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Insurance


Dennis
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Dear members 

I have an issue which I am struggling to find a solution. I have insured my car Toyota Axio at j*********i insurance and met with an accident just within one month after purchasing. When I wanted to repair the car from the agent Toyota Lanka they strongly insisted me not to go to the Toyota and told me that if I put the car to any other local garaj they will pay the full claim and if I put it to Toyota they said they can pay only 70% of the claim. I asked why and what's the reason. Then they said Toyota puts duplicate parts from Taiwan not the original. In my case which is the front door. When I went to the Toyota and spoke they said they put only Japanese body parts. So I informed the insurance and put the car to Toyota for the repair. Then one day later the insurance company is saying that I have not put the insurance under agent category so they can pay only 40% Then I asked why didn't u guys explain me about this agent non agent terms at the time I signed for the insurance contract. I said no one from ur company told me niether the existance of the said terms nor the differences between these two categories. When I confronted the  agent he was feeling guilty and he said it's his mistake and he agreed to fix this issue.  Then again after a day he's telling me that there is nothing to be done since it's his mistake he will pay the balance 60% or what ever the amount which will come up bcoz of this agent non agent issue. I said you don't have to do that just try to fix this issue within your company. So far there is no any positive reply from the insurance regarding this claim. Dears pls advice me if anyone of you experienced such a situation. 

Edited by Dennis
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actually there is an option for agents repairs when you fill the insurance application. If you check this option you will end up with a higher premium.  If you feel that your insurance agent is guilty of not informing you about it, and he is willing to pay why don't you let him?

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Well if you intend to put the vehicle for agent repairs its mandatory that you check if the particular insurance company accepts agent repairs or do deductions. For me when i had to insure my Mazda for Eg. SLIC did not accept company repair while on the spot guys did. I went for the on the spot guys despite Rs.24K difference in premium and it paid off when i had to replace damaged rear buffer for 255K and they paid the entire thing. 

Similarly you need to check if they give air bag cover, windscreen cover etc etc. I guess what out people dont do is read the insurance policy/covers and terms before accepting a policy.

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  • 1 year later...
On 4/16/2019 at 11:32 AM, brainstorm21 said:

Buddy, I am sorry about your situation, but you have to read the contract carefully. I think if you doubt, it is better to contact a lawyer. Since the amount should cover the costs and the insurance does not want to pay it, you can take more money from them after the trial. I use the services of this company Motor Trade Insurance and I had no problems with them. Maybe and you will pay attention on them.

?

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On 1/26/2018 at 12:56 AM, Dennis said:

Dear members 

I have an issue which I am struggling to find a solution. I have insured my car Toyota Axio at j*********i insurance and met with an accident just within one month after purchasing. When I wanted to repair the car from the agent Toyota Lanka they strongly insisted me not to go to the Toyota and told me that if I put the car to any other local garaj they will pay the full claim and if I put it to Toyota they said they can pay only 70% of the claim. I asked why and what's the reason. Then they said Toyota puts duplicate parts from Taiwan not the original. In my case which is the front door. When I went to the Toyota and spoke they said they put only Japanese body parts. So I informed the insurance and put the car to Toyota for the repair. Then one day later the insurance company is saying that I have not put the insurance under agent category so they can pay only 40% Then I asked why didn't u guys explain me about this agent non agent terms at the time I signed for the insurance contract. I said no one from ur company told me niether the existance of the said terms nor the differences between these two categories. When I confronted the  agent he was feeling guilty and he said it's his mistake and he agreed to fix this issue.  Then again after a day he's telling me that there is nothing to be done since it's his mistake he will pay the balance 60% or what ever the amount which will come up bcoz of this agent non agent issue. I said you don't have to do that just try to fix this issue within your company. So far there is no any positive reply from the insurance regarding this claim. Dears pls advice me if anyone of you experienced such a situation. 

My advice - Put to a good local garage who has mechs with heads (Not mouth only....?) and do the job. If somebody who does not have head in To*ot* La**a do your job what will happen? I have experienced so many times in bigger organizations, there were lot of supervisors and techs who don't have any knowledge of cars. Just big mouth only and some broken English....?. These guys never talk in Sinhala man....?

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Bumping up the newest Insurance related thread for a reminder.

Make sure your insurance has the terrorism clause included. I checked with my insurer and it turns out it's not covered for acts of terrorism.  As per the insurance guy they had removed the 'terrorism clause' in recent times.  Since it seems the bad old days are back it's better to get your insurance policies updated. 

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1 hour ago, matroska said:

Bumping up the newest Insurance related thread for a reminder.

Make sure your insurance has the terrorism clause included. I checked with my insurer and it turns out it's not covered for acts of terrorism.  As per the insurance guy they had removed the 'terrorism clause' in recent times.  Since it seems the bad old days are back it's better to get your insurance policies updated. 

Thanks for the update..??

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  • 2 months later...

By the way i have a general question.

What is recommended, Full or 3rd party insurance  for a vehicle

1.used as 2nd car for private use

2.usually less than 3000km per year

3.20 years old

Will there be complications with 3rd party compared to Full,  if some accident/damage is done to public property(Highway guard rails etc.)

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15 hours ago, ajm said:

By the way i have a general question.

What is recommended, Full or 3rd party insurance  for a vehicle

1.used as 2nd car for private use

2.usually less than 3000km per year

3.20 years old

Will there be complications with 3rd party compared to Full,  if some accident/damage is done to public property(Highway guard rails etc.)

I have a 2000 VW Bora so it's almost 20 years old. On average the car covers 54,000km per year and It's fully insured. Even though you don't use the car much I would get complete coverage just for peace of mind.

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21 hours ago, ajm said:

By the way i have a general question.

What is recommended, Full or 3rd party insurance  for a vehicle

1.used as 2nd car for private use

2.usually less than 3000km per year

3.20 years old

Will there be complications with 3rd party compared to Full,  if some accident/damage is done to public property(Highway guard rails etc.)

Guess accident/damage is done to public property (Highway guard rails), should cover by the insurer (the second party). Also once I heard a partial amount (40% or some) is approving for older cars full insurance. So seems getting 3rd party is enough.

 

Read more :

http://www.businessdictionary.com/definition/third-party-insurance.html

https://www.investopedia.com/terms/t/third-party-insurance.asp

https://economictimes.indiatimes.com/definition/3rd-party-insurance

 

Edited by kusumsiri
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3 hours ago, kusumsiri said:

Also once I heard a partial amount (40& or some) is approving for older cars full insurance. So seems getting 3rd party is enough. 

yes there is a depreciation based on age, for brand new parts only up to 60% covered by Insurer.

I also see no special reason for continuing Full insurance, better fix at own cost (no more hassle  of going after claims) if something happens.

 

7 hours ago, vag2 said:

why are you keeping a 20 years old car that you rarely use?

The Toyota is the daily runner, and the Euro for driving experience/comfort.

 

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  • 11 months later...

I wouldn't rely on mechs from the neighborhood unless I know them personally. And you also have to verify if the insurance company you work with consents to agent repairs or do deductions. I don't know, but it doesn't seem reliable to me for some reason. I only believe in trustworthy providers that I found on Money Expert. Maybe you know someone at that local garage, that's why you lean towards that, but I won't do that. Toyota is a reliable company, so I'm not sure whether to believe in such information or not.

Edited by Sebasty1987
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