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Personal Third Party / Liability Insurance

Discuss the different insurance options from car to health insurance.
inde
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Personal Third Party / Liability Insurance

Postby inde » Wed, 04 Jan 2012 9:48 pm

Hi folks,
I am not sure if Third Party or Liability insurance is the proper term for what I'm looking for.

Basically I want an insurance that pays in case I have an accident with my bike (no motor) and run over someone. Or let's say I drop a friends phone or what not.
In Germany we call this Haftpflichtversicherung.

Anyway, I'm not there anymore, so I'm looking for a new one. There doesn't seem to be a thread on this though, so maybe I am not using the correct name.

Please help me out with the correct term and or suggest what I should be looking for.

Best Wishes,
Matt

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JR8
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Postby JR8 » Wed, 04 Jan 2012 10:21 pm

Wow such a kind of insurance exists? The insurance execs must have been having a low-commission week when they dreamt that one up!

Maybe they should call it an 'Insurance Against Life-Happens' policy :o



p.s. How often have you previously been sued for your cycling activities, or for loss due to your negligence by a friend?

inde
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Postby inde » Wed, 04 Jan 2012 11:30 pm

never, but they paid for some dumbassery when I was a kid.

This is an insurance I feel everyone should have. It's quite cheap (in Germany less than 100 EUR per year) and protects you from very costly although unlikely situations.

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JR8
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Postby JR8 » Wed, 04 Jan 2012 11:49 pm

inde wrote:never, but they paid for some dumbassery when I was a kid.

This is an insurance I feel everyone should have. It's quite cheap (in Germany less than 100 EUR per year) and protects you from very costly although unlikely situations.




I don't need to pay someone to be protected from myself, thanks :)

inde
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Postby inde » Thu, 05 Jan 2012 3:35 am

dude, I'm not trying to sell something here.

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JR8
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Postby JR8 » Thu, 05 Jan 2012 5:13 am

inde wrote:dude, I'm not trying to sell something here.


Not saying you are man. Just saying why I accept life's knocks and wrinkles without seeking an insurance policy against them. They call it 'self-insurance', i.e. considering maybe 30% of an insurance policy cost is commission, say 30% admin fees, maybe only 40% is your potential payback. I'd rather not pay 100% to have a call on 40% of it back (which they'll kick and scream about anyway), but instead live so that I can deal with that potential hit when it happens. Why not just take the cost of the policy and put it in a bank savings account each year, and earmark it for 'When I do something really dumb'?

For the same reason I have no domestic contents insurance, and haven't for 20 years. But instead I make my home like a discreet Fort Knox. Cost maybe 1 years contents insurance... result 20 years so far and no one has touched my place.... my neighbours (complacent with their home insurance) are much easier pickings hehe...

If you are into this kind of expensive protection no problem, but I think you might find this thing hard to find outside of Germany. But in any case, good luck!

:)


p.s. Oh, and you didn't say how many times you've been sued and successfully claimed on such a policy...

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carteki
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Postby carteki » Thu, 05 Jan 2012 9:45 am

It does exist and is called Personal Liability I haven't seen it marketed at all in Singapore and tends to be a "bundled product" (the reason I know about it is that I've just received a renewal notice for the insurance on my property back home with it bundled in but it is only applicable to local residents!).

The cost in my quote back home is equivalent of $12 for $20k coverage. Never looked into it here. Would it cover you if you destroyed your friends cell phone? Probably not, but in the case of a cycling accident it would.

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ecureilx
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Postby ecureilx » Thu, 05 Jan 2012 11:07 am

carteki wrote:It does exist and is called Personal Liability I haven't seen it marketed at all in Singapore and tends to be a "bundled product" (the reason I know about it is that I've just received a renewal notice for the insurance on my property back home with it bundled in but it is only applicable to local residents!).

The cost in my quote back home is equivalent of $12 for $20k coverage. Never looked into it here. Would it cover you if you destroyed your friends cell phone? Probably not, but in the case of a cycling accident it would.


How about exit / escape clauses ?? like .. I destroyed it when I was drunk ?? Oooppssss





Coat, Hat, Umbrella ..

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Postby matchy » Wed, 14 Mar 2012 10:38 am

carteki wrote:It does exist and is called Personal Liability I haven't seen it marketed at all in Singapore and tends to be a "bundled product" (the reason I know about it is that I've just received a renewal notice for the insurance on my property back home with it bundled in but it is only applicable to local residents!).

The cost in my quote back home is equivalent of $12 for $20k coverage. Never looked into it here. Would it cover you if you destroyed your friends cell phone? Probably not, but in the case of a cycling accident it would.


yah usually it is bundled with another product...


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