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 ?

[sirineou]

1 minute ago, Pumpuynarak said:

She stated that due to Covid claims the company was effectively broke and was unable to pay claims.

I would report them to the  Office of Insurance Commission (OIC). 

[Pumpuynarak]

55 minutes ago, sirineou said:

I would report them to the  Office of Insurance Commission (OIC). 

 

Yes indeed but i just could'nt be asked as a farang, i ended up losing approx 4K baht so not really worth the hassle imo

[sirineou]

35 minutes ago, Pumpuynarak said:

 

Yes indeed but i just could'nt be asked as a farang, i ended up losing approx 4K baht so not really worth the hassle imo

I hear you.

Not sure, I never had the need or opportunity, but thi nk about it this way. It was worth 4k to screw with these ahols. and who enough incidents cant possible be good for the companies reputation. 

[Pumpuynarak]

13 minutes ago, sirineou said:

I hear you.

Not sure, I never had the need or opportunity, but thi nk about it this way. It was worth 4k to screw with these ahols. and who enough incidents cant possible be good for the companies reputation. 

 

What amazes me is there has been NO national reporting of this insurance companies financial problem, well i certainly have'nt seen or heard of any.......

[sirineou]

6 minutes ago, Pumpuynarak said:

 

What amazes me is there has been NO national reporting of this insurance companies financial problem, well i certainly have'nt seen or heard of any.......

TIT, 

with more freedom, there is more freedom LOL

I am curious, are they still selling insurance policies?  

[digbeth]

2 hours ago, sirineou said:

I would report them to the  Office of Insurance Commission (OIC). 

they already know, 

 

10 minutes ago, Pumpuynarak said:

 

What amazes me is there has been NO national reporting of this insurance companies financial problem, well i certainly have'nt seen or heard of any.......

plenty of news in Thai for the past month or so

[howerde]

Companies especially Thai companies do not worry much about their reputations as a company in the west would, as reporting anything negative about them even if true, is covered under the broad libel/slander rules making it virtually impossible for anyone to write negative things even the publications reporting it can find themselves in trouble, however with social media coverage it is getting harder to cover up 

[Pumpuynarak]

1 hour ago, sirineou said:

TIT, 

with more freedom, there is more freedom LOL

I am curious, are they still selling insurance policies?  

 

Not through the agent i deal with but who knows if they are still selling direct, it would'nt surprise me, TIT. 

[Pumpuynarak]

1 hour ago, digbeth said:

they already know, 

 

plenty of news in Thai for the past month or so

 

Well i asked wifey if there had been any Thai news reporting and she said there had not but i do remember a farang vlogger mentioning he had a similar problem with his car insurance quite some time ago.