Dear ABSA, don’t lie to me…

9 comments

Posted on 16th April 2010 by Tony in Free Tip

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I got a phone-call yesterday that seriously ticked me off. I felt cheated by the caller because, effectively it was a sales call. And it went something like this:

  • ABSA: Can I speak to Mr Tony Seeeefaaaat please.
  • ME: Speaking.
  • ABSA: Mr Seeeefaaaat, this is X from ABSA Vehicle Finance and I have been asked to inform you about a problem we have discovered with your Vehicle Finance from us.
  • ME: *panic* uhm, OK
  • ABSA: Yes, Mr Seeeeefaaat is seems your Asset Protection was never initiated and this has us very concerned. Your Vehicle is now exposed should something happen.
  • ME: Huh? What do you mean? My insurance is with Mutual and Federal, not with ABSA.
  • ABSA: No sir, this is not insurance – it is when you die, then ABSA will pay up the premiums so your family is not left with the debt.
  • ME: But that is insurance, right? Wait a minute – this is a Sales Call?
  • ABSA: No sir – it is something important – we must activate your Asset Protection immediately. It is only R630 per month.
  • ME: WHAT! That’s almost my insurance premiums! I’m not paying that!
  • ABSA: This is not insurance, sir – it is Asset Protection when you die. We have a Plan B which is only R380 per month.
  • ME: I don’t want it. If I’m dead, I’m dead – you can take the car back.
  • ABSA: *click*

OK, I am used to sales calls – they’re a part of life, but this one was downright incredible. The Caller completely made out that it was non-optional and that a “dreadful” mistake was made on behalf of the bank. I have 51 months left on the car, and at R630 per month, that’s an extra R32 000 in ABSA’s pocket.

The Caller insisted this was not insurance – well then what would you call it?

Also, I wonder how many unsuspecting ABSA clients have been duped into this unnecessary insurance.

TIP: Never signup anything over the phone – it’s highly pressurised and should be made illegal. Rather insist on seeing the documentation first – or tell them to bugger off.

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9 Comments
  1. BlueMental says:

    Noooo. Mr Seeeeefaaaaat, you have it all wrong. It is not insurance at all, it is PROTECTION money! Capiche?

    16th April 2010 at 11:50 pm

  2. Tony says:

    LOL – uhm, yeah right. Whatever. :)

    16th April 2010 at 12:11 pm

  3. Rory says:

    I had pretty much the same thing happen to me. But from Standard Bank. At first I thought the guy was just telling me about the features of my existing insurance, then suddenly it’s “so, I have registered you and the extra R100 will be debited with your current amount.” So I said ‘No, I dont want anything extra.” He says, “if you want to cancel it now, you’ll have inform us in writing.” Banking Mafia!

    16th April 2010 at 4:34 pm

  4. Tony says:

    Agreed Rory – it’s unbelievable that this kind of action is legal. So, perhaps what we need to do is start complaining. But to who? Is this the Banking Ombudsman or the Insurance guys?

    My personal feeling is that banks should be restricted purely to banking and that they should have no part in any other “complementary” business like insurance.

    16th April 2010 at 8:36 pm

  5. Rory says:

    Hi Tony,

    Do you still offer your Internet Marketing 101 pack for those of us who can’t make it to your seminars?

    16th April 2010 at 11:42 am

  6. Tony says:

    Hi Rory

    Yup – you can head on over to http://www.webexposureseminar.com and order the DVD series from there.

    Tony

    16th April 2010 at 12:16 pm

  7. Rory says:

    Is there another way to order the series other than via PayPal? Is it not possible to just do an EFT?

    16th April 2010 at 1:58 pm

  8. Tony says:

    Hi Rory

    Yup – You can do the EFT – drop me an email tony@freetips.co.za.

    Tony

    16th April 2010 at 2:40 pm

  9. Arthur says:

    Here are some things to cdoisner and ask when comparing policies. What is the liability coverage limits? Do I need excess liability? What are the medical payment limits? Do you need more of either for your purposes (like do you entertain a lot, have hired help on your property, etc.) Does it include worker’s comp (in CA it is mandatory) and it is mandated in your state? What is the coverage for out buildings (sheds), fences, yard ornamentation, etc. Are there mold and mildew restrictions? (Many insurers are excluding both after Katrina). Am I in a FEMA flood plane and do I require flood insurance? Do I need tornado insurance? Is wind damage covered? How are payments structured (i.e. do they have nuisance fees if the policy is not paid in full up front) and if so, is it recurring, a percentage or a specified amount per payment? Do I get a discount for: combining home and auto, fire and burglar alarms, being located close to a fire hydrant or fire station, fire proof construction (i.e. concrete roof shingles, metal framing), clearing a 100 foot defensible boundary, being a certain age, having no claims, having fire extinguishers in the kitchen and garage, etc. If going through a broker, ask how they are compensated, by commission you pay or commission paid by the company. If you are college educated, check with your alumni to see if they have an agreement with any certain insurer for discounts (same applies if you belong to professional membership organizations or a union). What is the personal possession coverage and do you require riders for special collections or jewelry or power tools in a workshop?

    16th April 2010 at 3:57 pm

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