Insurance Scam on new cars
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Bartman4800
- 300 SLR
- Posts: 1985
- Joined: Fri 10 Oct, 2008 12:10 am
- Model you own: w111
- Location: Perth WA
Insurance Scam on new cars
1963 220 Sb Sedan "Kermit" (Australian Assembly)
1960 220 Sb Sedan "Zum Schlachten" (Early German Assembly, with a torsion bar spring for the bonnet) - Stored in Country WA
1981 Subaru Brumby 1.8 with Weber and 5-speed box "little utie" - Sold to another enthusiast!
2006 Ford Focus "daily driver"
2002 VW Passat V6 30V Station Wagon (SOLD - This car into a money pit)
2011 Kia Sportage "Missus commuter Bus"
2002 Mitsubishi Rosa Bus (converting it to a motor home)
1960 220 Sb Sedan "Zum Schlachten" (Early German Assembly, with a torsion bar spring for the bonnet) - Stored in Country WA
1981 Subaru Brumby 1.8 with Weber and 5-speed box "little utie" - Sold to another enthusiast!
2006 Ford Focus "daily driver"
2002 VW Passat V6 30V Station Wagon (SOLD - This car into a money pit)
2011 Kia Sportage "Missus commuter Bus"
2002 Mitsubishi Rosa Bus (converting it to a motor home)
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Starman
- 540 K
- Posts: 558
- Joined: Thu 31 Mar, 2011 11:39 am
- Model you own: w211
- Location: Brisbania
Re: Insurance Scam on new cars
Insurance is by its very nature - almost always a scam. Simply because the amount of money going in needs to exceed the amount going out, of the insurance system. Sure it's good for say, insuring your house or your car against total loss, but my guess is that more than half of insurance out there is completely irrelevant to reality.
Case in point, I started a new car lease in January, which by default includes Lease Protection Insurance designed to cover lease payments for 3 months in case you lose your job. Of course, you cannot determine what this insurance costs before you sign-up for the lease. Clearly this protection protects the lease company more than it protects me? So I cancelled the so-called lease protection insurance straight away, and within the "cooling off period", yes they actually call it that. The amount was then revealed as $5500, an amount in excess of three months payments!!!
Cheers
Case in point, I started a new car lease in January, which by default includes Lease Protection Insurance designed to cover lease payments for 3 months in case you lose your job. Of course, you cannot determine what this insurance costs before you sign-up for the lease. Clearly this protection protects the lease company more than it protects me? So I cancelled the so-called lease protection insurance straight away, and within the "cooling off period", yes they actually call it that. The amount was then revealed as $5500, an amount in excess of three months payments!!!
Cheers
W212 E400 Avantgarde
W211 E500 Elegance sold
W202 C200 "the Tank" sold
W211 E500 Elegance sold
W202 C200 "the Tank" sold