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Author Topic: 3rd party insurance  (Read 9027 times)

Offline header

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3rd party insurance
« on: July 07, 2009, 08:27:17 AM »
I am thinking of switching to 3rd party insurance for my 3yr old latio.  For those who are on 3P insurance, which company offers the most competitive rates?
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Offline mindman

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Re: 3rd party insurance
« Reply #1 on: July 07, 2009, 10:05:24 AM »
Quote from: header on July 07, 2009, 08:27:17 AM
I am thinking of switching to 3rd party insurance for my 3yr old latio.  For those who are on 3P insurance, which company offers the most competitive rates?

3P don;t cover yourself but prem is lower.  So confident in your driving skill ???
cheers
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Offline burnolise

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Re: 3rd party insurance
« Reply #2 on: July 07, 2009, 10:14:11 AM »
Quote from: mindman on July 07, 2009, 10:05:24 AM
3P don;t cover yourself but prem is lower.  So confident in your driving skill ???
cheers

Can someone help to explain what is 3rd party insurance? Meaning if u bang others, this others can claim against ur insurance and when you bang urself, u can't claim from insurance? :confused1: :confused1: :confused1:
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Offline Ender

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Re: 3rd party insurance
« Reply #3 on: July 07, 2009, 10:33:55 AM »
Quote from: mindman on July 07, 2009, 10:05:24 AM
3P don;t cover yourself but prem is lower.  So confident in your driving skill ???
cheers

Sometimes when come to total loss, 3rd party for cars with little market value make more sense. Because isurance will only pay market value, and for old cars the market value is close to scrap+paper value.. Might as well scrap the car and save on those with comprehensive covers.

But if accident is not total loss, then headache especially if repair is like $3K to $4K. If you scrap the car, very sayang, coz could have paid $3K to $4K, and you could be still driving a car. But if you scrapped, the paper value you get back might not be enough to buy a car, and you'll be without a car unless you buy a new one.
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Offline burnolise

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Re: 3rd party insurance
« Reply #4 on: July 08, 2009, 11:32:16 AM »
Quote from: Ender on July 07, 2009, 10:33:55 AM
Sometimes when come to total loss, 3rd party for cars with little market value make more sense. Because isurance will only pay market value, and for old cars the market value is close to scrap+paper value.. Might as well scrap the car and save on those with comprehensive covers.

But if accident is not total loss, then headache especially if repair is like $3K to $4K. If you scrap the car, very sayang, coz could have paid $3K to $4K, and you could be still driving a car. But if you scrapped, the paper value you get back might not be enough to buy a car, and you'll be without a car unless you buy a new one.

Meaning, if my car is new like 1 yr old...i should not get 3rd party insurance right? :confused1:
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If you r not part of a solution, don't be part of the problem...

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Offline vortex

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Re: 3rd party insurance
« Reply #5 on: July 08, 2009, 01:01:19 PM »
I understand that 3rd party insurance is only offered to fully paid vehicles. That means if our cars are only loan, cannnot only get comprehensive insurance. Can someone verify ?
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Offline Zippy

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Re: 3rd party insurance
« Reply #6 on: July 08, 2009, 02:08:03 PM »
Quote from: vortex on July 08, 2009, 01:01:19 PM
I understand that 3rd party insurance is only offered to fully paid vehicles. That means if our cars are only loan, cannnot only get comprehensive insurance. Can someone verify ?

Yup, you're right - you will not be allowed to buy 3rd party insurance unless your car is fully paid up. i know coz i asked b4...
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Offline Zippy

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Re: 3rd party insurance
« Reply #7 on: July 08, 2009, 02:10:57 PM »
Quote from: burnolise on July 08, 2009, 11:32:16 AM
Meaning, if my car is new like 1 yr old...i should not get 3rd party insurance right? :confused1:

Another thing to watch out for is that 3rd party insurance does not cover windscreen replacement...
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Offline clarence

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Re: 3rd party insurance
« Reply #8 on: July 08, 2009, 03:15:53 PM »
I still think it is advisable to wait until your cars is at least 8 yrs old before compromising in getting 3rd party insurance.
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Offline pizzaboy

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Re: 3rd party insurance
« Reply #9 on: July 08, 2009, 03:28:10 PM »
y muz wait until 8 yrs old? care to explain...
I feel that if u dun drive up m'sia at all or can assure that nobody will set fire to ur car is fine as long as ur car is not under finance can go ahead, coz the diff in premium is quite alot. Or if u r scared, juz purchase 3rd party fire & theft will do. No need to go for comprehensive policy.
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Offline robtan99

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Re: 3rd party insurance
« Reply #10 on: July 08, 2009, 04:17:13 PM »
I am on 3P insurance with Fire and Theft from AXA.

Cost me around $660.  Comprehnesive quoted is around $1000.  IF only 3P alone, should be aorund
400 plus.

Quote from: header on July 07, 2009, 08:27:17 AM
I am thinking of switching to 3rd party insurance for my 3yr old latio.  For those who are on 3P insurance, which company offers the most competitive rates?
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Offline Zippy

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Re: 3rd party insurance
« Reply #11 on: July 08, 2009, 04:21:59 PM »
i think maybe what he's trying to say is that you should get 3rd party insurance only when market value of your car is equal to scrap value. This is because in the event your car kanna major accident and beyond economic repair, comprehensive insurance will pay us "market value" of our car. Under 3rd party, if your car is beyond economic repair, our only option is to scrap the car and get back the scrap value.

Of course, touch wood, i hope this NEVER happens to anyone...

And i agree with you - if anyone wants to get 3rd party, better to get 3rd party plus fire & theft...
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Offline Ender

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Re: 3rd party insurance
« Reply #12 on: July 08, 2009, 04:23:59 PM »
Quote from: burnolise on July 08, 2009, 11:32:16 AM
Meaning, if my car is new like 1 yr old...i should not get 3rd party insurance right? :confused1:

That's my thinking too.. Not say should not, but just to protect you in case of total loss. Comprehensive insurance will pay you market value and 1 year old car market value is defnitely higher than scrap value.

Compare this to old car which have market value close to scrap value, then it would make sense to get 3rd party. No point having comprehensive insurance when during total loss, the insurance will probably pay you market value which is close to scrap value. Might as well pay less premium with 3rd party, and scrap yourself in the event of total loss.

Headache with 3rd party is when your car is not total loss, and repair bill is huge, say $3K. You got to pay from your own pocket for that.

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Offline Zippy

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Re: 3rd party insurance
« Reply #13 on: July 08, 2009, 04:33:43 PM »
Quote from: header on July 07, 2009, 08:27:17 AM
I am thinking of switching to 3rd party insurance for my 3yr old latio.  For those who are on 3P insurance, which company offers the most competitive rates?

Best way is to go ask some insurance brokers so that they can give you a number of quotes from different companies for you to choose.

i spent last 2 weeks filling in a lot of online forms with different brokers so i can get a good idea of the market rate. Some brokers didn't even bother to get back to me... In the end, i bot my insurance thru AA coz they gave me 5 quotes to choose from on the same day i filled in their online form and they gave me a quote from HSBC that gave the same benefits as my current AIG policy but $300++ CHEAPER!  :thumbsup:

Of course i had to spend extra $90 to become AA member but it still works out to be $200++ than my renewal quote from AIG. They also gave me the cheapest quote with the same benefits as AIG - which is to allow repairs by TCM as my car is under warranty and no penalty for my wife. U can check with their website here :

http://www.globalsignin.com.sg/registration/aafp_motor_insurance/?newsignin
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Offline Ender

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Re: 3rd party insurance
« Reply #14 on: July 08, 2009, 05:32:47 PM »
Quote from: Zippy on July 08, 2009, 04:33:43 PM

Of course i had to spend extra $90 to become AA member but it still works out to be $200++ than my renewal quote from AIG. They also gave me the cheapest quote with the same benefits as AIG - which is to allow repairs by TCM as my car is under warranty and no penalty for my wife. U can check with their website here :

http://www.globalsignin.com.sg/registration/aafp_motor_insurance/?newsignin

Your 10% discount on your insurance more or less covers your membership fees..
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Offline Zerogravity

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Re: 3rd party insurance
« Reply #15 on: July 08, 2009, 10:45:15 PM »
My opinion is that there is no point getting comprehensive coverage unless you die die bo pian need to subscribe to it due to your car being not fully paid up. The good thing about comprehensive coverage is that it insures you against total loss. But if you are to crash your car till so jia lat, i think buy health insurance better... :devil2: (not to mention that your car insurance premium next year would rocket sky high)  :D

If a situation whereby your car is not a total loss case and the repair bill is high (maybe >3k), i still think it is more worth it to get 3rd party coverage. This is due to the difference in premium between 3rd party and comprehensive insurance. The amount you save per year by subscribing to 3rd party insurance should be enough for you to repair car.. :D But of coz if you dont get into any accident, the amount you save by buying 3rd party is quite a substantial amount. Even if you are to subscribe to comprehensive insurance so that in case of accident you dont have to pay such a high repair bill, your insurance premium next year would still shoot up (i.e. you are just paying ur repair bill in installments)

For me, I bought 3rd party insurance without covering fire and theft as i felt that the risk is low. (but out of so many cars and i suay suay kana, then bo pian lor have to accept it, lol). This is just my personal opinion.
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Offline burnolise

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Re: 3rd party insurance
« Reply #16 on: July 10, 2009, 08:08:04 AM »
Quote from: Zippy on July 08, 2009, 04:33:43 PM
Best way is to go ask some insurance brokers so that they can give you a number of quotes from different companies for you to choose.

i spent last 2 weeks filling in a lot of online forms with different brokers so i can get a good idea of the market rate. Some brokers didn't even bother to get back to me... In the end, i bot my insurance thru AA coz they gave me 5 quotes to choose from on the same day i filled in their online form and they gave me a quote from HSBC that gave the same benefits as my current AIG policy but $300++ CHEAPER!  :thumbsup:

Of course i had to spend extra $90 to become AA member but it still works out to be $200++ than my renewal quote from AIG. They also gave me the cheapest quote with the same benefits as AIG - which is to allow repairs by TCM as my car is under warranty and no penalty for my wife. U can check with their website here :

http://www.globalsignin.com.sg/registration/aafp_motor_insurance/?newsignin

Thanks Zippy...the website u gave indeed came back with the best quote......think probably I am buying with them liao....
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If you r not part of a solution, don't be part of the problem...

The Art of losing isn't hard to master.
SO many things seem filled with intent to be lost that their loss is no disaster...

Offline Zippy

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Re: 3rd party insurance
« Reply #17 on: July 10, 2009, 10:37:06 AM »
No worries! Glad i could help. i was also surprised AA gave the best quote! Didn't expect that coz got people telling me how can they be cheap, etc, etc... So they were actually the last company i checked with. Anyway, doesn't cost anything to get a quote. Just fill in the online form. This year insurance go up guess we all need to shop around.
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