3rd Party or Comprehensive

[Dualie]

Hi,

 

Please help advise whether more advisable to get 3rd party or comprehensive insurance if the car is no longer under loan.

Car is 3 yrs old... Trying to cut down on insurance cost.

 

 

 

[Ghostrider]

If you are outta loan commitment, then you can consider 3rd party insurance. But do check, some of the 3rd party ain't that cheap.

 

Last time I had a BMW E34 under 3rd party...50% NCB also have to pay $800+.

 

3rd Party also got different class if I am not wrong.

 

3rd Party Fire & Theft (Fire and Theft covers you) and 3rd Party Flood & fire etc..etc...etc.

 

IMHO...if the difference between 1st and 3rd party is only a little....I rather pay 1st party.

[Wintersonata]

  On 1/31/2010 at 6:06 AM, Ghostrider said:

If you are outta loan commitment, then you can consider 3rd party insurance. But do check, some of the 3rd party ain't that cheap.

 

Last time I had a BMW E34 under 3rd party...50% NCB also have to pay $800+.

 

3rd Party also got different class if I am not wrong.

 

3rd Party Fire & Theft (Fire and Theft covers you) and 3rd Party Flood & fire etc..etc...etc.

 

IMHO...if the difference between 1st and 3rd party is only a little....I rather pay 1st party.

 

As an reference, I have just renewed my insurance to TPFT about $600+ compared to Comprehensive $900+ inclusive of 50% NCD + 5% Loyalty...

Main reason for me to do so is because so far during my 12 yrs of driving, all accidents are due to third-parties and the savings should be enough for me to offset my repair if anything happens... *touch wood*

Edited January 31, 2010 by Wintersonata

[Dezouk]

For comprehensive plan, you can have insurance protection for own and third party claim.

Third party plan - only covers third party claim

Third party fire and theft - covers third party, fire and theft.

 

So in fact the difference in premium isnt that huge, so for a piece of mind, get comprehensive so you can cover an amount that you wont know

 

should you need help in quotations, you may pm me cheers

[Longg8]

the criteria for u to choose TPFT is:

 

* Market Price of ur vehicle is close to scrap value.

 

 

worse case screnario, car is total loss. If market value is 50k and scrap value is 10k. u lose 40k.

 

 

if market value is 30k, scrap value is 28k.

 

choose TPFT as when u claim total loss, u have to include excess (500-3k).

 

plus if u paid 2k for ur insurance. u cannot get rebate back.

 

go calculate (im lazy to type).

 

 

only go for TPFT when ur mkt value is 4-5k above scrap value.

[Sci10213]

  On 1/31/2010 at 1:30 PM, Longg8 said:

the criteria for u to choose TPFT is:

 

* Market Price of ur vehicle is close to scrap value.

 

 

worse case screnario, car is total loss. If market value is 50k and scrap value is 10k. u lose 40k.

 

 

if market value is 30k, scrap value is 28k.

 

choose TPFT as when u claim total loss, u have to include excess (500-3k).

 

plus if u paid 2k for ur insurance. u cannot get rebate back.

 

go calculate (im lazy to type).

 

 

only go for TPFT when ur mkt value is 4-5k above scrap value.

 

 

Sorry I cannot comprehend what you are trying to explain. I thought it makes more sense to choose TPFT if the MV - SV is very close e.g. < 2k? Why 4-5K above? Does this not mean I lose 4-5K personally?