Nissan Car Lounge - Almera, Juke, Latio, Qashqai, Sylphy, Teana Owners > Latio
3rd party insurance
robtan99:
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?
--- End quote ---
Zippy:
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...
Ender:
--- 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:
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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.
Zippy:
--- 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?
--- End quote ---
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
Ender:
--- 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
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Your 10% discount on your insurance more or less covers your membership fees..
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