SAIPA AssetSure- No Third Party (Notification 3)

Dear Valued Client

 

The SAIPA AssetSure scheme motor section of the policy, lists the following additional excess applicable in the event of a motor claim:

No Third Party involved – Additional R3, 500.00

When reviewing Motor Own Damage claims stats over the last three years insurers note that on average 16{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c} of accidents relate to incidents that occurred where there was no Third Party vehicle involved, such as “hit a curb”, hit a pole, “hit a dog” or “reversed into a pole” etc.

We list for your attention and perusal actual claims stats.

2014 Insurance Year

 

Description	Own Damage	Excess	Net Claim	{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c} of total claims
Accident No Third Party Vehicle	90,481.33	5,566.36	84,914.97	13.61{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c}

 

2015 Insurance Year

 

Description	Own Damage	Excess	Net Claim	{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c} of total claims
Accident No Third Party Vehicle	53,523.15	6,476.11	47,047.04	16.02{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c}

 

2016 Insurance Year

 

Description	Own Damage	Excess	Net Claim	{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c} of total claims
Accident No Third Party Vehicle	230,851.73	34,323.97	196,517.76	17.54{f92ed3c07130d1d1f7afdfa9419415a96097991b3cd0130fcc5c47b28583da4c}

 

Insurers advised that these claims can be avoided if clients are focused and more careful, considering the increasing trend of such claims, insurers have two options which are, option 1 increase the premium or option 2 increase this additional excess when there is no other Third Party vehicle involved from the current R 3, 500.00 to R 10, 000.00, given the state of the economy we have pressurized insurers into opting for option 2.

 

The reason for doing this is to protect the SAIPA ASSETSURE scheme and keep premiums and premium increases to a minimum. The amendment will take effect from the 1^st May 2017.

 

Please contact Dale Stone for clarity.  Work: 011 023 7265, Email: dale@vknfs.co.za, Cell: 076 594 8380