Do you believe in insurance?

[Liverpool Lou]

30 minutes ago, georgegeorgia said:

I always wonder how my luck in claiming when I hop.on the back of a mb taxi

Is the driver licenced?

Is he drunk ?

They the insurance company would want to know all this for a claim 

 

And as I said ,the mb engine size , I never thought of all this 

Anyway most if the time they only want to get you back to your home country not treat you 

 

Give you an example,you hurt your arm  falling off a mb taxi on your second day on holiday, you end up in hospital needing treatment,their idea is to get you back to your home country not treat you so if it's just a broken arm you don't bother 

 

The garbage keeps on coming.

[Liverpool Lou]

23 minutes ago, mfd101 said:

In short, sensible people read the fine print and make sure they understand what and how BEFORE they hop on that motorbike or fall down the stairs drunk.

In short, sensible people should read the policy conditions that ate printed in normal font.

[Yellowtail]

Insurance companies have always been good to me. 

[georgegeorgia]

8 minutes ago, Liverpool Lou said:

In short, sensible people should read the policy conditions that ate printed in normal font.

My name's Pattaya Lou and I know it all ,I been here 20 years mate ,nuthin Pattaya Lou doesn't know , I'm ere mate ,they don't call me know all Lou for nuthin mate !

[Lacessit]

I am selective in the insurance I take out.

I have car insurance here, which I consider essential.

I have top level private health insurance in Australia, which paid out big time early in 2023. The treatment I got was simply unavailable in Thailand, and that includes Bumrungrad.

I have never taken out life insurance or travel insurance. IMO life insurance is a scam. In all the years I have traveled, I only needed to pay once for a missed flight, about 2000 baht IIRC. I would have paid 50 times that in premiums.

[Dmaxdan]

Couple of points.

 

Firstly, we only ever hear reports of insurance companies refusing to pay out. It is not news worthy if someone's insurance policy actually covers the cost or a claim. So it is totally wrong to assume that insurance companies rarely pay out.

 

Secondly, insurance policies are like everything in life. You get what you pay for!

If you go on to one of the many go-compare websites and choose the cheapest option then the policy is probably not worth the paper it is printed on.

However, if you pick up the phone, talk to a real human being and explain everything you are planning to do, for example renting a motorcycle whilst on holiday in Thailand a taylor made policy will be drawn up for you and you will be covered. It's as simple as that.

 

Our neighbor recently had an accident in her 6 month old Toyota four door pickup. She was over the limit and the insurance company are refusing to pay for the estimated 500,000 baht worth of damage. She broke the terms and conditions of the policy and can have no complaints. Her husband on the other hand is not best pleased...

 

 

[Liverpool Lou]

1 minute ago, georgegeorgia said:

8 minutes ago, Liverpool Lou said:

In short, sensible people should read the policy conditions that ate printed in normal font.

My name's Pattaya Lou and I know it all ,I been here 20 years mate ,nuthin Pattaya Lou doesn't know 

I know a lot about insurance so you're wrong about that sarcastic remark. 

You're also wrong about my location.   

You're also wrong about how long I've been in Thailand. 

You're also wrong with most of your comments on this thread...unless you've got something to back up all your assertions.

[georgegeorgia]

4 minutes ago, Lacessit said:

I am selective in the insurance I take out.

I have car insurance here, which I consider essential.

I have top level private health insurance in Australia, which paid out big time early in 2023. The treatment I got was simply unavailable in Thailand, and that includes Bumrungrad.

I have never taken out life insurance or travel insurance. IMO life insurance is a scam. In all the years I have traveled, I only needed to pay once for a missed flight, about 2000 baht IIRC. I would have paid 50 times that in premiums.

You come back to Australia for the treatment? 

I think Fat like crazy said he is looking something similar 

[Liverpool Lou]

4 minutes ago, Lacessit said:

IMO life insurance is a scam.

What makes life insurance a "scam"?  IYO.

[ArnieP]

I’ve found from personal experience that insurance companies often try to avoid payouts. For some people insurance is okay, and on aseannow there are those elsewhere on the forums that seemingly wouldn’t want to live without it.

 

 

[TroubleandGrumpy]

No. 

Except for cars - I have level 2+ and that includes medical costs in an accident (me and others).

Medical Insurance in Thailand is IMO too risky (payout) and too expensive (especially after 60 and then it goes up and up).

We self insure - have a separate bank account with money in there only for a medical problem - plus use that for the annual renewals.

Put into that account every year about the same that insurance would cost. 

If in 10 years we have never used it, the money is still ours to do as we wish.

[Liverpool Lou]

5 minutes ago, Dmaxdan said:

Firstly, we only ever hear reports of insurance companies refusing to pay out. It is not news worthy if someone's insurance policy actually covers the cost or a claim. So it is totally wrong to assume that insurance companies rarely pay out.

Nice to read a sensible comment about insurance.   You're right, in general, over 90% of all insurance claims are paid out.  If it was the other way around, as most AN members like to claim, there would be no insurance industry.

[Lacessit]

1 minute ago, georgegeorgia said:

You come back to Australia for the treatment? 

I think Fat like crazy said he is looking something similar 

Yes.

Public hospitals in Thailand are limited in what they can do. Assuming the treatment I had was even available, it would have bankrupted me in any private hospital.

[Yellowtail]

7 minutes ago, Liverpool Lou said:

What makes life insurance a "scam"?  IYO.

No matter how much you pay, or how carefully you read the policy, you're still going to die. It should be called survivor insurance. 

[Liverpool Lou]

7 minutes ago, ArnieP said:

I’ve found from personal experience that insurance companies often try to avoid payouts.

What are your personal experiences with claims denials that have happened "often", as you claim?   How many have there been?

[Liverpool Lou]

3 minutes ago, Yellowtail said:

No matter how much you pay, or how carefully you read the policy, you're still going to die. It should be called survivor insurance. 

So, cynically, correct.  Doesn't make it a scam, though, as no one takes out life insurance to benefit themselves financially.  The insureds' beneficiaries love it.

[Lacessit]

4 minutes ago, Liverpool Lou said:

What makes life insurance a "scam"?  IYO.

One is paying out now  a premium which has a certain purchasing power. With inflation, in 20 - 30 years time ( or whatever ) the purchasing power of what the insurance company pays out on the policy declines to the point where it is probably only enough to buy a secondhand car.

 

An insurance company salesman in his cups told me when he sells a life policy, his commission was the first year premiums. Insurance companies would not be paying out that kind of money unless the sector was very profitable.

 

 

[Yellowtail]

9 minutes ago, ArnieP said:

I’ve found from personal experience that insurance companies often try to avoid payouts. For some people insurance is okay, and on aseannow there are those elsewhere on the forums that seemingly wouldn’t want to live without it.

 

Insurance companies make their money collecting premiums, not paying out claims. That said, while I have had to resubmit a few claims with some clarification, I do not think I've ever had a claim for repayment refused. If they did not generally pay out, no one would buy insurance. If they paid every claim, legitimate or otherwise they would go broke. 

[KannikaP]

1 hour ago, noobexpat said:

Whole of life plans seem the best value.

We use them in a discretionary trust to cover inheritance tax liability.

Which, hopefully, will be abolished in UK quite soon.

[Yellowtail]

1 minute ago, Lacessit said:

One is paying out now  a premium which has a certain purchasing power. With inflation, in 20 - 30 years time ( or whatever ) the purchasing power of what the insurance company pays out on the policy declines to the point where it is probably only enough to buy a secondhand car.

 

An insurance company salesman in his cups told me when he sells a life policy, his commission was the first year premiums. Insurance companies would not be paying out that kind of money unless the sector was very profitable.

 

 

That they are very profitable does not make them a scam, and there are different types of policies. Life insurance is not for old people, it's for young people, with young families that would suffer significant financial hardship upon the death of the primary breadwinner. 

 

It's not an investment that is supposed to appreciate. 

[noobexpat]

3 minutes ago, KannikaP said:

Which, hopefully, will be abolished in UK quite soon.

 

£5bn per annum blackhole to fill?

[KannikaP]

1 minute ago, noobexpat said:

 

£5bn per annum blackhole to fill?

I heard on BBC that only 3% of Estates end up paying I Tax.

[noobexpat]

11 minutes ago, Lacessit said:

One is paying out now  a premium which has a certain purchasing power. With inflation, in 20 - 30 years time ( or whatever ) the purchasing power of what the insurance company pays out on the policy declines to the point where it is probably only enough to buy a secondhand car.

 

 

Life insurance can be inflation linked, level or decreasing.

Family income benefit pays out monthly instead of a lump sum.

 

Why comment when you know nothing?

[noobexpat]

2 minutes ago, KannikaP said:

I heard on BBC that only 3% of Estates end up paying I Tax.

 

No doubt.

2 x nil rate bands plus residence nil rate band means husband/wife with children have an estate of £775k before tax is due.

 

[Yellowtail]

8 minutes ago, KannikaP said:

I heard on BBC that only 3% of Estates end up paying I Tax.

Everyone that dies is an "Estate". What percentage of the people that die have significant wealth to leave? 

[noobexpat]

4 minutes ago, Yellowtail said:

Everyone that dies is an "Estate". What percentage of the people that die have significant wealth to leave? 

 

3% ....?? already answered?

[Yellowtail]

4 minutes ago, noobexpat said:

 

3% ....?? already answered?

I thought were pretending all the greedy rich were not paying their fair share, no? 

[noobexpat]

5 minutes ago, Yellowtail said:

I thought were pretending all the greedy rich were not paying their fair share, no? 

 

They are not dumb, they do legitimate things (with ourselves for example), to reduce or completely mitigate it. These options are open to everyone.

 

Unlike the less wealthy, who do nothing because they are stubborn know it alls who usually know nothing and willing to pay nobody ...they're the ones who pay!

 

 

 

[Gecko123]

I would just like to point out that automobile insurance can play a pivotal role in reinforcing road safety. What distinguishes Thailand from many countries in the West is police enforcement of traffic safety (i.e., ticketing for moving violations, and suspension and revocation of driver's licenses in the event of serious infractions.) But behind this police enforcement are two cornerstones of enforcement which Thailand also lacks.

 

First, it is often difficult to recover damages in the event of death, injury and property loss because the minimum limits of insurance required are frequently inadequate to fully compensate the injured party, and when this is the case, even if civil damages are ordered by the court, it is difficult to recover the damages in real life. So there's a certain culture of impunity about repercussions in the event you cause an accident. If Thailand increased and enforced the minimum liability insurance required, this would help alleviate this problem to a certain degree.

 

Secondly, insurance serves as a means of improving traffic safety by having a driver's point system where drivers are penalized for accidents and moving violations. As the number of points increases, the cost of insurance goes up and in some cases becomes prohibitively expensive to insure, thus providing a major incentive for drivers to avoid accidents and observe traffic safety regulations.

 

So insurance can play an important role in building a culture of road safety.

 

[quake]

2 hours ago, georgegeorgia said:

But again what sparked my interest was ANOTHER story this morning I saw , a Australian man who is expecting a baby soon took off to BALI by himself and is currently in ICU in Bali after a moped accident

 

Did the baby pull through.