Posted by: nastylittletruths | May 15, 2009

Car Insurance = Racket

It’s great to have your business legislated. I mean, if I sold sno-cones and the law says that everyone must have a sno-cone, I’ll be rolling in moolah, aye?

Now I know how important it is to have insurance – especially on cars – but oh.. my.. lord.. Why, every time someone hits one of my vehicles, they are insured with some of the worst insurers in the land? Like I blight or what? In the last year two of my vehicles were involved in minor accidents (a few thousand dollars to fix, no spilt blood, no broken bones) and in both instances the other party was Motor One insurance. Who are these people? I heard that it was the ‘new’ B&L (popularly known as Bobol & Larceny), but I don’t know.

Every insurance company says boldly that you must not admit liability – I can understand that – but Motor One seems to have taken it to a new level. Do Not Admit Liability; Do Not Engage With The Other Driver; If You Do Engage, Make It A Violent And Obscene Exchange… and the list goes on. Incident one, the guy broke a major road and hit my vehicle, but they abused my driver. And when I say they, I meant the offending driver and his wife. Incident two, the other party overtaking a line of traffic (in clear violation of traffic rules) and ran into another of my vehicles. This one wants to beat my driver and even threatened him inside the Police Station.

Now, with all honesty, my vehicle have Third Party insurance – and I’ll explain why. In a minimal of instances have my drivers ever been in the wrong and it’s usually a case of nothing or next to nothing happening to the other vehicles. We always honor any repairs if needed but the gods seem to not care when the shoe is on the other foot! Anyway, back to my refusal to pay too much money for insurance. I have been screwed too many times by insurance companies to willingly give them my money. I drive a $50,000 car simply because I refuse to pay full comprehensive insurance on a $250,000 car. You have got to be either very stupid or very rich… Owning an expensive car is one thing, but every year you have to fork out a little more than 4% of the book value – if you are getting maximum no claim discounts – and that’s a good thing. Heaven help you if the car gets totalled the day after you pay your premium on a fixed amount and you then hear about ‘market value’.

If you haven’t done so as yet, please download a copy of the National Financial Literacy Programme’s booklet called, “In The Driver’s Seat – Understanding Motor Insurance”

http://www.national-financial-literacy.org.tt/In%20the%20Drivers%20Seat_Small.pdf

But to take you on a short trip down memory lane – and I dare say a similar one to many of you – I remember clearly the day I owned two cars at the same time. Enjoying a maximum NCD on my first car, I mistakenly assumed that I will get a discount on my new pet car – the sporty one :-) That’s the day I realised that a car is like a corporation, it has all the legal rights and obligations similar to a person. You see, it was not me who had the insurance, it was the car. The fact that I was the driver and didn’t make any claims on any insurance made no difference. “Uh, no sir… that’s not how it works…” I can’t drive two vehicles at the same time so in theory, the North American version of insurance is far superior to what our poor legislators have saddled us with.

I want to have insurance to cover any vehicle I drive – even if I borrow my pardner’s $300,000 Vigo. If something should happen to it, heaven forbid, why should he have to go through the hassle of claiming on his insurance. (Ever question an insurance person about that sentence on your policy? “The policyholder may also drive another vehicle not belonging to him/her”? Try it.) So if I decide to have a stable like Jay Leno, I’ll have to be richer than him!

So all you dim-witted legislators, please protect us from this ‘parasitic cartel’ that serve themselves more than they serve the industry they are in.

Have any more names for insurance companies? Everyone knows Bobol & Larceny, Capital Punishment, Tata…

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Responses

  1. are you aware that mr duprey owns b&l ?
    and i mean its his personal company,
    not a subsidary of CL

    • We use to call um ‘Bounce and Leave’.

  2. No, I didn’t. I knew – many years ago – that it was Bhim (?) Ramsaran.

  3. Really? I knew it was owned by Balchan Ramsaran many years ago. I used to work there.

  4. That’s the day I realised that a car is like a corporation, it has all the legal rights and obligations similar to a person. You see, it was not me who had the insurance, it was the car. The fact that I was the driver and didn’t make any claims on any insurance made no difference. “Uh, no sir… that’s not how it works…”

    Not according to the case with Shermie McNicolls. In that case, the DRIVER had the insurance and it covered Shermie’s car when his personal vehicle had NO insurance. I suggest you get a copy of that case and screw your insurance over.

    I mean, if it good for the ‘Chief Magistrate’ (as he was at the time, should be good for you, ent?


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