What Insurance Scheme Is Better V*P Or F****** P**

[Memphis]

Hey Guys,

Given the choice, what policy would you choose/recommend. Who comes through and sticks to their words when your vehicle crashes for real ?

Please help, since I have to choose one policy from the two. So I'd rather make an informed decision than go with the marketting crap.

Tyrell

[Velocity]

Hey Guys,

Given the choice, what policy would you choose/recommend. Who comes through and sticks to their words when your vehicle crashes for real ?

Please help, since I have to choose one policy from the two. So I'd rather make an informed decision than go with the marketting crap.

Tyrell

MY VOTE F****** P***.

[Watchman]

Hey Guys,

Given the choice, what policy would you choose/recommend. Who comes through and sticks to their words when your vehicle crashes for real ?

Please help, since I have to choose one policy from the two. So I'd rather make an informed decision than go with the marketting crap.

Tyrell

you know, my father has been owning a number of vehicles through the years ... and you know, he has ALWAYS bought 3rd party....

i too have asked him why he goes 3rd party....my father says in the duration of over 30 years that he's driven he has met with only one considerate accident.. that repair cos him about 90,000 (in 1997)... so even though he had to pocket it out, it was cheaper than having had fully insured his vehicles... if he goes to fully insure the vehicles every year that'd cost about 55,000 to 80,000 a year (not exactly sure cos never done it)...so say you do that for just 15 years.. it'd be over 1.5 million... but 3rd party is just 1100 a year, at j********i .... it was only some 250/- till a couple of years ago when the National Insurance Corporation was around..(i dot know if Madz will cut out the name, but its common knowledge)

and another point he brings out is, when you know you'll be pocketing out for the repairs on any damages to your car, you sub-consciously tend to drive more carefully..... now would you rather meet with no accident or meet with an accident and have insurance pay… and guys… insurance companies don’t pay out of their pockets… they pay us back OUR OWN money… and only part of it for that matter....

but say someone else comes and crashes into you, in that case if its not your fault, get the person responsible to pay…. Fair isn’t it?

and a little food for thought... some Insurance companies dont give 3rd party coverage anymore, cos they have found out that they cant make a lot of profits with those.... so think about it....

[sharkster]

you know, my father has been owning a number of vehicles through the years ... and you know, he has ALWAYS bought 3rd party....

i too have asked him why he goes 3rd party....my father says in the duration of over 30 years that he's driven he has met with only one considerate accident.. that repair cos him about 90,000 (in 1997)... so even though he had to pocket it out, it was cheaper than having had fully insured his vehicles... if he goes to fully insure the vehicles every year that'd cost about 55,000 to 80,000 a year (not exactly sure cos never done it)...so say you do that for just 15 years.. it'd be over 1.5 million... but 3rd party is just 1100 a year, at j********i .... it was only some 250/- till a couple of years ago when the National Insurance Corporation was around..(i dot know if Madz will cut out the name, but its common knowledge)

and another point he brings out is, when you know you'll be pocketing out for the repairs on any damages to your car, you sub-consciously tend to drive more carefully..... now would you rather meet with no accident or meet with an accident and have insurance pay… and guys… insurance companies don’t pay out of their pockets… they pay us back OUR OWN money… and only part of it for that matter....

but say someone else comes and crashes into you, in that case if its not your fault, get the person responsible to pay…. Fair isn’t it?

and a little food for thought... some Insurance companies dont give 3rd party coverage anymore, cos they have found out that they cant make a lot of profits with those.... so think about it....

hmm tru tru...but u can always de-value ur car n pay a lot less as a premium

anyways no experience wit f****** p*** but bad service frm c******o so wudnt vouch for em

[Watchman]

hmm tru tru...but u can always de-value ur car n pay a lot less as a premium

still, machang there's a limit to how much you can de-value it.... i'm sure it'll still be a 5 figure number right?

Hey,

just for us mebers to know about the insurance business, how about Everyone telling us what cars you drive, what insurance you're covered under and how much your premium is..

What do you say guys?

[fuzzo]

is the above per month of per year?

[Watchman]

is the above per month of per year?

per YEAR !!!!!!

[sharkster]

is the above per month of per year?

moron

[Pericles]

moron

Sharky is fighting hard to keep ahead in the posting race. Feeling the pressure with a 1 post lead....

[Watchman]

guys...

insurance?

ok, i'll go first...

Isuzu Gemini (diesel) - 3rd party (j********i) - Rs.1150/= (per year)

Suzuki Grand Vitara (diesel) - - 3rd party (j********i) - Rs.1150/= (per year)

i think the value is something like 1146/= or something... not sure of the exact number, but at this rate does it matter?

[AMG]

Exactly!! I would always prefer to go for Third Party. (It's better If you have Third Party Fire & Theft) What Dilesh said is absolutely true, good job Dilesh. I bought a Honda CB125 T Deluxe bike for 185,000/= last month and went to buy insurance, Would you believe guys, the annual premium for Fully Com was 15,000/= per year, just for the value of 185,000/=. Then I bought third party for 900/= something at j********i. As long as you are a good driver, not gonna have many accidents in your fault, you can confidently go for the third party as you are not gonna pay from your pocket, when the accident is some one else's fault, are you?

[Velocity]

I never believe in 3rd Party.

Always make sure that you have comprehensive. You never know when shit happens. I know premiums are high, but what about stolen vehicale.

Driving carefully is a different situation. Today Stolen Vehicales are much heard of. So My advise is Always insure fully.

Exactly!! I would always prefer to go for Third Party. (It's better If you have Third Party Fire & Theft) What Dilesh said is absolutely true, good job Dilesh. I bought a Honda CB125 T Deluxe bike for 185,000/= last month and went to buy insurance, Would you believe guys, the annual premium for Fully Com was 15,000/= per year, just for the value of 185,000/=. Then I bought third party for 900/= something at j********i. As long as you are a good driver, not gonna have many accidents in your fault, you can confidently go for the third party as you are not gonna pay from your pocket, when the accident is some one else's fault, are you?

Machan those premiums are absurd,

I have brought two bikes last month and each costing around 300,000.

I just paid Rs 8500 per bike for one year. This is at SL I*******.

[Watchman]

I never believe in 3rd Party.

Always make sure that you have comprehensive. You never know when shit happens. I know premiums are high, but what about stolen vehicale.

Driving carefully is a different situation. Today Stolen Vehicales are much heard of. So My advise is Always insure fully.

well, then i guess you can go for Fire & Theft.... maybe a bit more but still beats the crap out of comprehensive , when it comes to paying premiums....

dimantha, machan, what do you drive? and how much do you pay as comprehensive insurance?

and i too have worried about theft.... thats why i will never buy a car like a FB15 or a toyota corolla.. all those cars on the road look so alike you can steal one change the plates and drive it in colombo right past the owner's house and he wont even notice it!!! especially if you drive a silver FB15, guys put on a sticker or something that you can recognize the car with besides the lisence plates!!!

[sharkster]

Exactly!! I would always prefer to go for Third Party. (It's better If you have Third Party Fire & Theft) What Dilesh said is absolutely true, good job Dilesh. I bought a Honda CB125 T Deluxe bike for 185,000/= last month and went to buy insurance, Would you believe guys, the annual premium for Fully Com was 15,000/= per year, just for the value of 185,000/=. Then I bought third party for 900/= something at j********i. As long as you are a good driver, not gonna have many accidents in your fault, you can confidently go for the third party as you are not gonna pay from your pocket, when the accident is some one else's fault, are you?

bro dats an insane amount...u shudnt pay more dan 6-7K for fully comp per yr

[gunat]

What about no-claim bonus as a plus?

I've had my car(s) on full insurance since 1996 and haven't had an accident since. By 2000, the no claim bonus hit 55%, effectively reducing the annual payment by more than half.

After transfering that insurance 3 years back to my current car (re-valued 500k more than the previous car), the premium went up....but the no-claim still remained, so again, my annual payment was marginal. With the new car- payments were in the region of 15k.

I recently had to renew, and to my surprise, J*******i informs me that i've recieved a further bonus- and i just had to pay 8k for full cover! And thats after i had a minor claim for a small accident....!

So the math DOES add up when it comes to how insurance can work to your advantage.

However, one thing that really bothered me was the penny picking of the evaluators. They knew i would be car-less for about 1 week, and DID not see the need to give me a car. Apparently the accident "value" has to be of a certain amount to warrant a replacement car.

Plus they ENCOURAGE second hand parts replacement- as they will only pay a certain percentage if the parts are brand new (what A**h***s- they want their customers to use substandard parts!!!)

I've heard that this is the same for V*P/J******I.

Through most people, i have heard that the best company is SLIC/F****** O**. I am considering the move now....but with a 65% no claim.....

Incidently, we also have 2 classic cars on 3rd party, and i don't think the insurance companies will stop those, as most 3whlrs, buses, trucks, use it....

To substantiate Dimma's advice, if you have a vehicle that you value, full cover is a good way to go; especially when it comes to theft/Civil commotion....if you don't give a rat's ass....then 3rd party is fine....

[fuzzo]

does comprehensive insurance pay if the bike is confiscated by police

[Velocity]

Dilesh i know premiums are high. i am only concerned about Stealing of Vehicales.

One of my Freinds Lost a Prado at Gunpoint.

Also another lost a CAB.

[ash]

I have experience with both V*P & F***** +.

I'm telling you, I will never go for the V*P. Very bad experience. I vote for F***** +.

Car 1 - V*P

Approved amount Rs. 7000.00 (after lot of fuss ) ------ Cheque amount 2800.00 (after deducting under value (from the current market rate ) + owner agreed bearing amount + processing charges) ------- period took for settling the amount (almost 3 weeks)

Will definitely change the company to F***** + after insurance expires

Car 2 - Formula +

Approved amount Rs. 18000.00 (no fuss) ------- Cheque amount 16800.00 (11 years old car)------ got the cheque in 4 days.

So guys.... decide.

[sharkster]

does comprehensive insurance pay if the bike is confiscated by police for incorrect registrations (ie 400cc registered as 250)

ohhhhhh dims jus got a shot in d balls

[Velocity]

ohhhhhh dims jus got a shot in d balls

I NEED SOME PEOPLE TO EDIT SOME INFO PLS PLS PLS FUZO

[gunat]

By the way guys....we are f**king fortunate that the insurance companies here value against the car and not the driver!

In the US/UK, insurance is for the DRIVER....and they take into account how old you are, where you live....past accident history....and to add to that- the TYPE of car you drive.

There is a general rating given to the car that determines it as high risk/low risk.

My first car over in the US was a 14 year BMW 3 series- i paid $2000 for it. Since i was 21 and living in the city...and it was a new US drivers license....my premium was frikking $2500!!!!!

4 years later i bought a Miata MX-5 @ $9000 and my premium went down to $1000 because the car was "low risk" despite being RED and a CONVERTIBLE!!! Go figure....

So all in all, we're lucky we can still pay less than $500 a year for full cover....

[Memphis]

well in my case i'm getting a car loan from my bank and have to get a comprehensive cover. They gave me two options, F****** P*** or V*P and the premium is around 25,000 per year it seems for V*P.

Dilesh, my father also have used 3rd party all his life and shares the same sentiments as posted by you, but as i wrote, my situation demands comprehensive (as i ws made to believe at least).

So, is F****** P*** the safest option ? AND if the vehicle is valued at 850,000 how much will my premium be in both instances ? any ideas appreciated.

[AMG]

I never believe in 3rd Party.

Always make sure that you have comprehensive. You never know when shit happens. I know premiums are high, but what about stolen vehicale.

Driving carefully is a different situation. Today Stolen Vehicales are much heard of. So My advise is Always insure fully.

Machan those premiums are absurd,

I have brought two bikes last month and each costing around 300,000.

I just paid Rs 8500 per bike for one year. This is at SL I*******.

bro dats an insane amount...u shudnt pay more dan 6-7K for fully comp per yr

Hi Dims & Sharks, Thanks for the advice guys, I didn't really know the premiums in SL as I was residing in the UK for the last 5 years. But in j********i, I've been told 15,000/= something for my bike for Fully Com, so finally I ended up with third party. I haven't tried other companies. Don't they have Third Party with Fire & Theft in SL, cos this is available in the UK.

Dims, I'm scared about the stolen vehicles machan, I haven't really heard about this much. When I think that some one lost his Prado, mmm... I will definitely go for Fully Com or whatever which covers for theft, When I Buy a car.

[fuzzo]

vehicles are getting stolen and people are getting killed everyday, you just never hear about it in the news. just 2-3 days back there was a kidnapping in col 6...never came in the news...

so be careful

[AMG]

vehicles are getting stolen and people are getting killed everyday, you just never hear about it in the news. just 2-3 days back there was a kidnapping in col 6...never came in the news...

so be careful

Thanks machan, will take care.