3rd class insurance, worth or waste?

[MadMac]

Insurance question, has anyone ever had to make use of a 3rd class insurance policy? That is the one that covers damages to other parties above the compulsory 650B insurance (50kTHB coverage). 3rd class usually cost 3000B +- a year and covers ~10mTHB, that is if you hit a gas station that explodes or similar ????. So, any use for it or just waste of money. I do not talk about 1st class here.

[jackdd]

1 hour ago, MadMac said:

above the compulsory 650B insurance (50kTHB coverage)

The compulsary insurance only covers medical costs, no property damage.

 

3rd class insurance makes sense, if you should ever crash into a Benz it will become expensive.

[brokenbone]

i take the insurance that covers 3rd person

[Lacessit]

If you have a vehicle that's only worth about 100,000 baht, third class definitely makes more sense.

[MadMac]

My compulsory insurance does not say it only covers medical cost and not Benz ownwers. Where did you get this?

 

Interesting interpretation though ????

[MadMac]

Still, my question was, if anyone ever had any use or experience of such 3rd class insurance.

[jackdd]

1 hour ago, MadMac said:

My compulsory insurance does not say it only covers medical cost and not Benz ownwers. Where did you get this? 

  

Interesting interpretation though ???? 

I got this from the website of the insurance company: http://www.rvp.co.th/ClaimQA_en.php

I didn't say it doesn't cover Benz owners, i said it doesn't cover property damage, and if you happen to crash into a Benz you might cause significant property damage.

[MadMac]

Ok, so nobody ever used it. 

[MadMac]

2 minutes ago, jackdd said:

I didn't say it doesn't cover Benz owners

Yeah, would not make sense to exclude taxis. Thanks.

[MadMac]

In conclusion, nobody ever used it. Makes it a complete waste of money.

[tifino]

Think of the breakdown as:

 

Compulsory = 3rd party indemnity from personal injuries (only) liability.

 

The misnomer titled, 3rd class = 3rd Party Property (only)  Liability Cover. Taken out when your own car isn't itself worth the expense insuring; but covers any and all other peoples' property damaged by your car. 

 

Typical example where the 3rd party property will save your skin: 

 - driving down multilane road and that somchai in his Merc drifts out of his lane and hit's you... 

It might have been totally 'his' bad; but if you don't have a camera recording the accident; it is your word against his! 

If you then had to go halves in the total damage cost. .. that would hurt! 

However with at least that 3rd party property policy, then at least his 'merc' damage will be fully covered...

[MadMac]

Mercedes argument again? Don't you have a dashcam?

[canthai55]

5 hours ago, MadMac said:

In conclusion, nobody ever used it. Makes it a complete waste of money.

If you can not see the need ...

First Class first ...

2+ second ...

Act in Haste - Repent at Leisure

[Jitar]

We used 3rd class insurance for company pickups for many years.  Did not have any huge claims but worked fine for minor accidents.  The insurance reps turn up the same as for 1st class and deal with the other party and police.  The relatively small premium is worthwhile to avoid the bizarre post accident arguments alone.  

[Coremouse]

I've been on 3+ for my 25yrs old daily, definitely worth it, 

 

Last time hit bumper/rads due to ABS malfunction, have to import/upgrade many parts and repair at home(spent 80k), all covered by insurance - no question asked. 

[MadMac]

You are misinformed, 3rd class 3rd party insurance, which is type 3, only pays for damage to the other party. For what you say, own damage caused by yourself to yourself, you need 1st class insurance. That cost about 20k a year. so if you paid that for 25 years you spend around 500k for a car worth nothing.

[MadMac]

4 hours ago, Jitar said:

We used 3rd class insurance for company pickups for many years.  Did not have any huge claims but worked fine for minor accidents.  The insurance reps turn up the same as for 1st class and deal with the other party and police.  The relatively small premium is worthwhile to avoid the bizarre post accident arguments alone.  

They also turn up for compulsory, so no benefit from paying 5x that premium. 

[canthai55]

^^^ Just go and buy the bare minimum.

We will wait until you post of the effects - and cost - of riding / driving with such coverage.

Just like lawyers - no one likes them, until they need one, and nothing else will do.

Insurance the same.

[myshem]

17 hours ago, MadMac said:

My compulsory insurance does not say it only covers medical cost and not Benz ownwers. Where did you get this?

 

Interesting interpretation though ????

 

Everybody knows that but you it seems.

 

 

[MadMac]

5 hours ago, canthai55 said:

^^^ Just go and buy the bare minimum.

We will wait until you post of the effects - and cost - of riding / driving with such coverage.

Just like lawyers - no one likes them, until they need one, and nothing else will do.

Insurance the same.

Pretty lame argument :). Lawyers, really? They do nothing for you, particularly not in this part of the world. And how they would relate to an insurance?

 

My question was simple, who has ever made use of a 3rd class insurance. And so far nobody did answer this. 

[canthai55]

10 minutes ago, MadMac said:

Pretty lame argument :). Lawyers, really? They do nothing for you, particularly not in this part of the world. And how they would relate to an insurance?

 

My question was simple, who has ever made use of a 3rd class insurance. And so far nobody did answer this. 

Lawyers do nothing ? You do not know a good one.

In my past life I used them many times - you pay, they do the rest.

That is how the criminal justice system works - whoever can afford the best lawyer wins.

That being said - I used lawyers as a comparison to buying insurance - you do not need it until you do.

And both my legs work just fine thanks.

What I find lame is anyone who does not have insurance. Many threads on TV about the consequences - both auto and health.

Maybe do a search - see some first hand reports.

[topt]

11 minutes ago, MadMac said:

My question was simple, who has ever made use of a 3rd class insurance. And so far nobody did answer this. 

I am not really surprised with the attitude you have shown to people who have tried to respond in a helpful way 

 

And actually @Jitar did answer..............

[Coremouse]

6 hours ago, MadMac said:

You are misinformed, 3rd class 3rd party insurance, which is type 3, only pays for damage to the other party. For what you say, own damage caused by yourself to yourself, you need 1st class insurance. That cost about 20k a year. so if you paid that for 25 years you spend around 500k for a car worth nothing.

3+ class is not 3rd class is more like 2nd class with reduced repair budget.

accident repair cover 100k and no 3rd party coverage.

annual fee for 2.0/2.2 some around 6000฿ service is great

the car is 1994 make but i only owned 3 yrs. insurance saved me from broke, they even payed me my own weekend labor XD

[MadMac]

So still nobody can answer my simple questions. Instead we start now talking about criminal lawyers. Great shit ????

 

@Coremouse This is not a 3rd class insurance you are talking about. But thanks, you are the closest so far to the topic.

Edited March 3, 2019 by MadMac