How do I determine the value of my household goods for insurance?
I should start by creating an inventory of all of my household goods, while listing the replacement value of each item. Adding these values determines my total replacement value and my total insurable value.
What happens in the event of a claim if I have undervalued my household goods?
I would have to carry a part of the risk in proportion to the amount that I undervalued my household goods by. For example, if the actual value of my household contents is R100 000 and I have cover for R80 000 (80% of the true value), iWYZE will cover only 80% of any loss I may incur.
I don’t have Household Goods insurance, but would like to insure a notebook computer. What should I do?
iWYZE will insure my notebook computer, but not on its own. I would need a General & Specified Valuables policy, which can only be taken in conjunction with either a Vehicle or Buildings policy, or a Household Goods policy.
I stay in a rented flat. Can I still get Household Goods insurance?
Yes, I can still get household goods insurance even if I do not own the building I stay in, as long as the address is correctly specified in my Policy Schedule and all the necessary information has been supplied and is correctly reflected in my Policy Schedule. In order to retain my insurance cover, I must also remember to notify my insurer in the event that I change my place of residence.
If I have to claim under my Household Goods policy, will I have to supply invoices or receipts for the lost or damaged goods?
While iWYZE would love to treat all clients as if they were completely trustworthy, they have an obligation to root out and reject fraudulent and exaggerated claims, instead of settling them and funding the cost from the premiums collected from their honest clients. As part of this process, they may have to request me to prove that I did indeed own the item/s for which I’m claiming; to prove that the value of my items has been correctly reported in my claim, and to verify the exact details (e.g. make and model) of the relevant item/s. In this regard, invoices and receipts for the original purchases can be very valuable and I should retain these where possible.
What happens if I do not have invoices or receipts for household items? Will these items still be covered under my Household Goods policy and how will iWYZE determine their value?
iWYZE may insist on proof of ownership and value of any item for which I claim. However, they do consider the value and age of the item before requesting proof of ownership.
How do I go about cancelling a policy or the cover on a specific item? Is there a notice period? Will I receive a refund on the relevant premium?
I may cancel my policy or any item at any time, either telephonically or in writing and this will be with immediate effect. However, iWYZE may retain the policy initiation fee.
Example: Should I no longer require insurance for my household goods, I may contact iWYZE and cancel the insurance immediately. Cover will terminate immediately and iWYZE will refund me the related premium for the balance of the insured period.
iWYZE may change or cancel my policy by giving me 30 days’ notice to my email or postal address. Any changes will only come into effect after this 30-day notice period has lapsed. If a premium has been paid for any period beyond the date of cancellation of the policy, iWYZE will refund the relevant portion.
If I acquire new belongings and add them to my home, will iWYZE automatically cover me for these additional goods?
I would need to insure my household goods for their total replacement value (the cost of replacing my lost or damaged goods with new ones). If the replacement value of any new acquisitions changes the total replacement value of my household goods, I would need to inform iWYZE immediately of the new value so that the cover under my Household Goods policy can be adjusted. This will probably lead to an increase in my monthly premium.
How long does it take for iWYZE to settle my claim and make the payment?
This depends largely on the incident that resulted in the claim, the value of the claim and how soon the required information and documentation is supplied to the iWYZE Claims Department. Once iWYZE has decided on the settlement of a claim, the payment generally happens within a day or two.
In terms of vehicle insurance, what is the difference between Comprehensive, Third Party, Fire & Theft, and Third Party only?
Comprehensive Vehicle Insurance provides the widest cover. It covers loss and damage as a result of:
- Theft and hijacking.
- Accidents.
- Fire or explosion and natural disasters like hail and floods.
Comprehensive Vehicle Insurance also includes cover for damage to my vehicle’s glass and liability to other parties (third parties) as a result of an accident.
An example of Third Party liability would be the damage caused to another motorist’s vehicle in an accident for which I am responsible. The other motorist would probably claim the cost of this damage from me and I would then be compensated (up to the maximum value shown in my Policy Schedule) for this liability under the Third Party component of my cover.
Third Party, Fire & Theft Insurance provides the same cover as Comprehensive, but without damages caused to my vehicle by accident. Because accidents are a big risk to any vehicle, removing this cover leads to a dramatic reduction in my insurance premium.
Third Party Insurance covers only liability to other parties and leaves me exposed to risk from theft, accidents and natural disasters.
iWYZE offers all of these options and their call centre agents will assist me in tailoring an insurance policy that suits my needs and my pocket.
Why do I need to take my vehicle for inspection?
Unless I’m purchasing a new vehicle from a dealer and the vehicle will be registered as new, iWYZE needs to establish the exact condition of my vehicle before the inception of an insurance policy. One of iWYZE’s inspection centres will inspect my vehicle and report on things like pre-existing damage, condition of tyres and windscreen; the presence and proper functioning of an immobilizer, any non-standard accessories and sound equipment, as well as the vehicle identification numbers. This information will be sent to iWYZE and will be used to verify and augment the information that I provided.
Explain Retail, Trade and Market Value of a vehicle
As is normal in the short-term insurance industry and the motor trade, iWYZE uses the Auto Dealers’ Guide to determine the Retail and Trade Values of any vehicle.
Retail Value is the retail price that the Auto Dealers’ Guide lists for a vehicle of a specific make and model, year, mileage and condition and is an estimate of the price at which most dealers would be able to sell the vehicle to a member of the public. If my vehicle is covered for its Retail Value, and it is either damaged beyond repair, stolen or hijacked without being recovered, the settlement amount will be based on its Retail Value less the relevant excess, which should allow me to replace my vehicle with a similar one.
Likewise Trade Value is the estimate of the Auto Dealers’ Guide of the price that I’m likely to get when selling my vehicle to a dealer.
Market value is the average between Retail and Trade Values. If my vehicle is covered at Market Value then my premium will be lower, but then a settlement in the case of a total loss of the vehicle may not quite enable me to purchase a similar vehicle.
Do I insure my vehicle for Domestic or Business Use?
Domestic Use is when I use my vehicle for social, domestic or pleasure purposes, and travel to and from work. iWYZE will cover vehicles used for these purposes under the Domestic Use classification.
Business Use includes social, domestic or pleasure purposes, driving to and from work and certain professional or business calls (for example, driving to and from business meetings). iWYZE will cover vehicles used for these purposes under the Business Use classification.
Note: Business Use excludes the hiring out of the vehicle, the transporting of passengers for reward, carrying of goods for commercial purposes, teaching someone how to drive in return for payment; racing, speeding or any other contests, on any racetrack; and any purpose related to the motor trade (except for the execution of normal maintenance or repairs). These uses are all classified as Commercial Use and iWYZE does not offer insurance cover for vehicles used for these purposes.
Why does my premium regularly increase yearly even though the value of my vehicle is declining with age?
Unless I have chosen otherwise, my vehicle is not only covered for theft or a total loss via accident, but also for repairs in the event of an accident. The cost of labour to repair my vehicle and the cost of the parts used, tend to increase every year. Insurance statistics show that the greatest portion of the risk associated with insuring a vehicle is this repair cost; meaning that the covering of this cost makes up the greatest contribution to my premium. The unfortunate consequence is that my premium is likely to increase in line with these costs, despite the reduction in the total value of my vehicle.
Do younger drivers pay higher insurance premiums?
Unfortunately for young drivers, insurance statistics show that the risk of accidents reduces with age. Older drivers have fewer accidents than younger drivers. Consequently my age is included in the calculation of my premium and younger drivers pay a higher premium than older drivers. This effect on the insurance premium reduces as the driver ages and this will automatically be factored into my annual premium adjustment.
When repairing a vehicle, does iWYZE use original manufacturer parts only?
All vehicles under factory warranty are repaired with original parts from the manufacturer. On older vehicles it is standard procedure in the insurance industry to use alternative parts or reconditioned parts on certain non-safety critical items in order to keep premiums as low as possible. The objective is always to restore the vehicle to its condition before the incident. Furthermore iWYZE guarantees all repair work for a period of one year.
Does iWYZE cover damages incurred during an accident while my friend happened to be driving my vehicle?
Yes, provided that all terms and conditions of my iWYZE vehicle insurance policy have been met. However, if my friend, or anyone else, becomes the regular driver of my vehicle, then iWYZE must be informed and this fact shown in my Policy Schedule.
Also note that iWYZE offers an option under which I can stipulate in my iWYZE policy who is allowed to drive my vehicle and I will then receive a premium discount. I can name any two persons to be the drivers of my vehicle and their details will be shown in my Policy Schedule. Should anyone else then drive my vehicle, any loss or damage caused as a result will not be covered. If I have chosen this option and my friend is not one of the named drivers, the answer to the above question would obviously be “no”.
I am the regular driver of a vehicle belonging to someone else. Can I insure the vehicle under an iWYZE policy?
No, the owner of the vehicle needs to insure it and specify in the Policy Schedule that I am a regular driver.
What factors are taken into account in calculating a vehicle insurance premium?
As with any form of insurance, there are many factors that impact on the calculation of the risk, and consequently, the premium. Amongst others, these include the make and model of my motor vehicle, where I live, where my vehicle is kept at night, who the driver of the vehicle is, what purpose my vehicle is used for and my previous claims history. It is very important that I am honest when answering these and any other questions asked by iWYZE, as my premium is based on my answers and any misrepresentation of the facts from my side may lead to the rejection of a future claim. That said, a lot of the information I provide has the potential to lead to a reduction in my premium and this is another reason for being accurate when answering the questions asked.
Taking other insurance policies with iWYZE (such as Household Goods cover) could also lead to a reduction in premium.
Why do I have to pay a vehicle excess even if the accident was not my fault?
An excess is payable whenever a claim is submitted and it is the first payment that needs to be made in the event of a claim – regardless of whether it was my fault or not. If I was not at fault, I can claim the excess amount back from the guilty party. Unfortunately, this can take a long time, especially if the guilty party was not insured. The legal recoveries department of iWYZE will do their utmost to recover my excess free of charge, but this cannot be guaranteed.
Circumstances when recovery of the excess may not be possible include:
- If the guilty party’s details are not available.
- If the guilty party has no income or assets to attach.
- If the legal costs outweigh the recovery costs (excess amount) .
- If the guilty party cannot be traced .
- If the merits of the claim do not justify the recovery of the excess .
How do I go about cancelling a policy or the cover on a specific vehicle? Is there a notice period? Will I receive a refund on the relevant premium?
I may cancel my policy or any item at any time, either telephonically or in writing and this will be with immediate effect. However, iWYZE may retain the initiation fee.
Example: Should I sell my insured vehicle, I may contact iWYZE and cancel the insurance immediately. Cover for that vehicle will terminate and iWYZE will refund me the related premium for the balance of the insured period.
iWYZE may change or cancel my policy by giving me 30 days’ notice to my email or postal address. Any changes will only come into effect after this 30-day notice period has lapsed. If a premium has been paid for any period beyond the date of cancellation of the policy, iWYZE will refund the relevant portion.
Do I have to pay for towing and storage costs?
Should I be involved in an accident, it is important to contact the iALERT emergency assistance line on 0800 123 000 or our Call Centre on 0860 082 949. iWYZE will then organise for one of their approved towing operators to tow my vehicle to the nearest iWYZE-approved auto body repairer. All towing and storage costs will be borne by iWYZE, unless my claim is later rejected (under the Terms and Conditions of my policy), in which case I will be liable for these costs.
Should I choose to make use of a towing company not on iWYZE’s list of approved towing operators, then iWYZE will only reimburse me for the cost that would have been charged by one of their approved operators and the balance will be for my own account. The same principle applies to storage costs, with iWYZE paying the costs charged (or that would have been charged) by one of their approved auto body repairers.
Does iWYZE settle vehicle damage claims in cash?
If my vehicle is damaged in an accident, iWYZE will repair the vehicle at one of their specially selected and approved repairers. They prefer to use one of their repairers as it allows them to maintain repair quality standards and provides recourse in the event of any issues. Thus, in this instance, iWYZE does not reimburse me with a cash amount.
If my vehicle is damaged beyond repair, then iWYZE will pay me a cash amount based on the insured value (be that Retail, Market or Specified Value). However, if the vehicle is subject to a credit agreement in terms of the National Credit Act 34 of 2005 (Hire Purchase), their responsibility is firstly towards such an agreement. In this case, I will only receive the balance of the settlement after the outstanding value on the vehicle has been paid to the credit provider.
I can contact the iWYZE Claims Department on 0860 082 949 to register a claim.
How long does it take to settle a vehicle claim?
This depends on the location of the incident and the extent of damages. iWYZE aims to assess the vehicle within 48 hours and will finalise the claim as soon as possible thereafter.
Where can I have my vehicle inspected?
All approved inspection centres are listed (with detailed maps) on the iWYZE website. Click here to view the Supplier Map Alternatively, you can speak to an iWYZE call centre agent, and they will advise you of your nearest inspection centre.
My vehicle was imported from a neighbouring country and cannot be registered in South Africa. Can I insure it with iWYZE?
Unfortunately iWYZE does not offer insurance for vehicles not registered in South Africa.
Why do I need to install extra security devices in my vehicle?
Insurance statistics prove that this kind of preventative approach reduces the risk of vehicle theft. The initial cost of installing such devices is more than justified by the high value of a vehicle. Hence iWYZE, like most insurers, will require the installation of certain approved security devices if they feel it is justified.
What happens to my No-Claim Reward if I claim?
My No-Claim Reward is forfeited should any claim be settled, except if the claim relates to a vehicle windscreen repair (but not replacement), benefits claimed under my Retrenchment Premium Waiver policy or use of the iWYZE iALERT emergency assistance service. The 3-year cycle, however, starts again immediately, and my No-Claim Reward will be paid once the next 3-year claim-free cycle is completed.
Can I take a loan against my No-Claim Reward?
The No-Claim Reward is only payable after a 3-year claim-free period and does not accumulate any loan value and also cannot be used as security for any loan.
If I cannot pay my premiums this month, will I still have cover?
My policy must be paid monthly in advance on the agreed date as stated in my Policy Schedule. It is my responsibility to ensure that there are sufficient funds in my bank account so that the debit order can be processed. If no premium is received on the agreed date, iWYZE will make a further payment request within 15 days. If no payment is received within this 15-day period, my policy will be cancelled and I will have no cover for the period for which I did not pay. I will also lose my No-Claim Reward.
This 15-day grace period does not apply for the first month after my policy has begun, and non-payment during the first month will result in the policy being automatically cancelled. If I cancel or reverse my debit order, this will mean I have cancelled my policy and will not have cover, with immediate effect.
What if my policy information changes?
Should any of the information contained in my Policy Schedule change, this could affect whether iWYZE gives me cover; the conditions of cover and my premium. I must immediately inform iWYZE of these changes.
Examples of information changes:
- Moving to a new residence (temporary or permanent).
- Changing the regular driver of my insured motor vehicle (temporary or permanent).
- Convictions for offences relating to dishonesty, against me or any person covered under this policy.
- Getting tenants to rent my property.
What if I need to submit a claim?
If an event happens that is likely to result in a claim, I must notify iWYZE as soon as possible. (I have 30 days from the date of the loss.) Notification can take place either telephonically or in writing.
What is Consequential loss?
This refers to Insured loss or damage that results in further indirect losses.
Example: A burst water pipe will result in water being lost and an unusually high water account. (This would be the indirect result of a burst water pipe.)
Where else in Africa am I covered?
My iWYZE policy only covers loss or damage that arises within the Republic of South Africa, Botswana, Lesotho, Mozambique, Malawi, Namibia, Swaziland and Zimbabwe, unless otherwise specifically stated. Refer to your policy documentation for more information.