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.
The annual premium review takes into account the depreciated value of the vehicle. However this is not the only factor which determines the premium. 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.
We need to see if there is any existing damage to the vehicle, confirm if the anti-theft device meets our requirements and obtain the details of any vehicle accessories and sound equipment.
Vehicle theft is an unfortunate but very real part of everyday life in South Africa. We take a preventative approach to the problem by requesting the installation of quality anti-theft devices in order to minimize or prevent vehicle thefts and hijacks. The initial few hundred rands outlay is worth the investment... ask anyone who has had a vehicle stolen. We know that this kind of preventative approach has yielded results for us and our clients.
An OUTsurance-approved immobiliser is self-activating so you cannot forget to activate it unlike a gearlock.
The choice of any panel beater rests with us and we have established a selected panel of repairers whose work is guaranteed for 12 months. You may elect to choose your own repairer, although we cannot guarantee the quality of their workmanship.
OUTsurance has a salvage contract with an external company which sells all recovered vehicles on auction. You would need to deal directly with the salvage company.
We cover the 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 update these values on a regular basis for your convenience. We also update the replacement costs of the buildings annually as part of the review of your facility.
We can provide you with an inventory to assist you in listing the contents and determining their values. We also have specialist advisors who can assist you with any queries you may have regarding this.
Yes, if you have selected our additional 'theft in transit' cover, you'll receive cover if the vehicle carrying the goods has been in an accident and the goods are damaged as well.
You then carry part of the risk should there be a loss. For example, if your contents are covered for R100 000 and they should be covered for R200 000, and you lose R20 000 worth of contents in a burglary, we will settle R10 000 and you will be responsible for the remaining portion of the loss. (This is the principle of average).
Yes, if you select the optional 'goods on business use' cover and pay the additional premium.
The OUTbonus is a cash bonus that rewards you for not claiming. Should you not claim for three consecutive years, you will receive 10% of your premiums paid in this period at the end of the third year in real South African Rands to spend to your heart's content. Should you not claim for a further two years you will receive 10% of the premiums paid within this period at the end of the fifth year. Thereafter for each successive claim-free year, you will receive a set percentage of all your premiums paid within the year at the end of each year.
The OUTbonus is only payable after a three year claim-free period and does not build up any loan value.
Your OUTbonus is forfeited should any claim be settled. The three year cycle however starts immediately once again and your OUTbonus will be paid once the three year claim-free cycle is completed. Making use of Help@OUT will not affect your OUTbonus.
OUTsurance has no forms. All claims are registered for your convenience over the phone.
We ask the same questions you would traditionally fill in on a paper-based claim form with another company. We also obtain quotations for items being claimed for on your behalf and therefore need correct information in order to cost the claim on the correct replacement make and model. All the information obtained assists us in validating the claim and thereby speeding up the process.
The choice of any service provider (e.g. panel beater) rests with us and we have established a selected panel of service providers whose work is guaranteed. You can elect to choose your own repairer however we cannot guarantee the quality of their workmanship.
You can call us on +27 12 673 3000 or give us the name of a contact person in South Africa who will deal with the claim on your behalf.
Yes, all claims affect the OUTbonus. But you can still make use of Help@OUT without impacting your OUTbonus.
Our legal department will attempt to recover your excess from the person who caused the accident. Although we will fight tooth and nail to recover your excess, the recovery is not guaranteed. It can be a lengthy process if the other person disputes their liability or if we have to trace this person and follow up on missing information.
No, we only work with debit order payments. This is so that we can ensure that your premiums are allocated on time and to avoid a delay in assisting you on any incidents.
You have a grace period of at least 15 days in which to pay premiums that were returned by your bank. You can leave the money in your account and we will re-submit the debit order automatically and this ensures that you have continuous cover.
Your premiums are paid in advance so if you pay on the 1st of the month, you have cover for that month. We can collect your premium on any set day you choose within the month and we will collect your premiums on that day each month, We cannot double debit you for premiums that should have been paid in the previous month. If your premium is not paid for that month, you will not be covered.
The annual premium review takes into account the depreciated value of the vehicle. However this is not the only factor which determines the premium. 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.
No, it will not. Your premium is guaranteed for a year. Your cover is reviewed annually and the premium is adjusted on your portfolio as a whole taking into account your claims experience.
Yes. This will give you the benefit of a reduced premium.
There is no paperwork to fill in, since all calls are digitally voice recorded, you can therefore take out cover, make amendments to your cover and lodge your claim telephonically. The recording ensures the safety of the information you provide and offers protection.
You can phone our Client Care Department on 08 600 70 000 or load your request here and we'll call you back.