I was involved in an accident & my insurance declared my car a write off, I bought the car for R100 000, & the settlement from the bank is R104000 & the cost for repairs was R64000, & my insurance told me they were only assigned R59000 to repair the vehicle. I’ve agreed that the car is a write off. But they only want to pay the finance company R36,757 instead of R79065 market value, they have deducted R36,626 for excess (Age, D/L less than 2 years, first period, total loss & Towing, where is this deductions coming from & are they allowed to do this?
Thank you for your question. Unfortunately it is very difficult for us to provide an answer with the information above. We suggest that you contact the ombudsman for short term insurance to assist you with this matter.
Car Insurance Additional Information
MiWay offers flexible car insurance to cover losses primarily due to an accident or theft.
In addition to accident or theft, comprehensive car insurance in South Africa covers losses due to fire and explosion, natural disasters like hail and floods and damage to the vehicle’s glass.
Additional options such as car hire and cover for non-standard sound systems and car accessories can also be added to your car insurance policy.
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