At PPS, numerous things are considered. For example, the make and model of your motor vehicle, where you live, where your vehicle is kept at night, who the driver of the vehicle is, what purpose your vehicle is used for, and your previous claims history. Because your premium is calculated on these facts, amongst others, it is very important that you are honest when answering these and any other questions. If you are not sure about an answer, rather tell us this and get back to us later. It is important to be honest in your dealings with your insurer or broker, including when you claim.
Yes, age is a major factor when calculating your monthly premiums and will definitely have an impact. Experience has shown that driving risk reduces with age; older drivers have fewer accidents than young or new first-time drivers. This is a greater risk for insurance companies and hence your premium is based on your age.
Yes. Behaviours and social trends of single people usually differ from those of married couples. It has been noticed that single people go out more and are more adventurous, compared to married couples and are therefore exposed to more risk. This will impact the cost of their premium.
As the value of the vehicle decreases with age, you need to service the vehicle often. Factors looked at include parts and labour that become more expensive, natural disasters get taken into account and the performance of the Rand.
The majority of claims paid are for accidents and not write-offs or stolen vehicles. The cost of repairs and parts constantly increase with inflation. We thus need to increase our premiums as it costs more to repair vehicles.
It might happen, that at some stage, you may find it difficult to meet the premium payments on your policy. In order to assist you if you do find yourself in this position, PPS will do a double deduction the next month. However, if the premium is not received by this time, you will have no cover for that period for which the premium was due and the policy will lapse. If we do not receive payment for that month, you unfortunately do not have cover.
A PPS policy allows you to cancel without any notice period, but you can give notice to cancel on a future date. You can also give this notice of cancellation over the telephone. We will confirm the cancellation in writing.
Insurance companies, such as PPS, view the regular driver of a car as the person who drives it most often in a given period, usually a month. This can be tricky if your family has one car that is shared between spouses or between a parent and child, but it should almost always be clear who drives the car regularly. If you’re in any doubt, tell your insurer about any individuals who drive the car on a regular basis.
Premiums are calculated according to the size of the risk you potentially pose. For example, people who have had their driving licences for less than a year are more likely to become involved in an accident than those who have been driving for 20 years.
Personal liability is a cover against a third party suing you, in your personal capacity, for financial loss, physical injury or death. In view of existing market trends and the rising compensation demand in law suits, we have increased the sums insured on your liability cover to R25 million.
At PPS, we believe that R25 million should be the minimum cover we should be offering. We will thus not offer anything less to you, our valued client..
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The excess amount is the amount you pay for the uninsured share of your loss – the first uninsurable amount. This helps in keeping your premiums as low as possible. The excess also serves to prevent customers from submitting minor claims as well as fraudulent claims and assists in keeping premiums down. Let us use motor excess as an example. When you submit a claim, you will have to pay an excess, regardless of who was to blame for the accident. It is important to read your policy documentation regarding excesses as there may sometimes be additional excesses depending on the facts of your claim, e.g. who was driving your vehicle at the time of the loss. In most cases we offer a flat excess as opposed to an excess that is a percentage of your loss. We will also do our best to try and recover your excess from a guilty third party even though there is no legal obligation for us to do so.
You can reduce your excess by increasing your premium. However, if you are willing to pay a higher excess, you can increase your excess to reduce your premium.
This refers to a clause in a policy which requires that, where assets are insured for less than their full value, the insured is required to bear a proportion of any loss. The proportion is the amount by which the assets are underinsured, expressed as a percentage of its insurance value, at the time of the loss.
For example: household contents to the value of R60 000 are destroyed by fire. You have insured the household contents for R100 000, but it is found that you should have insured the contents for R150 000. That means that one third of your contents were not insured and premiums were not received by the insurers for this portion of the risk.
As a result, one third of your claim will not be met and the settlement will be R40 000 less any deductibles. Calculation: Actual sum insured x Claim = Claim settlement Value at risk R100 000 – R60 000 = R40 000.
We cover buildings on a new for old basis. This means that we replace old, damaged items with new ones following a claim (e.g. replacing a burst geyser with a new one). In calculating the replacement value of your property, we take into account the costs to demolish damaged structures, remove the debris, payment for professional and municipal services before any new construction can start. Coupled with these costs are the actual costs for materials and labour. These costs, like many others, are determined by the building industry.
We can provide you with an inventory to assist you in listing the contents and determining their values.
Retail value is the likely selling price of the vehicle by a motor dealer to a purchaser. This is the possible value that a motor vehicle "retails'' for if you were to buy it from a dealership. The retail price is the closest value to the replacement value or cost of your insured motor vehicle.
Market value when referred to in motor insurance is the average between the likely trade and retail values of a vehicle.
At PPS we insure our professionals for retail value as this is the higher value of a vehicle.
Private use: You use your vehicle for social, domestic or pleasure purposes including travel to and from work.
At PPS we include 500km business use a month under private use.
Business use: You use your vehicle predominantly for business, such as a medical rep, deliveries etc.
The choice of any panel beater rests with us and we have established a selected panel of repairers whose work is guaranteed. However, should you insist that you want your vehicle repaired by a panel beater of your choice; we will give you a cash settlement in lieu of the amount that it would have cost us to repair your vehicle. In such an event, we can obviously not guarantee the repairs of the vehicle.
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