ABSA and vehicle insurance

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Kloofvreter

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For the first time ever I have an issue with ABSA, and this is enough to make me want to go though all the effort of changing to another bank, but I'm not so sure things will be better there either.

It's a fairly minor thing, but this has now annoyed me to such an extent that I want to phone someone and ABSA at tell them what I think of them, which I already told the poor fcker over the phone.

My vehicle is financed by ABSA, so now they want me to send them proof of this insurance by the end of August or they will go ahead and insure my vehicle for me. The policy schedule they want must not be older than 3 months no less! I do not want to have to do this in order for them to NOT take money from my account without my consent. This seems like a way to make money.

Has anyone had this with any other bank as well?

EDIT: THE VEHICLE IN QUESTION IS INDEED INSURED
 
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Std Bank is doing the same. Had a call this morning. It's a good thing, trying to reduce the number of uninsured vehicles on the road.
 
Slootvreter said:
For the first time ever I have an issue with ABSA, and this is enough to make me want to go though all the effort of changing to another bank, but I'm not so sure things will be better there either.

It's a fairly minor thing, but this has now annoyed me to such an extent that I want to phone someone and ABSA at tell them what I think of them, which I already told the poor fcker over the phone.

My vehicle is financed by ABSA, so now they want me to send them proof of this insurance by the end of August or they will go ahead and insure my vehicle for me. The policy schedule they want must not be older than 3 months no less! I do not want to have to do this in order for them to NOT take money from my account without my consent. This seems like a way to make money.

Has anyone had this with any other bank as well?

EDIT: THE VEHICLE IN QUESTION IS INDEED INSURED
Click to expand...

Is your bank account that the insurance comes off of with ABSA?

If so, send them the last policy schedule you received from your insurer with the monthly premium and tell them to look at your bank account to verify its still being deducted and if they touch your account illegally you will go ballistic at them.
 
ToxicBunny said:
Is your bank account that the insurance comes off of with ABSA?

If so, send them the last policy schedule you received from your insurer with the monthly premium and tell them to look at your bank account to verify its still being deducted and if they touch your account illegally you will go ballistic at them.
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Yes, everything comes off my ABSA account, this is what annoys me. I told them to email my broker, but they wanted no word about that.
 
Most vehicle financing houses are doing this to ensure their assets are covered. Its probably also in their t's & c's.

What is not cool is that ABSA state that they will go ahead and insure your vehicle for you.

Sucks but best you get the policy schedule and send it to them.
 
Slootvreter said:
For the first time ever I have an issue with ABSA, and this is enough to make me want to go though all the effort of changing to another bank, but I'm not so sure things will be better there either.

It's a fairly minor thing, but this has now annoyed me to such an extent that I want to phone someone and ABSA at tell them what I think of them, which I already told the poor fcker over the phone.

My vehicle is financed by ABSA, so now they want me to send them proof of this insurance by the end of August or they will go ahead and insure my vehicle for me. The policy schedule they want must not be older than 3 months no less! I do not want to have to do this in order for them to NOT take money from my account without my consent. This seems like a way to make money.

Has anyone had this with any other bank as well?

EDIT: THE VEHICLE IN QUESTION IS INDEED INSURED
Click to expand...

Had the same with Wesbank and ABSA. Many people finance a car, just have insurance the first month and then cancel it, they are just protecting their own interests. I just e-mailed my broker, got a letter that states my vehicle is insured with them (Santam) since whatever.
 
All banks even if they don't do insurance themselves can get insurance on a financed vehicle to cover their interest in the vehicle.

So it's not an ABSA issue :) Just send them proof, no harm no foul. I had MFC once get 3rd party insurance on a vehicle because I didn't respond to them asking for proof. When my finance amount increased I queried and they said it's for cover on the vehicle. I immediately sent proof and they cancelled their insurance.
 
Ecco said:
Most vehicle financing houses are doing this to ensure their assets are covered. Its probably also in their t's & c's.

What is not cool is that ABSA state that they will go ahead and insure your vehicle for you.

Sucks but best you get the policy schedule and send it to them.
Click to expand...

Why's that not cool?
 
supersunbird said:
Why's that not cool?
Click to expand...

I have a problem with the bank telling me "do this or we will take money from your account without your consent", and then probably handed to an insurer or their choice (after greasing some palms) at more than likely a higher premium, and then I will have to jump through hoops to get it cancelled. TSEK
 
Slootvreter said:
I have a problem with the bank telling me "do this or we will take money from your account without your consent", and then probably handed to an insurer or their choice (after greasing some palms) at more than likely a higher premium, and then I will have to jump through hoops to get it cancelled. TSEK
Click to expand...

Then don't finance a vehicle. They have every right to do it, and people agreed to it as part of their financing, sounds like responsible lending to me.
 
Kosmik said:
Then don't finance a vehicle. They have every right to do it, and people agreed to it as part of their financing, sounds like responsible lending to me.
Click to expand...

No. They full well know most people cannot buy a vehicle without financing it. I am not allowed to drive it away from the showroom without proof of insurance.

Now they want me to send them that proof again, or they will take money from my account and insure my car at a premium rate without my consent.
 
What is so difficult to request a copy form your broker/insurance company via email. Results = instantly.
 
Pitbull said:
Honestly any finance house would do the same. It's not ABSA
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Yes, this is what I wanted to find out.

So what's stopping them from phoning me every 3 months and tell me they would insure my car for me if I don't submit documents to them?
 
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