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A True Story About Insurance. - Car Talk - Nairaland

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A True Story About Insurance. by GAZZUZZ(m): 9:43pm On Feb 09, 2018
In December 2017, I sold a toyota corrola 2003 to a nairalander.

I suggested he insures car comprehensively before Use.

he took my advice, he insured with Axamansard on the 28th of December 2017.

On the 22nd of January 2018 car was involved in an accident, and the driver using his vehicle was at fault.

Axamansard swung into action, taking responsibility for both cars.

The repair quote for his car costs over 100,000 to fix, while the quote for repair of the other car is over 900,000.

it is wise to have comprehensive insurance, it gives you peace of mind.

insure your vehicle comprehensively today.

gazzuzz

Cc axamansard.

4 Likes 3 Shares

Re: A True Story About Insurance. by Specialist900(m): 9:48pm On Feb 09, 2018
Thank you sir
Re: A True Story About Insurance. by adekanmbi1986(m): 7:23am On Feb 10, 2018
Thanks
Re: A True Story About Insurance. by EddieMurphie: 7:38am On Feb 10, 2018
Nice one, but how about the other car, isn't it comprehensively insured as well? Why is axamansard taking responsibility? Just curious
Re: A True Story About Insurance. by Kashif(m): 7:56am On Feb 10, 2018
EddieMurphie:
Nice one, but how about the other car, isn't it comprehensively insured as well? Why is axamansard taking responsibility? Just curious

That is third party. The Corolla owner is responsible for the repair.

I have been hit from behind before, and Axamansard told me stories about excess buy back. angry
Re: A True Story About Insurance. by mayor2013: 7:58am On Feb 10, 2018
Am curious about the insurance having to take care of the bills of the other car. Kindly explain this never heard about this. Sound whole strange
Re: A True Story About Insurance. by EddieMurphie: 8:24am On Feb 10, 2018
Kashif:


That is third party. The Corolla owner is responsible for the repair.

I have been hit from behind before, and Axamansard told me stories about excess buy back. angry

Yes it's third party, Axamansard can be responsible cos the corolla was at fault. But why can't the owner of the other car just let go as I wanna believe the car is comprehensively insured as well.... i.e both cars should be should fixed by their insurance companies respectively.

You were hit from behind and Axamansard was telling stories of excess buyback, really!!! Maybe it wasn't in the plan u subscribed for, that doesn't mean they won't fix ur car, u just have to pay a certain percentage of the quote.
Re: A True Story About Insurance. by Kashif(m): 8:38am On Feb 10, 2018
EddieMurphie:


Yes it's third party, Axamansard can be responsible cos the corolla was at fault. But why can't the owner of the other car just let go as I wanna believe the car is comprehensively insured as well.... i.e both cars should be should fixed by their insurance companies respectively.

You were hit from behind and Axamansard was telling stories of excess buyback, really!!! Maybe it wasn't in the plan u subscribed for, that doesn't mean they won't fix ur car, u just have to pay a certain percentage of the quote.

You will be surprised most Nigerians don't insure their cars. I have seen RR owners without insurance. If you are hit by a reckless driver, your insurance company goes after his insurers if he has one. They don't like to spend.

I have comprehensive insurance, and Axa told me stories about repair quote being lower than some nonsense which I still don't understand. I flipped and threatened to pull out, so my account manager had to do something. Imagine giving me cock and bull poo at my very first claim after seven years! angry angry

I now pay for excess buyback - whatever it means!

1 Like

Re: A True Story About Insurance. by Kashif(m): 8:44am On Feb 10, 2018
mayor2013:
Am curious about the insurance having to take care of the bills of the other car. Kindly explain this never heard about this. Sound whole strange

That is what they call third party - damage to others' property. Same applies when you hit a pedestrian and cause injury or death. Your insurers can pay up to N10,000,000.

If you have comprehensive cover and hit someone, just call them, exchange contacts with the third party and walk away cool
Re: A True Story About Insurance. by axamansard(f): 8:56am On Feb 10, 2018
EddieMurphie:
Nice one, but how about the other car, isn't it comprehensively insured as well? Why is axamansard taking responsibility? Just curious

Comprehensive vehicle insurance out of the numerous covers also covers accidental damage to the insured vehicle and the third party vehicle, since our insured is liable and has accepted the liability, the insurance company of the third party will leave the vehicle for the liable insured insurance to fix the vehicle.

So if you are involved in an accident and the other party is liable, kindly take a picture of his insurance certificate and leave, we will handle the rest from our end.

3 Likes 2 Shares

Re: A True Story About Insurance. by axamansard(f): 9:05am On Feb 10, 2018
Kashif:


That is third party. The Corolla owner is responsible for the repair.

I have been hit from behind before, and Axamansard told me stories about excess buy back. angry

You were hit, which Means you are not liable for the accident but the third-party, since you are comprehensively insured, you are covered, but the excess clause still applies, which means you will bear a particular portion of the loss repairs, when you buy vehicle insurance without excess buyback, you are alternatively telling the insurance that when a loss occurs you both will contribute to fixing the car.
So next time transfer full liability to the insurance by buying excess and be rest assured you are contributing no dime to treat a loss.

5 Likes 2 Shares

Re: A True Story About Insurance. by axamansard(f): 9:10am On Feb 10, 2018
EddieMurphie:


Yes it's third party, Axamansard can be responsible cos the corolla was at fault. But why can't the owner of the other car just let go as I wanna believe the car is comprehensively insured as well.... i.e both cars should be should fixed by their insurance companies respectively.

You were hit from behind and Axamansard was telling stories of excess buyback, really!!! Maybe it wasn't in the plan u subscribed for, that doesn't mean they won't fix ur car, u just have to pay a certain percentage of the quote.

The issue got escalated and the owner of the other car got pissed off, I think it is a payback.

I think excess was not in the plan he subscribed for.
Re: A True Story About Insurance. by Kashif(m): 9:21am On Feb 10, 2018
axamansard:


You were hit, which Means you are not liable for the accident but the third-party, since you are comprehensively insured, you are covered, but the excess clause still applies, which means you will bear a particular portion of the loss repairs, when you buy vehicle insurance without excess buyback, you are alternatively telling the insurance that when a loss occurs you both will contribute to fixing the car.
So next time transfer full liability to the insurance by buying excess and be rest assured you are contributing no dime to treat a loss.

My account manager told me that the repair quote was lower than bla bla bla, so they were not paying nothing.

I went for her throat because I called her from the scene and she told me to get a note from offender accepting liability and pic of ID and walk away. I could not swallow the U turn, and she had to pay! No be apology I go chop.

Funny enough, offender was willing to repair!

1 Like

Re: A True Story About Insurance. by Kashif(m): 9:25am On Feb 10, 2018
GAZZUZZ:
In December 2017, I sold a toyota corrola 2003 to a nairalander.

I suggested he insures car comprehensively before Use.

he took my advice, he insured with Axamansard on the 28th of December 2017.

On the 22nd of January 2018 car was involved in an accident, and the driver using his vehicle was at fault.

Axamansard swung into action, taking responsibility for both cars.

The repair quote for his car costs over 100,000 to fix, while the quote for repair of the other car is over 900,000.

it is wise to have comprehensive insurance, it gives you peace of mind.

insure your vehicle comprehensively today.

gazzuzz

Cc axamansard.

Wait o, 900K to replace this lens and fix the scratch?! shocked

6 Likes 1 Share

Re: A True Story About Insurance. by GAZZUZZ(m): 9:26am On Feb 10, 2018
Kashif:


Wait o, 900K to replace this lens and fix the scratch?! shocked

have you seen quote from stallion motors? grin

4 Likes 2 Shares

Re: A True Story About Insurance. by axamansard(f): 10:14am On Feb 10, 2018
Kashif:


Wait o, 900K to replace this lens and fix the scratch?! shocked
N981,000 to be precise.
Re: A True Story About Insurance. by timifakay(m): 2:28pm On Feb 10, 2018
Kashif:


Wait o, 900K to replace this lens and fix the scratch?! shocked
GAZZUZZ:


have you seen quote from stallion motors? grin

Those big garages that can quote 10k for ordinary clips!
Their invoice would be something like this
Head lamps- set
Bumper
Bumper bracket
Bumper clips
Splash protector
Splash protector clips
Mud guard
Fender
Fender pad
Front collision sensors
Labour.
Then they will give 5% discount on labour after much negotiation.

2 Likes 1 Share

Re: A True Story About Insurance. by Partnerbiz2: 2:44pm On Feb 10, 2018
axamansard:


You were hit, which Means you are not liable for the accident but the third-party, since you are comprehensively insured, you are covered, but the excess clause still applies, which means you will bear a particular portion of the loss repairs, when you buy vehicle insurance without excess buyback, you are alternatively telling the insurance that when a loss occurs you both will contribute to fixing the car.
So next time transfer full liability to the insurance by buying excess and be rest assured you are contributing no dime to treat a loss.

If he is comprehensively insured and the third party is liable hence will pay, why will excess clause still apply?
Re: A True Story About Insurance. by axamansard(f): 3:24pm On Feb 10, 2018
Partnerbiz2:


If he is comprehensively insured and the third party is liable hence will pay, why will excess clause still apply?

The excess clause applies because we are paying, he allowed the liable third-party go free.
Re: A True Story About Insurance. by Justbright(m): 11:41pm On Feb 10, 2018
GAZZUZZ:
In December 2017, I sold a toyota corrola 2003 to a nairalander.

I suggested he insures car comprehensively before Use.

he took my advice, he insured with Axamansard on the 28th of December 2017.

On the 22nd of January 2018 car was involved in an accident, and the driver using his vehicle was at fault.

Axamansard swung into action, taking responsibility for both cars.

The repair quote for his car costs over 100,000 to fix, while the quote for repair of the other car is over 900,000.

it is wise to have comprehensive insurance, it gives you peace of mind.

insure your vehicle comprehensively today.

gazzuzz

Cc axamansard.


Pls Oga gazuzz,I need to talk to u in private..having issues with my car....pls can u email me ur no ...brightolowole yahoo.co.uk...0or u can WhatsApp me on 08036253428...thanks
Re: A True Story About Insurance. by herrlekan(m): 4:09am On Feb 11, 2018
What is Policy excess? It is the portion of claim borne by the insured. For example if you have a claim of N100k after adjustment and your policy excess is N10k. Your discharge voucher will be N90k.

Why do we have policy excess? It is for the insured to be extra careful because we believed that since we have insurance we are covered.

However, we have the option of buying back the policy excess. To buyback your policy excess you will pay at most 1% of the premium that is if your premium is N100k you will pay N101k to buyback the policy excess.

1 Like

Re: A True Story About Insurance. by herrlekan(m): 4:48am On Feb 11, 2018
mayor2013:
Am curious about the insurance having to take care of the bills of the other car. Kindly explain this never heard about this. Sound whole strange

The primary responsibility of an insurance company is to the third party. That is why it is compulsory to have a minimum cover of third party insurance. This means that whichever cover you have the third party is always covered.

Who is a third party? The third party is someone who is not part of the agreement (contract) between the insured and insurance company. The third party could be a car owner, landlord, pedestrian(s) etc

What happens in a situation whereby the claim is more than the maximum liability of the insurance company?The insured pays the balance. Most third party liability of insurance companies is between N1m to N2m. For example if the insurance company third party liability is N1m and there is a claim of N2m after adjustment,the insured will pay the balance of N1m to the third party.

2 Likes

Re: A True Story About Insurance. by Kashif(m): 10:25am On Feb 11, 2018
timifakay:



Those big garages that can quote 10k for ordinary clips!
Their invoice would be something like this
Head lamps- set
Bumper
Bumper bracket
Bumper clips
Splash protector
Splash protector clips
Mud guard
Fender
Fender pad
Front collision sensors
Labour.
Then they will give 5% discount on labour after much negotiation.

I can imagine.

1 Like

Re: A True Story About Insurance. by dyydxx: 12:27pm On Feb 11, 2018
adekanmbi1986:
Thanks

Hi, please I want to speak to you as regards Eko Maintenance Ltd. Can you please email me at dyydxx@aol.com or leave your email here so i can contact you.
Re: A True Story About Insurance. by MaureenHarris: 7:17am On Feb 16, 2018
Generally is such cases the third party is responsible and should pay for all the losses. If you have an insurance that covers the third party insurance coverage, then you can claim it and get the work done. You can take the helpful hints from the experts who can guide you in a better way and will help you settle the claim.
Re: A True Story About Insurance. by Lagos4me: 8:33pm On May 29, 2018
Hi

Re: A True Story About Insurance. by Nobody: 9:27pm On May 29, 2018
How is this accident the Corollas fault?
Re: A True Story About Insurance. by wane01(m): 10:13pm On May 29, 2018
EgunMogaji:
How is this accident the Corollas fault?
It's possible he forgot his foot on the throttle while reversing cool

1 Like

Re: A True Story About Insurance. by InvertedHammer: 12:34am On May 30, 2018
/
I will really like to know an estimated monthly premium on the Corolla for comprehensive coverage. It doesn't make sense to fix an old Corolla in a dealership.

/
Re: A True Story About Insurance. by Lagos4me: 4:16pm On Jun 01, 2018
[quote author=dyydxx post=64970177]

Hi, please I want to speak to you as regards Eko Maintenance Ltd. Can you please email me at dyydxx@aol.com or leave your email here so i can contact you.[/



Please don't go near this company, 'coz you will regret working there. Pakistan and Lebanese are in charge and they are not organize
Re: A True Story About Insurance. by oluwaseunla(m): 4:36pm On Jun 01, 2018
InvertedHammer:
/
I will really like to know an estimated monthly premium on the Corolla for comprehensive coverage. It doesn't make sense to fix an old Corolla in a dealership.

/

Highest package is like 4% of your insured value. For example, you value vehicle at 2mil, you pay like 80k per annum. There are cheaper packages of same comprehensive insurance though, just gave you the most premium of them.
Re: A True Story About Insurance. by InvertedHammer: 6:36pm On Jun 01, 2018
oluwaseunla:


Highest package is like 4% of your insured value. For example, you value vehicle at 2mil, you pay like 80k per annum. There are cheaper packages of same comprehensive insurance though, just gave you the most premium of them.
/
Good to know.

Thanks.

/

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