How to choose an insurer
Posted in Home on 01/28/2009 06:02 pm by adminDear Reader,
Welcome to my Blog!
I look forward to healthy debates and frank discussions. To get things going, I want to share some ideas with you on how to choose an insurance company.
When choosing an insurer to cover your vehicle, there are various factors to consider depending on your unique profile. But regardless of who you are and what you drive there are certain standard tell-tale signs to look out for when choosing a quality, dependable insurer. Sometimes cheaper monthly premiums could mean a very unpleasant and costly claims experience.
Shopping around for insurance could mean significant monthly savings. Here are a few things to consider the next time you choose an insurance partner.
Excesses
Insurers typically offer either a fixed excess or percentage excess linked to the value of your car or claim. Often the excess you choose will affect your monthly premium. So, a higher excess could mean a lower monthly premium, but at what cost?
Consider the following:
• Can you afford the agreed excess should you need to claim? Don’t opt for a high excess if you don’t have disposable cash.
• In the case of percentage and variable excesses, do you know what amount of money these percentages translate into?
• Are you aware of the implications when linking multiple excesses to a single claim? In some cases, a young uninsured driver responsible for an accident in the insured’s car could mean a double excess!
Through MiWay your excess amounts are fixed and clearly explained BEFORE you buy a policy. You may choose to increase your excess to make your monthly premium more affordable.
Claims process
When choosing an insurer this is a critical deciding factor. What is the attitude of the prospective insurer towards paying claims? Will the insurer put you back in the same position as before?
The basic principle of insurance is this: an insurer should place you back in the SAME position you were in, before you suffered the loss you are claiming for. The idea behind insuring your assets is to financially prepare you for a possible future loss.
To avoid feeling resentment or frustration at claims stage, follow these simple guidelines:
• As the insured party, make sure that the information you supply in the initial contract or telephone interview with the insurer is 100% accurate and true. Inaccurate or incomplete information will impact your premium and negatively influence your cover and future claims.
• Ask the insurer what their claims procedure entails. Newer players in the industry such as MiWay have paperless facilities so using our call centre or online forms will save you loads of time and frustration.
• Enquire about the insurer’s turnaround time on claims. The industry standard is five working days, but this will depend on the type of claim and repair times.
MiWay follows a transparent philosophy. To avoid upset and angry clients at claims stage, we make very sure clients understand exactly what they are buying. The policy wordings are written in simple language and most importantly, prospective clients are urged to provide accurate and complete information at underwriting stage when the premium gets calculated.
Online capabilities
Convenience is king. Consider how 24/7/365 access to your insurance portfolio could save you time and frustration…so, when choosing an insurer look out for a partner that has online capabilities. Mounting pressure on your private time means you need to be able to attend to your personal matters when it’s convenient for you – often after hours.
Through MiXpress with Miway you can get an accurate quote, accept a quote and incept a policy as well as make changes and updates to your existing policy. All of this without ever speaking to an agent! Yet another innovation from MiWay to make financial services easier and more convenient for YOU.
Pricing
When choosing an insurance option take care to compare apples with apples. Too often consumers choose a cheaper premium not fully aware of the reduced cover this implies. Here are a few variables to double check:
• Is your car insured for market or retail value?
• Check excesses, especially additional excesses.
• Is the cover you are being quoted on comprehensive or only for limited liability such as theft or third party?
• Does the policy require a tracking device? This could mean an additional monthly expense.
• Does the policy include any additional free services such as an emergency service?
Remember: ask the insurer to explain any unclear conditions of cover and how this will impact your premium and the cover you will receive. Quite often a moderately more expensive premium could mean significantly better cover….
Service
Finally, it is important to choose an insurer who delivers great customer service. Having already chosen the right product with the right price means that you can’t settle for second-best when it comes to receiving great customer service – both before and after claiming!
Pick an insurer well known for putting their customer’s needs first. Your insurer should not be hesitant to be transparent in their correspondence with you. They should have available channels ready for you should you need to communicate with them – whether it is positive or negative feedback you are communicating.
MiWay is the first company in the South African insurance industry to dedicate a page for Compliments & Complaints on their website. The website is renowned for being transparent, as we publish all comments made by clients and potential clients alike. We view negative feedback as valuable, and appreciate the opportunity to get things going your way again quickly and efficiently.
I look forward to hearing your views.
Kind regards,
February 3rd, 2009 at 5:46 pm
Good day
Does this mean my premium will now go up seen as i just joined your insurance company even though i was informed by the agent thet it is garanteed for a year
February 3rd, 2009 at 10:11 pm
I have informed many people that I come into contact on a daily basis of what a professional and wonderful insurance Miway is, Out insurance thought they were the best but Miway will definalty out grow them. Good luck for many years
February 3rd, 2009 at 11:53 pm
Hi,
I know you have just started this project…..and quite possible still busy stabilising it in South Africa. But here is my proposal …
February 5th, 2009 at 8:00 pm
Good day Chadwin,
If your premiums were guaranteed for a year, we will honour it. It is not our general policy to do so, but for various reasons it was done in some specific cases.
February 5th, 2009 at 8:03 pm
Hi Lynn,
Thank you for your kind words. We are still very young and we have a long way to go, but we don’t lack passion and commitment. I trust we will never disappoint you.
February 5th, 2009 at 8:11 pm
Hi Ncaba,
Thank you for your comment. Unfortunately we can’t consider expanding outside the borders of SA at this stage. We are still in the pre-profit phase of our existence, and all our energy is currently devoted to ensure the stability and success of MiWay. In a year or three’s time, we might consider your offer, if it still stands!
February 8th, 2009 at 1:38 pm
Does my boat/jetski need to have a current Certificate of Fitness?
In the case of a claim for e.g. damage to such a vessel, would a valid skippers certificate need to be provided?
February 9th, 2009 at 1:29 pm
Hey Rene
Coming from a marketing background I have the urge to compliment you hugely on the launch and execution of your product. Brilliantly conceptualised, brilliantly executed!!!! Excuse my ignorance, but are you the same guys that started Outsurance? Oh, and what a pleasure to read the responses given to various queries that come through to you, including Hello Peter… you certainly have sourced cream-of-the-crop writers! Well, all the best with your new baby :)!! And by the way, I have sent through an enquiry for insurance on my car.
Regards
Caren
February 9th, 2009 at 5:42 pm
Thank you very much for your kind words, Caren. We are committed to setting new service standards in the financial services industry. We make mistakes and we have room for improvement, but we don’t lack commitment and transparency. I was indeed one of the founding members and first CEO of OUTsurance.
Rene
February 11th, 2009 at 11:36 am
Good day Tim,
yes your boat/jetski would definitely need a Certificate of Fitness and you would need a skippers certificate if using your craft offshore.
March 1st, 2009 at 10:48 pm
Hi Rene, congratulations on the new business, we hope that it will be as successful as the previous ones you started.
Does MiWay has a 4×4 specific product which will cover the 4×4 enthusiast who go on the odd 4×4 trail and overlanding trips, including trips outside RSA borders?
March 2nd, 2009 at 2:41 pm
Good day Pieter,
Thank you for the encouraging words. We are sure that MiWay will be more successful than my previous ventures.
Unfortunately we do not offer a specialised 4×4 product at this stage. We are however considering the product and are currently exploring the options.
Rene
March 4th, 2009 at 2:36 pm
I would like to know why second hand cars are so very,very expensive?? It took my four years to save R15,000.oo and now I can not find a car that is in proper condition for my daughter at Pukke University Potchefstroom.
I simply can not even afford to pay R1000.00 a month. With the deposit mentioned at the top.
Please note my daughter has never once complained in three years, walking come rain or winter. I helped my son and would like to help my daughter to.But looking at the prices of small cars I feel lost. The new South Africa do not cater for the middle class and that is very sad. Goodness do we rather buy her a horse. Her bicycle got stolen in case you wondered….just a simple caring mom!!
I need to do this. I have helped my son and what you do for the one you must do for the other!!I really need some positive feedback please guys!!
March 6th, 2009 at 10:08 am
Hi Amanda,
Not being in the used car business myself, I can only surmise that second hand cars in the lower price bands are maybe a bit more in demand as more and more people cannot afford to buy expensive or financed cars.
Good luck in your search for a cheaper reliable car, once you have found one maybe MiWay can assist with insuring the car. You may be interested in the new MiDriveStyle Car Insurance product, which is well suited to younger drivers (assuming they drive responsibly).
Regards
Rene
April 8th, 2009 at 1:08 pm
Good day Rene,
I just want to say that I had the honour of working for you at Outsurance and it gives me great pleasure to know that with MiWay you have captured the culture and staff that WAS at Outsurance so many years ago, that… makes MiWay stand high above the rest.
I’m still in the insurance industry and my greatest memories (work related that is :O) come from your management style and the passion in which the staff execute their daily tasks.
I went to visit your call centre and i was flooded with excitment for your team. I know that shortly MiWay will be a force to be reckoned with. Wish you all the best and thank you for getting back in the game. :O)
Regards,
Belinda Felix
April 9th, 2009 at 6:29 pm
Hi Belinda,
Thank you for your kind words and thank you for the visit. Culture is something that we nurture as it is an important component to providing excellent customer service.
April 13th, 2009 at 7:10 pm
Rene
Thank you for your response (my query 09 Feb 2009 & your response
11 Feb 2009)regarding Boat/jet ski Cetificates of Fitness. It is my understanding however that a Certificate of Competence (Skippers)is ALSO required for Inland Restricted Waters, and not just for offshore… Please clarify your Company’s stand on the matter.
Thanking you.
April 16th, 2009 at 9:55 pm
My comment had actually started out with extreme anger and frustration and was aimed at the poor customer service and the distasteful attitude that I had received from the claims consultant that I was lucky enough to have been assigned to.
My husband and I were so disappointed, especially after singing the praises of this company (to anyone that would listen)that MIWAY was so advanced in their insurance approach with the internet capability and cost effectiveness versus other companies that have such high premiums.
But you only realise how good your insurance company is when you make a claim. After our accident and claim, because of the poor service, we had decided that we were going to go back to our old insurance company as soon as our vehicle was repaired and returned to us.
And then we got to speak to Olga Baloyi (not even sure which dept she is in - although she should be in claims). What an incredible sense of customer empathy this lady possesses. She had the right attitude and kept coming back to me with updates and feedback. She should actually be training people in the call centre on how to speak to clients.
The other person that totally restored our faith in MIWAY is Louanne Terreblanche. This is another lady that really understands what customer service is really about. Louanne did exactly what I had expected from the beginning, but she did it with the right attitude and that is what will set MIWAY apart from its competitors. Louanne has made good on everything that she committed to and has been consistently keeping us informed as to the progress of our vehicle and has really made us feel better about being MIWAY clients.
Thanks Louanne and Olga.
Rene, our experience wih MIWAY has gone from one extreme to the other and my husband and I would like you to know that you do have some staff that really will do things MIWAY.
April 17th, 2009 at 3:38 pm
Good day Dinesha,
Firstly let me apologise for the initial lapse in service that you experienced.
Thank you for taking the time to comment on my blog and thank you for recognising the excellent customer service provided by both Olga and Louanne. MiWay is committed to providing world class service and it is comments like these that confirm we are moving in the right direction.
April 20th, 2009 at 12:40 pm
Hi Tim,
MiWay recognizes and abides by the regulations of the South African Maritime Safety Authority. Please see the statement below describing recent regulations (Maritime Notice No 13 of 2007) that came into effect on 1 March 2009.
Briefly, the main principles applying to all recreational vessels used on inland waters are as follows: (full details are on their website http://www.samsa.org.za)
1. All vessels, excepting power driven vessels of 15hp or less, sailing vessels of 9m or less in length and vessels propelled by human power alone must be marked with a single traceable ‘approved number’.
2. All skippers of motor vessels of more that 15hp and sailing vessels of more than 9m in length must be certificated i.e. the skipper must be in possession of at least a Category R skippers license.
3. All vessels, excepting power driven vessels of 15hp or less, sailing vessels of 9m or less in length and vessels propelled by human power must be inspected and certified as seaworthy annually (i.e. obtain a certificate of fitness)
4. All vessels must carry the appropriate and relevant safety equipment according to the vessel category and type.
June 17th, 2009 at 4:00 pm
Hi Rene
On Monday, 15 June 2009 I phoned to complain about the excessive premium hike to my policy.
The person that took my call said that they were not in the position to do anything about and put me through to his senior.
This person agreed with me that the increase was excessive and commented that he/she could see no reason for the excessive premium hike as I was a regular payer and no claim was made during the last year. This person sais that was NO JUSTIFIABLE REASON FOR THE EXCESSIVE HIKE IN MY PREMIUM AS WELL AS HIKE IN THE EXCESSESS PAYABLE by me and would take it up with his/her Manager.
An undertaking was also made to give me feedback on the same day.
To date none of this has happened.
Very very disappointed in MyWay for the failure of keeping the undertaking of giving me feedback on the day it was undertaken to be done as well as the excessive hike in premium.
Graham King
June 18th, 2009 at 6:56 pm
Good day Graham,
Thank you for bringing your complaint to my attention, we apologise unconditionally for your negative experience. Client services have assured me that they are following up on your concerns including the fact that we did not deliver on our promise to give you feedback on the same day.
Regards
Rene
June 25th, 2009 at 1:40 pm
Hi Mr RO this is you main CHAR O,anyways it is great to see you part of another dynamic and passionate company and i remember my training(2001) session with you on values,I must say that my life was changed forever and you where part of my Love affair with the Insurance Industry.
I have a concern rather than a complaint and need to bring this to your attention.I have a policy(307459) and in March had an accident(3rd party knocked into me) and Mi-Way settled me to repair the vehicle at a repairer of my choice and i signed a 3rd party disclaimer as i take full
responisbility for the repairs(This Repairer of choice is on your panel and they have done a fantastic job on my vehicle for which i am grateful-They are Western Crown Panel and paint.) So far so good,My-way had informed me that my vehicle cover is going to be cancelled but they will keep my personal accident cover on and once i receive my vehicle from the panel beaters i can then put it back on cover.I am receiving my vehicle on Friday and called MI-Way to add on the vehicle.I have already received and increase in my premium before the incident as it is only guarenteed for 6 months and when i called in yesterday to add my vehicle back on cover i was told my premium had doubled which is not fair.You have all the facts at your disposal and need to know if this is your standard operating procedure with regards to incidents like this especially when this incident was not my fault.
Your loyal student and client
Ashwin Datadin
June 29th, 2009 at 10:35 am
Dear Ashwin, thank you for your mail.
You have received a call from Lana to resolve your query. I hope you will remain a loyal MiWay client for many years.
Regards,
Rene
August 26th, 2009 at 5:41 pm
Hi
I just got off the phone with a consultant from another insurer:
He said you guys will charge me additional excesses because I am under 25 and my lincence is less than 2years. Luckily that scare tactic did not pressure me into purchasing a policy with him. I then read the quote you guys sent to me and found that this only applies to people who do not drive the Car regurlarly i.e anyone except for myself. To further support his case he said that he used to work for you guys. I am not at the liberty to name the insurer, but I thought you should be aware of such unethical behaviour against your company. I work in the insurance industry and I know that the industry does not need this kind of behaviour.
He also talked about you premium hikes which are depended on you cliams experience.
September 1st, 2009 at 2:14 pm
Hi Ben,
Thank you for your mail. I really appreciate it.
All companies consider a client’s claims experience when they consider a premium re-rate. Some do so immediately after the claim, whilst others of the annual re-rate. Whichever way you look at it, it boils down to very much the same thing.
It is a pity that some companies and/or their staff find it necessary to bad mouth their opposition. Our approach is to focus on our strengths instead of our opposition’s weaknesses. We find it a more constructive approach. Personally, I think most clients prefer to deal with decent people, and decent people don’t revert to bad mouthing!
I hope you will remain a happy MiWay customer for many years to come.
Regards,
Rene
September 15th, 2009 at 12:41 pm
Hi
I took a motor insurance with you guys (Miway) about three months now. The first month you were quick to take your premium from me, but the second month I had to call you guys to remind you. The third time now and it is already the 15th and as far as I know no premium were taken from my account. Is it my responsibility to remind you guys every time to debit me for the cover?
Waiting in anticipation
Mokae
September 16th, 2009 at 4:38 pm
Hi Mokae,
Thank you for bringing this error to our attention and please accept our unconditional apologies for any inconvenience caused. Sekgobola has since been in contact with you to resolve the error.
Regards,
Rene
October 12th, 2009 at 11:59 am
Hello Rene,
My name is S.r.gone with Client number 979015. I am loyal customer of Miway from last one year. This month my premium was debited more than 15% month then last month, I was so disspointed with the way Miway was took my money, but I called the customer services to know what exactly the reason for charging me that high premium and I didn’t had any single claim from the day one. I was helped by a customer service representative named Fazel and he listened very patiently my side of the story and he competely agreed that with me, later he took my details
and called me that my premium was adjusted to certain amount which I was OK with but not completely happy though. The way Fazel responded made me So happy and he was very quick to solve my issue of premium, Fazel sounded very helping,patient and informative and he knows what he is doing which must of us fail to do so. I really appreciate the way Fazel responded, Rene I just want let you know that you got a sound business reprensentatives working with you this is not the first time I received the good service but keep up the good work for coming years….
Cheers,
Srikanth…
October 14th, 2009 at 11:33 am
Hi Srikanth,
Thank you for your comment and thank you for being a loyal customer. I am glad Fazel was able to resolve your issue. All of our agents at MiWay are committed to providing world class service.
Looking forward to having you as a client for many years to come,
Regards
Rene
November 20th, 2009 at 1:07 pm
Hi Rene
I have taken a motor comprehensive cover policy with Miway. I had an accident and the motor was written off. I made a claim which based on your assessment I am told that Miway will only pay approximately 85% of the total settlement amount. How can I have shortfall on the cover and still have to pay c.a 15%?
Mokae
November 25th, 2009 at 11:26 am
Hi Mokae,
Thank you for your comment and for bringing this matter to my attention. Max, MiWay’s Head of Claims, has sent you a letter to elaborate on the issues raised and to clarify any misunderstanding that may exist.
Regards
Rene
January 29th, 2010 at 3:43 pm
Rene,
On Jan 16, 2010 I called MiWay regarding a claim. I had to wait 8 days before an extremely rude MiWay assessor known as Duncan called me. He promised to come out and do the assessment on Friday Jan 29, 2010. He didn’t come. Meanwhile I was starting to suspect that maybe my claim might be declined so I duly fetched my car and paid storage costs of R 6 800. Later a gentleman called Nick Goncalves called me and asked me why I had decided to take my car. I explained to him that I couldn’t wait weeks for MiWay to decide if they will pay out or not and then be faced with a massive storage bill. Nick explained that there had been inconsistencies in my story and they needed to do some checks. Fair enough but why does it have to take 10 days for him to tell me this?
For the record the inconsistencies that I referred to are simply ridiculous, like when I said that during the time of the accident I was on my way to a Steers, then I later said the Garage but in fact the Steers and the Garage are the same building!
I have since cancelled my policy.
Mehluko Mkhize
082 *** ****
February 1st, 2010 at 5:47 pm
Hi Mehluko,
please refer any communications to the MiWay claims department.
Regards
Rene
May 22nd, 2010 at 1:12 pm
HI! THE “WINING TEAM” MIWAY,I have taken a motor cover policy with you and i recently had an accident,wich nearly cost my life.
I dont regret the day i decided to insure my car with Miway.you guys are the best insurance ever.with no-doubts i shall refer anybody to you.not forgetting Sunita Khoza @ Claims Depertment,she made everything seem so simple,she really made me feel save @ secured with you,KEEP GOING SUNITA YOU ARE THE BEST “miway where they do things to my way”.
EXCELLENT SERVICE!!!!!!!!!!!!!!!!
REGARDS
VINCENT
May 24th, 2010 at 4:28 pm
Hi Vincent,
Thank you for the awesome feedback and the compliment for Sunita and the claims department.
Regards,
Rene
June 4th, 2010 at 1:25 pm
Good day, I would like to know why it takes such a long time to get feedback from MiWay. I have had a claim with MiWay and think the correspondence that I recieve is too little too far apart. I often have to sent mails (the phone never gets answered) to get any feedback. In my situation I had a claim where somebody knocked into me at a red robot (and amitted to the fact) but i now sit in a situation where my premiums have gone up and i have not been paid my access. I was told that I will have to wait until the other pays the full amount of the claim back to MiWay and then only will I get my access, this I am hoping happens as I was told by MiWay consultants that they do not know if they can recover the money as the other party is not a South African citizen, this I can not understand as he is employed in S.A.
thank you.
June 4th, 2010 at 4:42 pm
Rene
I have recently insured with my vehicle with miway, and now 2 months later, my vehicle was involved in an accident. I heard today, more than 2 weeks later that my claim was repudiated based on the fact that the investigators at miway claim that “i am not the regular driver of the car” as stated on my policy, which is ludicrous and ridiculous and insults my integrity and the reputation of your company. I am appalled with the way i was treated and the invasive manner in which the investigators handled the claim, using border line harassment tactics to handle this case. Also, the investigator actually went a step further asking me to “come clean”…..In my opinion, what is the purpose of paying monthly premiums on insurance, and then being in a situation where you have to claim, and then further being treated like a criminal and now being in a worse off position than before being covered. I am disgusted with the manner in which your company treats customers and handles claims, and i think that you should re-think the advice you give earlier on in the blog where you state how one should go about approaching an insurer. i am sure you will lose alot of business with such types of bad customer impressions of Miway.
Nashveer Singh
June 11th, 2010 at 10:08 am
On the 26th April 2010 I lodged a claim on my Hyundai getz for a back smash and I was promised the vehicle on the 04.06.10 by Durban South Panel beaters. I was also promised a courtesy car on that day for the delay but when the day came for me to take possession of the vehicle thay told me that they do not have a vehicle available even though they have my car for the last SEVEN WEEKS.
June 11th, 2010 at 11:56 am
Hi Pravir,
Your comment has been forwarded to the claims department to act on.
Regards,
Rene
June 11th, 2010 at 11:57 am
Hi Nashveer,
Your comment has been forwarded to the claims department to act on.
Regards,
Rene
June 11th, 2010 at 11:57 am
Hi Segren,
Your comment has been forwarded to the claims department to act on.
Regards,
Rene
June 28th, 2010 at 11:53 am
Rene,
I was going through your website”Miway” i’m quite interested and i would love to have a business discussion with you.
i’m based in Botswana capital Gaborone. I’ve a product at hand of which i could forward to your personnel email .
I do hope you will respond,because on your product outline “Miway” in Botswana we are behind .
Regards .
June 30th, 2010 at 12:24 pm
Hi Kingsley,
Thank you for your comment. Unfortunately we are still a number of years away from taking our model outside South Africa’s borders. You are most welcome to e-mail me for a general discussion though.
Kind regards,
Rene