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Third party insurance upper limit

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#1

Posted 16 February 2012 - 01:37 PM

SimonTan
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Not sure how much my insurance liability for third party claims is.
Is it the same to hit a Zonda or RollRoyce in Singapore?
Insurance boh chup?



Young driver faces financial ruin after clipping Rolls-Royce

NANJING, China - A young man in Jiangsu, stands to face financial ruin after clipping a brand-new Rolls-Royce Phantom in the city of Nanjing, according to Chinese media reports.

The 21-year-old man surnamed Liu, works as a chef for 2,000 yuan (S$402) a month. But the cost of repairs, according to reports, may come up to $1 million yuan.

The accident took place on Feb 14, near Lukou International Airport.

Liu was going in the opposite direction in a Chinese-made saloon when he clipped a Rolls-Royce Phantom that was parked at the bend of a road, reports said. The $12 million yuan limousine was being used as an airport shuttle for corporate VIPs.

After the accident, Liu immediately called his family. But to his dismay he found that even if they sell everything they own, including their house, they would still be unable to compensate for the Phantom's repairs.

Moreover Liu's insurance company will not be paying out the damages as he took full responsibility for the accident, leaving Liu to foot most of the million-yuan bill.

However the 21-year-old is currently pleading his case to the chief executives of the company that owns the Phantom in the hope that they will symphathise with his plight.

The accident has caused waves in the Chines media. Netizens have used the case as another example of the increasing divide between the rich and the poor in the country.

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» How to protect common-car owners in China?
Another question has also been brought up: is a new insurance mechanism for luxury cars needed to protect common car owners from paying exorbitant amounts as in the case of Liu?

#2

Posted 16 February 2012 - 01:39 PM

SimonTan
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How much is the third part liability for Singapore car insurance?



How to protect common-car owners in China?

A new insurance mechanism for luxury cars is necessary to protect common car owners from paying exorbitant compensation in case of accidents, says an article on people's.net.

Excerpts:

Media reports say a woman driving a Honda Accord, which collided with a Rolls-Royce in Wenzhou, Zhejiang province, was forced to accept the responsibility for the accident and pay 390,000 yuan (S$78,350) as compensation when her insurance ceiling for third party liability was only 200,000 yuan, which means she has to pay 190,000 yuan.


A public debate has started on what a person driving an ordinary car involved in an accident with a luxury vehicle is supposed to do to pay an unaffordable compensation.

Insurance companies are unwilling to grant special insurance coverage to luxury cars because the compensation is usually very high. This adds to common car owners' risk because they may have to pay sky-high compensation if they are involved in accidents with luxury cars.

The problem is how to share the risks on the road. For example, before World War II there were few cars in Japan, and thus a driver took great care while driving. But with the popularity of cars increasing, the law expanded the duty of pedestrians in 1955.



#3

Posted 21 February 2012 - 07:53 PM

Sci10213
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Third party injury - unlimited
Third party property - most cover up to S$5m

#4

Posted 21 February 2012 - 07:54 PM

SimonTan
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Ok...so no worries...can bang Farrari or Bugatti or maclaren also no worries in singapore.

#5

Posted 21 February 2012 - 10:41 PM

Briansoh
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Just dont bang anything and you will be fine.. simple enough right? Its not so much about the money when it comes to accidents but the safety of people. Material things can be replaced or repaired but people's lives cannot. Drive safe and that should be your biggest concern. Not how much money you are insured in the event of an accident!

#6

Posted 22 February 2012 - 04:56 AM

Good-Carbuyer

How much is the third part liability for Singapore car insurance?



How to protect common-car owners in China?

A new insurance mechanism for luxury cars is necessary to protect common car owners from paying exorbitant compensation in case of accidents, says an article on people's.net.

Excerpts:

Media reports say a woman driving a Honda Accord, which collided with a Rolls-Royce in Wenzhou, Zhejiang province, was forced to accept the responsibility for the accident and pay 390,000 yuan (S$78,350) as compensation when her insurance ceiling for third party liability was only 200,000 yuan, which means she has to pay 190,000 yuan.


A public debate has started on what a person driving an ordinary car involved in an accident with a luxury vehicle is supposed to do to pay an unaffordable compensation.

Insurance companies are unwilling to grant special insurance coverage to luxury cars because the compensation is usually very high. This adds to common car owners' risk because they may have to pay sky-high compensation if they are involved in accidents with luxury cars.

The problem is how to share the risks on the road. For example, before World War II there were few cars in Japan, and thus a driver took great care while driving. But with the popularity of cars increasing, the law expanded the duty of pedestrians in 1955.

I believe the only insurance policy that proven itself for me so far, is to try very hard not to hit anyone/anything with my car, and to avoid my car being hit too. Always buy hatchback except the Accent got no hatchback tongue.gif

#7

Posted 09 May 2012 - 03:24 PM

JimmyMcG1978
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Good thing we don't have those insurance companies in Singapore! Obviously the best 'insurance' is to be very careful but there's a reason why they're called accidents..I got my accident insurance from DBS, they cover up to S$5 million third-party damage cover in event of damage to third-party property while driving the insured vehicle. I don't think there is any car out there that will cost more than $5 million to repair. :)

#8

Posted 09 May 2012 - 03:27 PM

Mllcg
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Good thing we don't have those insurance companies in Singapore! Obviously the best 'insurance' is to be very careful but there's a reason why they're called accidents..I got my accident insurance from DBS, they cover up to S$5 million third-party damage cover in event of damage to third-party property while driving the insured vehicle. I don't think there is any car out there that will cost more than $5 million to repair. :)


5 mil?

in sg sure have.

write off and get new car of the same model


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