ABSA preying on disgruntled consumers

I had policy with ABSA and the policy was administered by one of their brokers . In 2012 I bought a vehicle which was then covered by the same broker which I was hijacked on the very same day after I took delivery of the vehicle .I then lodged a claim with ABSA Insurance I then immediately submitted my claim with ABSA for the hijacking. There were so many email and call up and down regarding this claim and eventually after a few months I was told that the claim has been rejected due to previous losses not disclosed and ABSA insurance then referred this matter to their broker division who also investigated the matter for a very lengthy period and after realizing that their broker was the one at fault by not disclosing these loses to them when placing the vehicle on cover then they settled the claim on a wrong vehicle that they had on cover .

Please note that even if I wanted to be a ***** but it would have not made sense for me to hide the fact that I had losses with ABSA when I was also re- insuring with ABSA . I then referred the matter to the Short-term ombuds and in response absa alleged that I knew that I had the wrong vehicle on cover as it was discussed with me which is also not correct as I was under the impression that I was comprehensively insured and they also stated that the day after I took delivery of the vehicle a representative from the dealership called them to change the value on cover which was also done without my knowledge and in any way I did not have any issues as I was under the impression that I was comprehensively insured.

I was not made aware of all of this but only became aware of this after I submitted the AOL that I signed with ABSA to the company that was going to cover my shortfall . They informed me that the vehicle was not paid in full and I should go back to the underlying insurer to check why they did not pay in full and this is when they told me that they paid according to the cover that they accepted and of which I was aware of.

What I found strange in this whole debacle is that ABSA dismissed the broker after this incidence because they obviously found him at fault and I do not know how they could have trusted anything that this individual had done relating to this cover as there were already loopholes regarding the underwriting that was done. I also have not heard of the brand new vehicle that is under insured and allowed to leave the dealership floor not comprehensively insured.

After I was turned down from the Ombuds I then decided to go and borrow cash from the bank in order to settle the balance that was not settled by the insurance which was to the tune of +- R52 K . In 2017 December I received a call from a police investigator who informed me that the vehicle has now been recovered and needs to be picked up from Benoni Police Pound . I then immediately informed ABSA of the development in order for them to uplift the vehicle .

At this stage I made my intentions very clear that now that the vehicle has been recovered , we needed to negotiate regarding the amount that I paid towards the vehicle as well . All my attempts and negotiations resulted in further dismay and instead ABSA threatened me to stay away from making claims against their asset and told me that the settlement that I signed in 2012 is final and disqualifies me from making any claims against their asset.

I tried all that was possible to try and reach an amicable decision to this long overdue matter but all my attempts were met with utter rejections from the people that were involved in this matter , please refer to the above attached document as reference .

I believe that my paying the amount that was not settled by ABSA towards the settlement of this claim makes me illegible of gaining from the proceeds after the sale of the vehicle , as I had suffered for years trying to pay back this loan that I took with African Bank . Absa is in fact acting very unfairly towards me as I was not at fault here for any of the above mass but their brokers .

Also just to clarify , it does not also make sense that I would intentionally underinsure the vehicle and then also still take out a shortfall cover for the same risk , it just does not make sense. If I wanted to intentionally save of maybe premium towards the insurance then why would I go and take out another policy which was going to add premium towards this vehicle .