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SA's No 1 Insurance Blog

Have you ever been blacklisted for something silly?

” Mr…It appears that you owe doctor so and so R53.80.”
There’s nothing quite like the anger that boils up inside you, am I right?

Take me for example…
One of the more popular medical establishments has made me ‘cross’ in the past. No fault of theirs or mine, but they could have at least spoken to me before blacklisting me.

Another ‘regular’ for me is the various attorneys who buy the bad debtors book of a company. Apparently I owe R90 to one of the clothing retailers. I’ve hardly cleared my name with one set of attorneys when the next blacklists me for the same debt.

So what has this to do with car and home insurance?

A lot! Would you loan money to someone who might never pay you back?

Let’s put it another way…
Some guy you don’t know from a bar of soap, asks you to insure his furniture for R200, 000. You do an ITC check and see he owes some people R50, 000. He wants you to insure his household contents for R200, 000.

He also doesn’t have any car and home insurance history, so you can’t see:

  • how often he claims,
  • for what he claims, and
  • How much each claim amounts to.

Would you be willing to take the risk? Would you offer him the best possible deal in an effort to get his business?

But here’s something else to think about…

What if the guy is on ITC because he is a ‘late payer’? Surely this can’t be a problem?

Well for one; think of all the added ‘admin’ involved in chasing this guy for money. Secondly, he might be under a bit of financial pressure, and what better way to generate a bit of easy cash, than with an insurance claim?

Let’s put it another way…

This guy promises to pay you R500 a month in return for which you promise to pay him up to R120, 000 if his car is:

  • Stolen,
  • Damaged, or
  • Written off

And now you sit with someone who has to be reminded to live up to his side of the bargain? Unless you’re desperate, why take on the risk?
If you’re searching for cheaper car and home insurance then here are two things to start doing today:

  • Check your credit record to find out if you owe someone money
  • Make sure you pay your debts on time

InsuranceFundi has partnered with some of SA’s most reputable insurance and investment companies. We believe that everyone should have access to a wide range of comprehensive and affordable solutions. Pick the product you are interested in below, and expect a call-back from our partners.

Until next time.

The InsuranceFundi Team

 

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