Insurance Companies are criminals

[biggreen]

My question is what can be done about them, if anything.

1) Prices are high.
2) They don't pay what your car is valued at.
3) Now, they say they not insuring any pa# series.
4) They don't want to insure cars that they consider sport cars. (wtf not as tho i have a ferrari, that is a sport car)
5) Always give a run around for your money.
6) Always sending up premiums, and we can't do anything about it.

The purpose of this tread is to see if any thing could be done about it, is their a body that can be addressed? A body that governs this?

[neoise]

Insurance= Ripoff

[rollingstock]

Not one facking ting, unless you want to protest by driving without insurance.

[Damien]

And will always be

[Midnight_Demon]

we need a classic car insurance company now like wah america have

[TRAE]

we just hadda sit back and hope someone investigates and regulates them, rel profit sharing there yes

[TeamH2O]

I think someone has been investigating some of them, one of them on the list is Motor One. For 7 months i waiting so far and still counting to get my money from their client who hit me and they paying for fully comprehensive from them. Im taking them to court bcuz i cant take no loss for something i did'nt do and have to deal with the fact, my vehicle has been repaired thanks to their client etc.

[SR]

i agree 100000%

even when u have full comp insurance they apply a depreciation value on new parts required
presently under the porcess with one company regarding this

accident was not my fault
the other party is also insured with the same company

parts need to be replaced on my vehicle
quote was submitted from neal and massey
adjuster has already inidcated that they will be applying a 35% depreciation value on the parts to be replaced
in other words
if the parts cost $10,000 they will only pay $6500
so where is the other 3500 coming from ??? apparantly my own pocket

as well as they have alrreadt stated that they also need to adjust the labour figures

so in the end its either i accept thier figures and pay the difference to get a proper job done on the repairs

or go to a questionable garage who will "straighten back" the damage parts and use filler to cover the dents with possible poor workmanship due to the "cheaper" labour cost

at present the car has no imperfections anywher else other than the impact area


firetruck rippoff and even though i am not in the worng it still is costing out of my own pocket as well as loss of use of the vehicle as they say they dont offer "that kinda service"

and this is from a supposedly reputable insurance company

this is my first claim

[buzz]

3rd party

insurance = bank account

if they refuse to pay you


kill them

[tr1ad]

based on two accidents where i was not wrong

insurance = legal robbery

[Chemical]

Walk into their office, go by the rep's desk & do like my avatar !

[buzz]

seriously tho


that time i got in me accident, all teh horrors i went though to get my cheque

i should have broke the bastard's front and rear glass and call it square

[wagonrunner]

when the griping has subsided?
what are we going to do about it?
we have a strong numbers, and have quite a bit of the driving public here.
how we going to use that to our advantage?

[biggreen]

when the griping has subsided?
what are we going to do about it?
we have a strong numbers, and have quite a bit of the driving public here.
how we going to use that to our advantage?

this is what i am getting to, something needs to be done, does anyone on tuner have any recommendation what can legaly be done? Because it is lots of money people have to spend every year on this crap.... I see it as no difference to the maffia. If the masses say enough then the rest got to listen...

[Gshock]

The finacial Services Umbudsman can be of some assistance...the have assisted me in recieving money when insurance stated that they arent paying any..the are located in the Twin Towers.

Also i was thinking that if someone of the necessary means and expertise opens a proper American Like Insurance Company the could eventually put these thieving bastards out of business because everyone of even partial intelligence will forego no claims and change insurance companies.

[bunny]

Consider that for the measly $1000. or so that you presently pay for a basic third party policy, buys you a promise to pay up to $2000000. in the event you kill somebody while driving......Well, I'd say it is a good deal. Supposed you killed someone, their family took you to court and obtained a judgement against you for $1.5M. How are you going to pay that? Then you will be glad you had insurance. Also take note that prior to 1998 the policy limit on basic T.P. policies was $250000. New legislation came out which made it mandatory that the limit be raised to $2M. for a series of claims..around that time, premiums were about the same rate. Now the risk has increased seven times yet premiums remain the same. Dont complain, the insurance industry is due for a significant increase in premiums. Think about it, when you convert the amount you pay for 1 years coverage in Trinidad.....that would barely buy you 1 months cover in the USA. Since 1998 every thing increased in cost. Car parts, medical treatment, labour and the courts seem to think T&T is now the USA handing down some ridiculous judgements for obscene sums. Brace your self, insurance premiums are likely to increase at least five fold in the near future. The industry cannot survive based on the current premium structure.

[Team Loco]

after my run in with a particular insurance company last week, i now have a bumper sticker on my camry:

"Insurance companies are thieves, just ask G******n G*****l"

[pete]

Consider that for the measly $1000. or so that you presently pay for a basic third party policy, buys you a promise to pay up to $2000000. in the event you kill somebody while driving......Well, I'd say it is a good deal. Supposed you killed someone, their family took you to court and obtained a judgement against you for $1.5M. How are you going to pay that? Then you will be glad you had insurance. Also take note that prior to 1998 the policy limit on basic T.P. policies was $250000. New legislation came out which made it mandatory that the limit be raised to $2M. for a series of claims..around that time, premiums were about the same rate. Now the risk has increased seven times yet premiums remain the same. Dont complain, the insurance industry is due for a significant increase in premiums. Think about it, when you convert the amount you pay for 1 years coverage in Trinidad.....that would barely buy you 1 months cover in the USA. Since 1998 every thing increased in cost. Car parts, medical treatment, labour and the courts seem to think T&T is now the USA handing down some ridiculous judgements for obscene sums. Brace your self, insurance premiums are likely to increase at least five fold in the near future. The industry cannot survive based on the current premium structure.

For my car with full comprehensive insurance, the base estimate without discounts was about 18% the value of the car. With a whole bunch of discounts that's down to about 8.25% and this is my third consecutive year with this car and like the 7th year with the insurance company.

Does this sound like I'm paying too much for insurance or should I be happy with what I'm getting?

[turbohead]

if i payin my money for a fully comprehensive insurance i want jus dat. if soem one bounce me or wat the case maybe i want my car fixed to my satisfaction not at what you willing to pay me. technically i am there boss an pay them to handle my affairs.

[nemisis]

Start a poll on who is the best insurance company in Trinidad and let all d tuners jump ship too them when they going in for renews etc. Bet that happen and the other companies go start too get their act together

[Country_Bookie]

3rd party insurance ftw.....well win is subjective......since once yuh paying insurance.....yuh losing

[~Vēġó~]

every year premium going up even though the vehicle's value has been depreciated.....rip off is an understatement!!!!

[RMSTTL]

these companies are only interested in $$$$. perhaps by forming a legal entity ie. association or something such with paid up members (small membership fee) that will negotiate with one of the """"more reputable""" companies for volume discounts on coverage for the members. strength is in numbers and if it can be made attractive enough one of them will go for it. then you have negotiating power not just with rates but also when claims arise. and if they give trouble with claims then just shop around for another supplier. there must be at least a few thousand tuners, friends and familiy that may be willing to sign up for the negotiating power that will be realized. the numbers is the key.

[bluespeed]

this is a third world nation and that's the price we have to pay...the ppl in authority who can actually help up don't give a fack, because $$$ passing....

even here on tuner it happens!

[De Dragon]

Consider that for the measly $1000. or so that you presently pay for a basic third party policy, buys you a promise to pay up to $2000000. in the event you kill somebody while driving......Well, I'd say it is a good deal. Supposed you killed someone, their family took you to court and obtained a judgement against you for $1.5M. How are you going to pay that? Then you will be glad you had insurance. Also take note that prior to 1998 the policy limit on basic T.P. policies was $250000. New legislation came out which made it mandatory that the limit be raised to $2M. for a series of claims..around that time, premiums were about the same rate. Now the risk has increased seven times yet premiums remain the same. Dont complain, the insurance industry is due for a significant increase in premiums. Think about it, when you convert the amount you pay for 1 years coverage in Trinidad.....that would barely buy you 1 months cover in the USA. Since 1998 every thing increased in cost. Car parts, medical treatment, labour and the courts seem to think T&T is now the USA handing down some ridiculous judgements for obscene sums. Brace your self, insurance premiums are likely to increase at least five fold in the near future. The industry cannot survive based on the current premium structure.

I hear yuh eh bunny, but, what about the runaround? What about the arbitrary premium increases? What about the depreciation on parts? What about the poor service?
If I'm paying for a service, then I fack well have a right to expect at least a basic level of it!

[biggreen]

Ok so what we got so far is that-

1)

The finacial Services Umbudsman can be of some assistance...the have assisted me in recieving money when insurance stated that they arent paying any..the are located in the Twin Towers.

We can make a report to this Person.

[evo-STI-k]

i agree 100000%

even when u have full comp insurance they apply a depreciation value on new parts required
presently under the porcess with one company regarding this

accident was not my fault
the other party is also insured with the same company

parts need to be replaced on my vehicle
quote was submitted from neal and massey
adjuster has already inidcated that they will be applying a 35% depreciation value on the parts to be replaced
in other words
if the parts cost $10,000 they will only pay $6500
so where is the other 3500 coming from ??? apparantly my own pocket

as well as they have alrreadt stated that they also need to adjust the labour figures

so in the end its either i accept thier figures and pay the difference to get a proper job done on the repairs

or go to a questionable garage who will "straighten back" the damage parts and use filler to cover the dents with possible poor workmanship due to the "cheaper" labour cost

at present the car has no imperfections anywher else other than the impact area


firetruck rippoff and even though i am not in the worng it still is costing out of my own pocket as well as loss of use of the vehicle as they say they dont offer "that kinda service"

and this is from a supposedly reputable insurance company

this is my first claim

Insurance is and always hasbeen the worlds BIGGEST SCAMMERS !

i would really liek to know how the INsurance can apply a DEPRECIATED VALUE FOR NEW PARTS!

is it that one the parts leave JAPAN they are automatically worth less that when they reach the local dealerships?

[Slow Poke]

is it possible to self insure.... once you could afford it?

[biggreen]

^^ good question, is it possible?

[biggreen]

^^ good question, is it possible?