NT
NT T

1 reviews | Active since May 2021

02 Dec 2025, 19:48

GHOSTED BY MY BROKER: Standard Bank Insurance Brokers' failure to execute annual policy agreement risks my financial security

I pay for my pensioner parents' insurance for their vehicle. On the 7 June 2025 we were notified about a premium increase to be effective from 01 August 2025. My parents reached out to SBIB to renegotiate the premium. SBIB agreed to keep the premium at the same amount, a letter was then issued via email on 4 July 2025 stating that the premium would remain the same. However, the increased premium amount is being deducted from my account since August 2025. We reached out to SBIB again in August, engaged with Moureen Vikile, who requested that we share the letter confirming that the premium would remain the same, this was done yet still the increased amount is still being deducted. We reached out to SBIB again in October, Aobakwe A Tshetlhanyana who also requested the same letter stating that the premium would remain the same be shared with him too. This was done again. He then telephonically advised that the error has been rectified and that a credit for the difference over the past few months would be processed and the previous premium would be deducted going forward. Yet still the increased amount is being deducted many months later. I would like to understand why an increased amount is being deducted when SBIB reviewed and provided a letter confirming that no change would be effective.

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Replies (1)
NT
NT T's update07 Dec 2025, 07:21
Reviewer Update
An incorrect premium has been deducted since August. Why am I refunded for two months only
I have not agreed to paying more for the other months
Standard Bank Insurance Brokers, this is not fair. Charge customers what has been agreed to, only!!!