Car insurance situation

[thepatient]

@boastnmyweakness Car insurance less than R1000 isn't bad if you're insuring for R150k on a car you're only paying 80k for.

I saw a post just this morning about a stolen car where owners had no insurance (unconfirmed) but given that they were asking about the chances of recovery one can assume.

You can always fish around for cheaper quotes but bite the bullet for now is what I'd personally do

 

[boastnmyweakness]

@thepatient Is there no way to get it insured for 80k and pay less?

 

[thepatient]

@boastnmyweakness Well, hmmm... Actually, you might have an angle there. I really don't know but it seems like a legit request. Can they deny you a policy for wanting to insure for less than their estimate?

I'm speculating that it could possibly be that the insurer gets more value out of a policy if you insure above a certain amount hence the higher evaluation, probably to within a percentage of actual market value.

Again, this is speculation!! It might be worth asking around for future reference when shopping for quotes.

 

[boastnmyweakness]

@thepatient Alright thanks

 

[imperfectdvm]

@boastnmyweakness I think it is possible to do that, but in the event of a claim, they might use the average clause for being under insured. It’s almost 50% less so if you had to put a claim in for 80K, you will only be paid out 40K. They assume since you are under insured that you will be carrying the risk for the percentage that you underinsured for.

 

[patience4u]

@boastnmyweakness Try Momentum, I was able to save 220 by switching from Naked.