised your query internally. We will investigate on your behalf and revert to you with feedback within 2 business days.
Regards,
PSG Insure
PSG Insure's reply12 Feb 2021, 15:37
Official
Good day Marileze,
We apologise for the poor experience that you have had. We have raised your query internally. We will investigate on your behalf and revert to you with feedback within 2 business days.
Regards,
PSG Insure
MB
Marileze B's updateReviewer Update
03 Mar 2021, 18:48This claim has been filed on the 11th of January. Since then, it's been a back and forth between me and PSG.
I meanwhile found out that PSG were supposed to apply for a mechanical certificate, proof of purchase and independent valuation before they insured the Toyota. It was by no means mentioned to me and was not done either. I also signed a declaration on the 6th of October 2020 in which the following is explicitly stated: Please note that this policy is not yet active. The policy will only be activated and you will only enjoy cover after the application has been approved by an authorized representative of the insurer. Clearly this did NOT happen either.
In the meanwhile I eferred this claim to the Ombudsman. On the 22nd of February I was informed by Tryphina Chauke that: We have not provided you directly with feedback as we have since been advised that you have approached the Ombudsman regarding the claim settlement. Meanwhile, I also adjusted my policy by removing the motorcycle from the policy. PSG removed the motorcycle AND adjusted my car's insurance value.
The 1st of March I followed up again with Tryphina in which she informed me that they had given feedback to the Ombudsman. I called the Ombudsman and NO feedback was received from PSG. I called Tryphina again and she referred me to Janita Furstenberg who passed on the following information to me: As this is an Ombudsman matter, they will give the final outcome on the settlement. However, there is information outstanding from our compliance department regarding the claim which they are in the process obtaining. No final outcome can be confirmed without all the relevant information.As this was handed over to the Ombudsman, we will give comprehensive feedback via the insurance company to the Ombudsman once all information has been received.
Meanwhile, the wrong premium was recovered from my bank account - after PSG removed the motorcycle and adjusted my car's value. Chimone de Koker worked with this and when I inquired about it, I received the following back by email: Changes were made to the policy again. I did NOT request any further changes to my policy and sent her an email back today to hear who and what further changes have been made.
It seems like I'm being punished for daring to go to the Ombudsman! Who gives PSG the right to change ANYTHING on my policy without notifying me? I am furious and feel that this company is providing the worst service I have EVER had in my life. ACKNOWLEDGE if you made a mistake - do not punish the client for your mistakes.
I meanwhile found out that PSG were supposed to apply for a mechanical certificate, proof of purchase and independent valuation before they insured the Toyota. It was by no means mentioned to me and was not done either. I also signed a declaration on the 6th of October 2020 in which the following is explicitly stated: Please note that this policy is not yet active. The policy will only be activated and you will only enjoy cover after the application has been approved by an authorized representative of the insurer. Clearly this did NOT happen either.
In the meanwhile I eferred this claim to the Ombudsman. On the 22nd of February I was informed by Tryphina Chauke that: We have not provided you directly with feedback as we have since been advised that you have approached the Ombudsman regarding the claim settlement. Meanwhile, I also adjusted my policy by removing the motorcycle from the policy. PSG removed the motorcycle AND adjusted my car's insurance value.
The 1st of March I followed up again with Tryphina in which she informed me that they had given feedback to the Ombudsman. I called the Ombudsman and NO feedback was received from PSG. I called Tryphina again and she referred me to Janita Furstenberg who passed on the following information to me: As this is an Ombudsman matter, they will give the final outcome on the settlement. However, there is information outstanding from our compliance department regarding the claim which they are in the process obtaining. No final outcome can be confirmed without all the relevant information.As this was handed over to the Ombudsman, we will give comprehensive feedback via the insurance company to the Ombudsman once all information has been received.
Meanwhile, the wrong premium was recovered from my bank account - after PSG removed the motorcycle and adjusted my car's value. Chimone de Koker worked with this and when I inquired about it, I received the following back by email: Changes were made to the policy again. I did NOT request any further changes to my policy and sent her an email back today to hear who and what further changes have been made.
It seems like I'm being punished for daring to go to the Ombudsman! Who gives PSG the right to change ANYTHING on my policy without notifying me? I am furious and feel that this company is providing the worst service I have EVER had in my life. ACKNOWLEDGE if you made a mistake - do not punish the client for your mistakes.
MB
Marileze B's update03 Mar 2021, 18:48
Reviewer Update
This claim has been filed on the 11th of January. Since then, it's been a back and forth between me and PSG.
I meanwhile found out that PSG were supposed to apply for a mechanical certificate, proof of purchase and independent valuation before they insured the Toyota. It was by no means mentioned to me and was not done either. I also signed a declaration on the 6th of October 2020 in which the following is explicitly stated: Please note that this policy is not yet active. The policy will only be activated and you will only enjoy cover after the application has been approved by an authorized representative of the insurer. Clearly this did NOT happen either.
In the meanwhile I eferred this claim to the Ombudsman. On the 22nd of February I was informed by Tryphina Chauke that: We have not provided you directly with feedback as we have since been advised that you have approached the Ombudsman regarding the claim settlement. Meanwhile, I also adjusted my policy by removing the motorcycle from the policy. PSG removed the motorcycle AND adjusted my car's insurance value.
The 1st of March I followed up again with Tryphina in which she informed me that they had given feedback to the Ombudsman. I called the Ombudsman and NO feedback was received from PSG. I called Tryphina again and she referred me to Janita Furstenberg who passed on the following information to me: As this is an Ombudsman matter, they will give the final outcome on the settlement. However, there is information outstanding from our compliance department regarding the claim which they are in the process obtaining. No final outcome can be confirmed without all the relevant information.As this was handed over to the Ombudsman, we will give comprehensive feedback via the insurance company to the Ombudsman once all information has been received.
Meanwhile, the wrong premium was recovered from my bank account - after PSG removed the motorcycle and adjusted my car's value. Chimone de Koker worked with this and when I inquired about it, I received the following back by email: Changes were made to the policy again. I did NOT request any further changes to my policy and sent her an email back today to hear who and what further changes have been made.
It seems like I'm being punished for daring to go to the Ombudsman! Who gives PSG the right to change ANYTHING on my policy without notifying me? I am furious and feel that this company is providing the worst service I have EVER had in my life. ACKNOWLEDGE if you made a mistake - do not punish the client for your mistakes.
I meanwhile found out that PSG were supposed to apply for a mechanical certificate, proof of purchase and independent valuation before they insured the Toyota. It was by no means mentioned to me and was not done either. I also signed a declaration on the 6th of October 2020 in which the following is explicitly stated: Please note that this policy is not yet active. The policy will only be activated and you will only enjoy cover after the application has been approved by an authorized representative of the insurer. Clearly this did NOT happen either.
In the meanwhile I eferred this claim to the Ombudsman. On the 22nd of February I was informed by Tryphina Chauke that: We have not provided you directly with feedback as we have since been advised that you have approached the Ombudsman regarding the claim settlement. Meanwhile, I also adjusted my policy by removing the motorcycle from the policy. PSG removed the motorcycle AND adjusted my car's insurance value.
The 1st of March I followed up again with Tryphina in which she informed me that they had given feedback to the Ombudsman. I called the Ombudsman and NO feedback was received from PSG. I called Tryphina again and she referred me to Janita Furstenberg who passed on the following information to me: As this is an Ombudsman matter, they will give the final outcome on the settlement. However, there is information outstanding from our compliance department regarding the claim which they are in the process obtaining. No final outcome can be confirmed without all the relevant information.As this was handed over to the Ombudsman, we will give comprehensive feedback via the insurance company to the Ombudsman once all information has been received.
Meanwhile, the wrong premium was recovered from my bank account - after PSG removed the motorcycle and adjusted my car's value. Chimone de Koker worked with this and when I inquired about it, I received the following back by email: Changes were made to the policy again. I did NOT request any further changes to my policy and sent her an email back today to hear who and what further changes have been made.
It seems like I'm being punished for daring to go to the Ombudsman! Who gives PSG the right to change ANYTHING on my policy without notifying me? I am furious and feel that this company is providing the worst service I have EVER had in my life. ACKNOWLEDGE if you made a mistake - do not punish the client for your mistakes.
PSG Insure's replyOfficial
08 Mar 2021, 11:05Good day Marileze,
You're complaint has been raised internally.
We apologise for the poor experience that you have had.
We will investigate on your behalf and revert to you with feedback within 2 business days.
We apologise for the poor experience that you have had.
We will investigate on your behalf and revert to you with feedback within 2 business days.
Regards,
PSG Insure
PSG Insure's reply08 Mar 2021, 11:05
Official
Good day Marileze,
You're complaint has been raised internally.
We apologise for the poor experience that you have had.
We will investigate on your behalf and revert to you with feedback within 2 business days.
We apologise for the poor experience that you have had.
We will investigate on your behalf and revert to you with feedback within 2 business days.
Regards,
PSG Insure
PSG Insure's replyOfficial
10 Mar 2021, 05:21Good day Marileze,
Kindly note that we have engaged with our compliance and underwriting department, who will make contact with you, in order to assist further, where applicable.
Please also note that this matter is with the Ombudsman, who will provide feedback accordingly.
Regards,
PSG Insure
Kindly note that we have engaged with our compliance and underwriting department, who will make contact with you, in order to assist further, where applicable.
Please also note that this matter is with the Ombudsman, who will provide feedback accordingly.
Regards,
PSG Insure
PSG Insure's reply10 Mar 2021, 05:21
Official
Good day Marileze,
Kindly note that we have engaged with our compliance and underwriting department, who will make contact with you, in order to assist further, where applicable.
Please also note that this matter is with the Ombudsman, who will provide feedback accordingly.
Regards,
PSG Insure
Kindly note that we have engaged with our compliance and underwriting department, who will make contact with you, in order to assist further, where applicable.
Please also note that this matter is with the Ombudsman, who will provide feedback accordingly.
Regards,
PSG Insure