Did you check the fine print? Maybe you should
Small details can cost you big. From insurance renewals to clever scams, these Consumer Hacks show why checking the fine print could save you serious money
1. Don’t let your insurance policy auto-renew without your input
Your non-life insurance policy renews automatically each year, but a lot can change in 12 months – from your car's value dropping to new items in your home. So, it pays to review it properly. And to remember that your policy is negotiable - don’t passively accept whatever your insurer decides is appropriate.
Start with your car: Ensure it's insured at current reasonable market value (what a dealer would sell it for today, factoring in age, mileage, condition and extras). As cars depreciate, this could lower your premiums.
Also revisit your cover level – if it's third-party or limited, consider upgrading to comprehensive for better protection, including options like credit shortfall, hire car or tyre/rim damage.
For your home: Separate building (structure) from contents cover. Check the insured amount for the building reflects realistic replacement costs and do a quick content inventory to confirm you're not under- or over-insured.
A few minutes now prevents big headaches later – and might even cut your costs.
2. No, it’s not a scam
I’ve received quite a few emails from owners of certain VW and Audi cars, wanting to know if an email they’ve received telling them they are due money from VW is a scam.
It certainly sounds like it could be a scam, but it’s not - I checked.
If you bought or leased certain VW or Audi diesel models, with the EA189 engine, before 22 September 2015 you are indeed due a settlement from VW, to compensate for the fact that a deceptive device in that engine manipulated emissions.
Spot Settlements is the company sending out the letters on behalf of VW and you have until March 30 to respond.
Questions: www.spotsettlements.co.za/vw-settlement
3. How you can tell it’s a loan scam
If you’re desperate for money, a no-fuss loan application process, guaranteed approval and a super low interest rate sounds great.
Too great. If you come across such an offer, know it’s a scam. And what will confirm that is the request that you pay an admin or processing fee. Legitimate money lenders don’t ask for an upfront fee - it’s illegal.
It’s the same story with job offers. If you are asked to pay an upfront fee, know that you’re dealing with a scammer. Genuine recruitment agencies are paid by the companies offering the jobs.
4. Online shoppers: report any issues with your delivery, even if you aren’t bothered
If a product you have ordered arrives with a missing component, report it immediately, even if you have no personal use for it.
In Eliot’s case, that missing component was a cupholder on an electric golf cart he ordered from Takealot.
A few months later he reported to Takelot that its battery was no longer holding enough charge to last beyond a few holes, making it unfit for purpose.
But his “defective product” return was rejected on the grounds that he did not return the product with its all its components, i.e., the cupholder was missing.
Turns out that had happened to many others who ordered that particular golf cart, so in the end Eliott got his R9000 refund, and the caddy suppliers are now sending that missing cupholder to other buyers.
Bottom line - always immediately report any issues with a product when it’s delivered to you to avoid drama down the line.
5. Beware the R99 debit order refund scam
Gordon recently dodged a fraudster’s attempt to gain access to his bank account, and he asked me to warn others about it.
Here’s what happened: the caller claimed to be from his bank, but instead of saying there was suspected fraud on his account - the usual line - he spun Gordon a story about Telkom having processed a R99pm debit order on his account without authorisation.
“He knew the Absa app really well and told me that R1 500 would be credited back to me. All I had to do was read out a reference number that was SMSed to me…”
And that’s when Gordon knew it was a scam.
Genuine bank officials would never ask you to do that.
Again, if you get a call from someone claiming to be from your bank, with a story that requires you to read out any numbers to them, just say goodbye .
I’m reliably informed that by the end of this year, all banks will make it impossible for us to access our banking apps (on our phones) while on a call. Those one-time pins, which the fraudsters are after, are accessed via those banking apps.
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