I just got a car for the first time, and I was shocked when the insurance company told me that while I can buy coverage up to 8millionNT for the 3rd party medical expenses, the maximum coverage for my own personal medical expenses is only 500,000NT?? If I understood the agent correctly, she told me the reason for this is that in an accident, the other party has to pay for my medical bills and it doesn’t matter whose fault it is?? But that then begs the question, why do they sell me any coverage at all? Is it in case of an uninsured 3rd party? But then that’s back to my original problem, that 500,000 NT is practically nothing. Does this all sound like the way things really are or does anyone know a better company that offers better coverage?
I recently increased my 3rd party coverage to max NT$20 million with only small increase in the premium. It is because you’ll never know who will involve in the accident. What if the person who got hurt by you is a doctor or CEO, and he/she is claiming for loss of income due to his/her injury?
This is from experience of a friend.
[quote=“StreetSpec”]I recently increased my 3rd party coverage to max NT$20 million with only small increase in the premium. It is because you’ll never know who will involve in the accident. What if the person who got hurt by you is a doctor or CEO, and he/she is claiming for loss of income due to his/her injury?
This is from experience of a friend.[/quote]
Is this 3th party general coverage or 3th party medical coverage? Because if it stipulates medical than he/she can still claim any amount for loss of income and your insurance doesn’t pay a dime!
Part of it will be covered by the NHI anyways when you have it, the rest by other insurance if applicable.
The larger vehicle always pays the bill.
Well my primary concern is the incredibly low coverage for me personally. They say the limit is ten times less than the limit for the 3rd party. This just seems impossible, doesn’t it? They are also telling me the limit of coverage for property damage is $1,000,000, which again considering how many luxury cars there are out there, seems crazy low to be the maximum limit.
The only thing without a limit, is the 3rd party medical/death/dismemberment coverage. According to this company. Taian I believe it is.
Can someone please verify if this is normal, or recommend an alternative company that provides good coverage?
Taiwan insurance is not that impressive.
For example - What if it is a single car accident? What if the other party is uninsured? There are plenty of ways that you could be completely screwed in an accident.
What are the best ways to get good coverage? I’m guessing that insurance companies that sell the basic coverage at the DMV don’t offer anything other than the basic. Where does one go for good insurance?
This is an area that I feel like I should really improve upon personally this year.
[quote=“Abacus”]Taiwan insurance is not that impressive.
For example - What if it is a single car accident? What if the other party is uninsured? There are plenty of ways that you could be completely screwed in an accident.
What are the best ways to get good coverage? I’m guessing that insurance companies that sell the basic coverage at the DMV don’t offer anything other than the basic. Where does one go for good insurance?
This is an area that I feel like I should really improve upon personally this year.[/quote]
When it’s a drunk driver with no property or money in the bank, not insured, you’re screwed in case of serious medical issue or death. He/she will go to jail for a year or so and that’s it.
If the drunk driver is rich, red envelopes will pop up (sometimes to buy off the police tho)… and some paisays!
The reason why many people go paipai at temples is in part to protect the family from serious injury.
And that is why I said Taiwan insurance is not that impressive.
What are the best ways to supplement the standard and unimpressive vehicle insurance?
[quote=“Belgian Pie”][quote=“StreetSpec”]I recently increased my 3rd party coverage to max NT$20 million with only small increase in the premium. It is because you’ll never know who will involve in the accident. What if the person who got hurt by you is a doctor or CEO, and he/she is claiming for loss of income due to his/her injury?
This is from experience of a friend.[/quote]
Is this 3th party general coverage or 3th party medical coverage? Because if it stipulates medical than he/she can still claim any amount for loss of income and your insurance doesn’t pay a dime![/quote]
Not sure what it means by general & medical coverage. My car insurance says if I hit someone, my insurance will pay up to $20m to the 3rd party. And I think he/she will first ask my insurance to cover his/her medical and loss of income, then claim from their own insurance.
Like I said it only cost me very little money per year to bump from $8m to $20m coverage, so why not…