Insurance liablilties

roti102 · Postby **roti102** » June 4th, 2011, 9:04 pm

Does anybody know about how insurance companies really operate in Trinidad and Tobago?

If you have a claim and it was not your fault, you lose your noclaim discount and you have to pay the excess. Sure they say that it will be returned to you when the other party's insurance settles, but there are many instances where this never happens and the party not at fault loses anyway.

What kind of system is this?

civic minded · Postby **civic minded** » June 4th, 2011, 10:06 pm

insurance is one of the biggest rip off in the country. Imagine your paying full comprehensive, and you still have to pay excess.

what insurance company your with?

roti102 · Postby **roti102** » June 4th, 2011, 10:34 pm

Gulf Ins. I wouldn't mind if I was sure to get back my no claim and excess but they rely on the other party's insurance to pay first and hold you to ransome. It is the biggest legalised fraud and we put up with it.

venum · Postby **venum** » June 5th, 2011, 7:44 pm

third party Fire & Theft FTW :!:

roti102 · Postby **roti102** » June 5th, 2011, 7:52 pm

I have comprehensive. Doesn't matter what you have. If the accident is not your fault, they all still hold you to ransome.

termite01 · Postby **termite01** » June 6th, 2011, 7:58 pm

Shop around, from my experience you may get a lower premium but a larger excess

roti102 · Postby **roti102** » June 7th, 2011, 8:20 pm

Dude, its not the price Im talking about. Its the general insurance system in the country that Im talking about. If you have an accident and its not your fauly, you still loose. You lose your no clain discount and excess until the other party's insurance pays and that is sometimes never.

wagonrunner · Postby **wagonrunner** » June 7th, 2011, 8:25 pm

roti102 wrote:Does anybody know about how insurance companies really operate in Trinidad and Tobago?

If you have a claim and it was not your fault, you lose your noclaim discount and you have to pay the excess. Sure they say that it will be returned to you when the other party's insurance settles, but there are many instances where this never happens and the party not at fault loses anyway.

What kind of system is this?

you see the part in bold?
1), to my knowledge, that's determined by the police.
2), once 1) takes place, you claim to the other party's insurance. not your own.

roti102 · Postby **roti102** » June 7th, 2011, 8:32 pm

ahhhhhhh Nope! If the damage quote is less than your excess you claim from the other party's insurance but if it is more, your insurance handles it and then claims it back from the other party's insurance.

The police do not say who is right or wrong in an accident and it is up to the insurance companies. All the police do to take the facts as told to them by all parties, make sense of them and log a report. The can not say who is right or wrong in an accident.

Premera · Postby **Premera** » June 8th, 2011, 6:14 am

Fellas and ladies, i am a guardian life agent and i AGREE 100% with the crap that the local companies put us through. This foolishness about losing your NCD and excess on a policy will hopefully soon be a thing of the past, if the Supervisor Of Insurance decides to step in and deal with this FRAUD i.m.o.

Truth is excesses were meant to curb " small claims " of clients to prevent them losing their discounts over a small claim BUT, now that we have almost everyone driving a vehicle close to 200k in value the excesses are suddenly higher and we the clients feel it most at the time of loss.

Thing is, YOU the client should make it YOUR duty to follow up on your recovery matter, DO NOT wait on your company to do so, they are " busy ". If you don't look after your business, why should I ? Right ?

The system fails because of companies like Motor one and the smaller ones. The larger ones come to a mutual agreement once liability is determined and within 2-3 months the process is 100% settled.

I do this for ALL my clients that get into accidents. Like i always say, deal with a company directly or even a Broker and you are on your own at time of loss......deal with an Agent and you get ONE on ONE service..........this is what i do........

roti102 · Postby **roti102** » June 8th, 2011, 9:06 am

Thanks for that wisdom man. This has been going on soooo long now, like the licensing office fraud and I see no sign of change. The supervisor of insurance is not doing his job and has been allowing this to go on for years. Three and a half years ago, I had a bad accident and still waiting on the other party's insurance to settle. He has Motor One also and its just crazy.

ziggy_trini · Postby **ziggy_trini** » June 9th, 2011, 7:27 pm

What you need to know, with an insurance company claim is that you are going to LOSE!!!!
Dishonest brokers are also responsible for why insurance companies get away with their legal robbery.

The bandit rob yuh and then the INSURANCE company rob yuh!!! but who go listen.... with the absence of a functioning SUPERVISOR OF INSURANCE.... citizens will continue to be legally robbed.

Yuh broker ever tell yuh that your Excess in the event of a robbery is NORMALLY DOUBLE your normal EXCESS, and on top of that the insurance company still want to settle your claim for less.

ROBBERY I TELL YOU!!!!

CD4Accord · Postby **CD4Accord** » June 9th, 2011, 8:05 pm

Alyuh want to know ripoff? Wait til you try getting an insurance policy in the states nah.. I pay more for 3rd party there than I do for full-comp in Trinidad.. So don't complain too much..

The biggest problem with insurance in Trinidad is the vast disparity between the standards of the companies operating. .eg. you have good companies like Guardian General and Gulf etc on one side, then you have Capital and them on the other.. Regardless of how good your insurance is, try getting Capital to pay up in an at-fault situation nah?

roti102 · Postby **roti102** » June 9th, 2011, 9:33 pm

Now were talking! Why isn't this system watched over, or is it as currupted as the licensing office. Is the guy who is supposed to have this job sleeping all day? I expect to get the same service or better that I get from Guardian or Gulf, from Capital or Motor One but they try to scheme and cheat you to the end. I even heard that a manager of one of these insurance companies has a back door which he runs out of when people come to see him. The fuaud squad sohuld be on all of them.

CD4Accord · Postby **CD4Accord** » June 9th, 2011, 10:47 pm

Actually, the all the other agencies have been trying to get Capital's license taken away years now but someone passing money somewhere..
What Capital usually does, is strings along customers or the other insurance company until their either
1. Drop the claim whereby Capital comes out top
or
2. Threaten to take to court.. Then when it FINALLY ready for court Capital settles out of court, no problem for them considering the amount of clients they have..

Point is, they running a real fly-by-night operation and the bigger including stock exchange listed companies have to suffer as a result..

Then again, how Maxi man go get they 3rd party if Capital wasn't there?

....

Lets compile a list of jokey inurance companies.. So far we have Capital and MotorOne

Postby **wagon r** » June 14th, 2011, 10:23 am

just to correct something, the police nor the insurance company determines who's right or wrong in an accident per say, that is left up to the courts. If 2 companies can't agree on settlement and liaibility, the matter is taken to court where a magistrate make the final say.

and while i agree to an extent on the rip-offs that are insurance companies, you need to work in one to understand the process and policies.

civic minded · Postby **civic minded** » June 14th, 2011, 10:57 am

you guys know that insurance does not cover if your van was damage during off roading right?

MrCuddles · Postby **MrCuddles** » June 14th, 2011, 12:37 pm

^^^ i didnt kno dat...

ronsin1 · Postby **ronsin1** » June 14th, 2011, 1:16 pm

civic minded wrote:you guys know that insurance does not cover if your van was damage during off roading right?

it is not stated in my policy :mrgreen:

however my warranty will become void if the DM finds out

civic minded · Postby **civic minded** » June 14th, 2011, 8:37 pm

look in the fine print - i asked my agent beforehand and he said Yes, when i got my policy and look throu it - it said it will not cover if driver is involved drag racing , or off roading. Only valid on recognized government roads.

civic minded · Postby **civic minded** » June 14th, 2011, 8:39 pm

look in the fine print - i asked my agent beforehand and he said Yes, when i got my policy and look throu it - it said it will not cover if driver is involved drag racing , or off roading. Only valid on recognized government roads.

Rutless Tiida · Postby **Rutless Tiida** » June 14th, 2011, 9:54 pm

But there are alot of trails that are continuations of paved roads and are therefore a named road and recognized government road. But if you get in to trouble on Mayaro beach then that is a different story.