Car Insurance - Failure to pay legitimate claims !!!

[Pumpuynarak]

Wifey had a call from our car insurance agent to inform us that our insurance provider was no longer paying legitimate claims WTF !!! She stated that due to Covid claims the company was effectively broke and was unable to pay claims. This was confirmed by wifey's brother who insured his car with the same company and submitted a legitimate claim for 4K baht which was denied.

Needless to say we immediately effected new insurance with another provider.

Anyone else had experience with this ?

[Yessongs]

Wow! Another "This is Thailand" moment huh Cliff?  I would say talk to the "authorities", but we all know how that would go. What a joke...good you got another insurance immediately. 

Never got in an accident here thankfully, we use "Thai wiwat" for our SUV's. 

[Glasseye]

State Farm hog fcuked me after 40 years of loyalty. Regularly paid premiums throught, always on time, never filed a claim.

Then one day they cancelled me. That was the day the concept of loylaty to any business (and most people for that matter) was tossed out the window.

Switched to Geico after that, but the reality had set in. Sold off my last car as junk. Have not had another car since. Don't regret it one bit.

They will squeeze every dime they can out of you, then send you down the river.

[Pumpuynarak]

55 minutes ago, Yessongs said:

Wow! Another "This is Thailand" moment huh Cliff?  I would say talk to the "authorities", but we all know how that would go. What a joke...good you got another insurance immediately. 

Never got in an accident here thankfully, we use "Thai wiwat" for our SUV's. 

I just effected new insurance with a supposedly 'top company' at a cost of 13,500bht, our existing insurer's policy was due for renewal in April this year and we had paid 10,500bht in 2023 so our loss was no big deal.

What really concerns me is NOT knowing and continuing to drive around thinking we're fully insured !!!

But TIT hey ? Having spent most of my working life in the UK insurance industry i could never imagine the same circumstances happening, protections are in place to protect customers.   

Edited January 19 by Pumpuynarak

[forcebwithu]

32 minutes ago, Glasseye said:

State Farm hog fcuked me after 40 years of loyalty. Regularly paid premiums throught, always on time, never filed a claim.

Then one day they cancelled me. That was the day the concept of loylaty to any business (and most people for that matter) was tossed out the window.

Switched to Geico after that, but the reality had set in. Sold off my last car as junk. Have not had another car since. Don't regret it one bit.

They will squeeze every dime they can out of you, then send you down the river.

State Farm had (still has?) a reputation for fcking their customers over. One accident and they'd cancel you. What's interesting is word got around, even in the pre-internet age about their underhanded practices. Because of that I steered clear of them and was an American Family customer for decades; auto, health, home.

[Glasseye]

32 minutes ago, Pumpuynarak said:

I just effected new insurance with a supposedly 'top company' at a cost of 13,500bht, our existing insurer's policy was due for renewal in April this year and we had paid 10,500bht in 2023 so our loss was no big deal.

What really concerns me is NOT knowing and continuing to drive around thinking we're fully insured !!!

But TIT hey ? Having spent most of my working life in the UK insurance industry i could never imagine the same circumstances happening, protections are in place to protect customers.   

 

Insurance companies are pulling out of places like Florida and Califonia. The disasters are too much for them to cover.

Too many Thai's have too many cars that they can not afford, and they have a greater tendency to wreck them. The banks give up easy money and allow loans that the average Thai cannot pay back. Therefore there are a lot of non-insured or under insured drivers out there. Claims costs sky rocket, cars get repossed, and insurance companies go broke.

If you are lucky enough to have a reasonable policy the rates will continue to jump up and/or be cancelled. 

It's a reality of what is happening. People don't open their eyes, they just look at the bright shinny truck or the sweet little condo they just bought. Then a few years down the road the shit hits the fan.

[bob lt]

9 hours ago, Pumpuynarak said:

Having spent most of my working life in the UK insurance industry i could never imagine the same circumstances happening, protections are in place to protect customer

UK experience: in 2021 I renewed my motorcycle insurance policy. 4 months in I was informed the Company went into administration. It was planned that the policy expiry would remain unchanged but all claims would be handled by the Financial Services Compensation Scheme. 2 months later I was informed the policy would cease and I would receive a refund for any complete months outstanding. I believe all companies have to contribute to the FSCS which picks up the pieces for customers.

[Glasseye]

On 1/19/2024 at 8:59 AM, Pumpuynarak said:

I just effected new insurance with a supposedly 'top company' at a cost of 13,500bht, our existing insurer's policy was due for renewal in April this year and we had paid 10,500bht in 2023 so our loss was no big deal.

What really concerns me is NOT knowing and continuing to drive around thinking we're fully insured !!!

But TIT hey ? Having spent most of my working life in the UK insurance industry i could never imagine the same circumstances happening, protections are in place to protect customers.   

 

My agent always gives me notice on upcoming policy renewals (although I don't have vehicle insurance) . Technically it is probably the policy holders responsibility, but I always appreciate when the agent provides those reminder notices.

Not sure if you went through an agent with the prior insurance or bought directly. If you went through an agent they should have given you reasonable notice. But, at the same time, when a company goes belly up a lot of folks can be caught off guard.

I would think that even considering TIT there are probably laws that would back you up, as long as you where within the period that the coverage was for and was paid. 

[bexwell]

[Krapow]

4 hours ago, bexwell said:

The guide i'm gonna be using in Lapland next month was actually telling me he has to get his car fixed, after hitting a reindeer. He said he's been where he is, really rural, for about 3 years. A few near misses, so he knew is was gonna happen sooner or later.

When we were driving about 'hunting the Aurora', we did see loads of wild reindeer in the forests, crossing roads etc.

[Pumpuynarak]

8 hours ago, Krapow said:

The guide i'm gonna be using in Lapland next month was actually telling me he has to get his car fixed, after hitting a reindeer. He said he's been where he is, really rural, for about 3 years. A few near misses, so he knew is was gonna happen sooner or later.

When we were driving about 'hunting the Aurora', we did see loads of wild reindeer in the forests, crossing roads etc.

My mate whilst driving on the M3 in the UK hit a deer and his Jaguar XJ6 was written off by his insurer

[forcebwithu]

9 hours ago, Krapow said:

The guide i'm gonna be using in Lapland next month was actually telling me he has to get his car fixed, after hitting a reindeer. He said he's been where he is, really rural, for about 3 years. A few near misses, so he knew is was gonna happen sooner or later.

When we were driving about 'hunting the Aurora', we did see loads of wild reindeer in the forests, crossing roads etc.

I've had a few near misses during my drives around northern Wisconsin. 

A deer whistle mounted to the front bumper of a car is a must have when driving in areas of high deer population. Probably the reason I never experienced a collision.

[Glasseye]

2 hours ago, forcebwithu said:

I've had a few near misses during my drives around northern Wisconsin. 

A deer whistle mounted to the front bumper of a car is a must have when driving in areas of high deer population. Probably the reason I never experienced a collision.

 

Yep. Those were common around my parts (back in the day). I've had several "near misses" over the years personally. Handled quite a few deer vs. car accidents. One of them the deer flew up through the windsheild, killed the driver.