Banks strike again.

[ksl]

This happend not so long ago, here in Singapore!

A guy had loaned the money to purchase is car from the bank, it must have been a NTUC bank, anyway, he thought well, I may has well get the insurance from the same place. I believe the loan was over 118,000$ any way his car was stolen, and the NTUC insurance only paid him 50,000$.

Their excuse was, that was the market value for that car at the time it was stolen, the car was 1 old.

So the guy stopped paying the instalments, and they started to prosecute him for the remainder of the loan 60,000$

This is a prime example of being ripped off by baks and insurance companies, they will always find a way to screw, you, knowing that you will also have to take them to court if you have the money, most do not,

But this time the courts didn't help, they discovered that their investigations showed the vehicle to be worth more tha 70,000$ so why did they only award him 50,000.

The reason was because they didn't trust the guy, and he may have sold the car.

But to me, the only thing this article proves to me, is that, no matter what you pay for your car, as soon as you drive away from the garage, your insurance will no way cover the price of the car, they will always try for a loop hole, an excuse to screw the owner.

So the moral of the story is if it happens to you, stop your instalments on the car, if you disagree, with an accident award, let them take you to Court, and argue your case. but also be warned, your car will never be worth that you paid for it, you can probably write 15% off in the first week and maybe 20% or more the first year, yet you still pay a premium insurance payment on the full price of your vehicle, because they always ask you how much the car is worth, and you would obviously say what you paid for it.

In stead, you should ask them what the car is worth, and why you shouldn't pay the insurance premium accordingly, to their book price at the time, because that is more likely what they are going to pay out. the next is to remember that your insurance premiums should also decline in accordance with the value they are going to pay out on the depreciation of the car each year..
They are actually ripping off billions of $ from customers, if you really look deep into a vehicles true worth, because they actually go on market trade price, and not retail value or the price you paid.

Why do they always ask the customer what the value of the car is??? Becuase then you are at fault, your mistake, not theirs! Be warned. Never trust these con artists!

[renter]

You need to out-con the con-artists, mate.

[ksl]

You need to out-con the con-artists, mate.

yes this is so true!

[ashnd76]

well...the worst day in a car's life is its first day, coz once it rolls out of the showroom, tendency is that it will drop in value by 20%.

Banks, insurance companies and re-insurance companies are big businesses in the field of high finance, clearly way out of the league for an average Joe to challenge in a court of law.

[ksl]

well...the worst day in a car's life is its first day, coz once it rolls out of the showroom, tendency is that it will drop in value by 20%.

Banks, insurance companies and re-insurance companies are big businesses in the field of high finance, clearly way out of the league for an average Joe to challenge in a court of law.

Including telecommunication companies! I know for a fact the old analog telephone system was totally insecure and could be tapped into by anyone with access to an outside cable. Refugees were the biggest offenders of misuse, who of course used to pass on the information through the ranks, so that they could ring home to their different countries. It took over 6 months before the telecomms unit actually traced how, they were tapping in, and even then nothing could really be done, Until digital came along.

I had read how consumers where taken to court to pay really excessive telephone charges, with not a hope in hell of winning a case against the telephone company, even though the consumer was only eligible for liability within the home.............. to actually tap in takes a matter of seconds, with an extra telephone and cabel connectors These telecomms companies seemed to be well protected by the legal system.

A little off topic, although when one is talking justice, the scales always tip away from the consumers in most large profile cases!

[Thaiclan]

No matter what type of insurance pay out you are offered NEVER ACCEPT 1ST OFFER. It is now a matter of course that insurance companies offer a substantially lower first settlement offer than they are prepared to pay. Theres a great article in Bloomberg (July 07) about it and from my personal experience. My car was hit by a London bus and I suffered a mild neck injury. I was first offered 8,000GBP, but I pointedly refused and complained and my second offer was 38,000GBP.Who knows what the subsequent offers may or may not have been? Unfortunately I wasn't rich enough to wait and find out at the time!