Seeing tow trucks parked at my local intersection recently reminded me of a scam whereby tow-truck drivers dupe unsuspecting accident victims into allowing them to tow the victims' vehicles. The scam involves the driver telling you he will call...
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Beware of the insurance rip-off
City Press was recently sent a copy of a loan agreement between a customer and micro-lender Letsatsi Finance. In this agreement Letsatsi Finance lent the customer R8000 and included insurance on the loan at a monthly cost of R320. According to the...
Credit Life: The cost of insurance on your loan
When you take out a loan or buy a car, you will often be encouraged to take out credit life which is an insurance to settle the loan should you die, become disabled or lose your job. While credit life has its place it can be abused and consumers...
Did you change your locks?
Today I received a press release from an insurance company which made me realise I have been very lax about my security. The article raised the point that most people do not change their locks when they move into a new home. I just realised I never...
How to reduce your monthly car expenses
South African consumers may be buying cars with alacrity, but the cost of running a car isn’t insignificant. With this in mind, Chris de Kock, executive head of sales and marketing at WesBank, has come up with some tips to help us all save on our...
Working in a ‘hot zone’? How’s your insurance?
Companies with footprints in the Middle East and North Africa are probably more interested in political risk and insurance than in the markets right now. With Libya in chaos and with tensions in Bahrain and Yemen escalating, it's fair to say the...
How the ombudsman for long-term insurance can help you
The ombudsman for long-term insurance mediates in disputes between members of the long-term insurance industry and policyholders. The service is free and the ombudsman helps to resolve disputes quickly, through mediation and with cost-effectiveness...
Alarm systems and insurance: what’s the deal?
An effective early-warning system is the best personal risk-management tool you can have. Your personal safety should be your first concern – not the premium discount you get if you don't have an alarm. But you need to make sure you use your alarm...
Protect yourself against insurance fraud
With white-collar crime on the rise, you might want to keep an eye on your bank statements and salary slips every month. The life insurance industry and the Association for Savings and Investment South Africa (Asisa) are urging people to be aware...
What you need to know about insurance claims and excess
When it comes to car insurance excess, a lot of us are stumped. What do we pay? When do we have to pay it? How can we avoid paying it? Simply put, excess is the amount you elect to pay in order to self-insure, which you agree to when you take out...
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Imported goods and insurance
As the rand fluctuates, you might want to look into the replacement value of any imported goods you may have – Italian tiles and carpets, for example, or a Miele kitchen (which can cost R500 000 to install). A fluctuation in the exchange rate on half a million rand...
What should be in my financial plan?
Pay off debt: It is always best to pay off high interest debt like your credit card. If you want to use your credit card for convenience set up a debit order so that it is paid in full at the end of every month. Emergency fund: Everyone should have an emergency fund....