BMW Financial Services inhouse insurance changed to Santam - Rip off?

6 replies [Last post]
Alfs's picture
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Joined: 2013/02/18

Points: 0

Did anyone else notice the massive increase in BMW Motorrad's in-house insurance that was recently (Mar 2019) "sold-out" to Santam?

My "annual renewal" notice arrived today showing a MASSIVE 23% increase in the Premium!!! And that after only 8 months with them!

Something must be done, we cant just accept this surely!?

Any-one else have same letter? What do the dealers have to say about that?

Trevor Rennison's picture
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Joined: 2013/08/26

Yes I noticed the huge increase in premium and will shortly be looking at alternatives. Very sneaky of them to take us across to Santam at the same rate and then bump up the premiums like this a year later. Win us over then screw us over angry

Having said that, on the old rate, I asked my broker if he could match or better the offer from Santam and he couldn't - by far. Yet all my other insurance is with Santam.

I'll be reviewing this shortly as such increases are not sustainable for me.

So many mountains, so little time.

Dave Higgs's picture
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Joined: 2007/06/25

BMW Motorrad inhouse insurance

Hi fellow club members, BMW insurance has nothing to do with Motorrad it is connected to BMW Financial Services.

BMW have employed a company called PSG who will shop around for a premium cover for your bike.

Unfortunately your premium will be higher as you now have to pay broker fees, they have not sold out to Santam, but just changed their broker.

As with all insurance you need to take ownership and shop around for the best rates.

 

  

 

 

Donford Motorrad Cape Town

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Joined: 2016/01/19

Dave.

BMW is an entity.

If it is named BMW then it is BMW....... irrespective of different divisions.

Alfs's picture
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Joined: 2013/02/18

Thanks for the clarity Dave. I have amended the post's heading.

However if the broker's fee accounts for the 23% increase in my premium then that is most certainly also not acceptable. angry So I still suspect there is a Santam increase in there too.

EddyD's picture
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Joined: 2012/07/27

I always have to pay premiums, but not always an excess.

Having just bought a new bike, I had to shop around and the premiums sounded like installment payments

So I stuck with Outsurance who covered my last bike , I now have a reasonable premium and a hefty excess (10%) of the value of the bike, so the money I save goes into the excess fund which I keep.

Have a nice day

Ride Safe.

EdD

Ride Safe.

Ed D.

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Joined: 2012/01/13

My bike is on my household policy with Alexander Forbes, it was the cheapest way for me.  Comparing premiums, my household cover combined with the bike was cheaper than I could get the bike insured for alone

Julian at BMW put me on to Alexander Forbes and when I had a household claim, they dealt with it swiftly

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