3Rd Party Insurance

[Chooti Putha]

hey guys whats the cheapest third party insurance company & how much is it

Edited October 14, 2010 by Chooti Putha

[anjulau78]

I thought it was a fixed amount like 750/= or nearest...

[Chooti Putha]

I thought it was a fixed amount like 750/= or nearest...

i think it differs from company to company

[overTuned]

SriLanka insurance corporation

[MasterDon]

SriLanka insurance corporation

Yep.I was looking for the cheapest third party cover for the lorries and it turned out to be SLIC...mind you this was close to two years ago.

[Chooti Putha]

Thanks guys

[Chooti Putha]

Got it done through Sri Lanka Insuarance it cost me only Rs. 526.33 to get a 3rd party coverage for my motor bike but the service was shitty it was like waiting at the municipal council to get something done. the women who was doing mine had loads of other work to do like share her breakfast with the women next to her then she had to show another friend of hers how to use the phone book in her phone. all this while i stood infront of her.

Edited October 15, 2010 by Chooti Putha

[K3Z]

Got it done through Sri Lanka Insuarance it cost me only Rs. 526.33 to get a 3rd party coverage for my motor bike but the service was shitty it was like waiting at the municipal council to get something done. the women who was doing mine had loads of other work to do like share her breakfast with the women next to her then she had to show another friend of hers how to use the phone book in her phone. all this while i stood infront of her.

I have been to Nugegoda SL I******* branch several times to get 3rd party insurance covers, but I find their service quite good.

[Chooti Putha]

I have been to Nugegoda SL I******* branch several times to get 3rd party insurance covers, but I find their service quite good.

i went to the Mt lavinia/Rathmalana branch

[Sylvi]

All list members,

I write under for your information.To be careful with Insurance agents first they build up confidence later they become dishonest agents

When I read about Insurance post it reminds me how a Insurance agent used to visit me and do all my Insurance work without any hassle. He convinced me first two years with genuine work Cheques and bank drafts were drawn in favor of the company he was presenting what ever I gave to him towards Insurance premiums.Insurance policy's were handed over to me on my door step in time and renewals was done as I paid within the period before the expiry of the insurance.

After some this Insurance company informed me I can pay in three installments in three months from the renewal date 1 st payment before expiry after that next two installments in 60 days.

for one more year it worked very well then next year I received letters that I have not settled the next two installments in time. They are pending if I do not settle the will be canceling my policy's.

I contacted the agent he said this is a computer error and he will correct same by informing the his branch office and get them to inform me from the head office that my Insurance policy is in order.

Next two years also was the same as early.I had to contact the agent and inform him about the payments not crediting to my policy's.

Then I personally visited the branch office to find out about this problem met the manager and told my story.

What the agent has done is pay my Cheques and bank drafts to some other persons Policy as they were in favor of the Insurance Company and he has collected Cash from the other policy holder and he has rolled the cash for his living and his private expenses.When the head office send the letter informing the insurer that he had defaulted the payments.This agent immediately pay from another insurers premium what he has collected and settle my due part payment.

later this agent stopped visiting to my home and I totally changed my Insurance company to another.

Sylvi Wijesinghe.

[milano340]

All list members,

I write under for your information.To be careful with Insurance agents first they build up confidence later they become dishonest agents

When I read about Insurance post it reminds me how a Insurance agent used to visit me and do all my Insurance work without any hassle. He convinced me first two years with genuine work Cheques and bank drafts were drawn in favor of the company he was presenting what ever I gave to him towards Insurance premiums.Insurance policy's were handed over to me on my door step in time and renewals was done as I paid within the period before the expiry of the insurance.

After some this Insurance company informed me I can pay in three installments in three months from the renewal date 1 st payment before expiry after that next two installments in 60 days.

for one more year it worked very well then next year I received letters that I have not settled the next two installments in time. They are pending if I do not settle the will be canceling my policy's.

I contacted the agent he said this is a computer error and he will correct same by informing the his branch office and get them to inform me from the head office that my Insurance policy is in order.

Next two years also was the same as early.I had to contact the agent and inform him about the payments not crediting to my policy's.

Then I personally visited the branch office to find out about this problem met the manager and told my story.

What the agent has done is pay my Cheques and bank drafts to some other persons Policy as they were in favor of the Insurance Company and he has collected Cash from the other policy holder and he has rolled the cash for his living and his private expenses.When the head office send the letter informing the insurer that he had defaulted the payments.This agent immediately pay from another insurers premium what he has collected and settle my due part payment.

later this agent stopped visiting to my home and I totally changed my Insurance company to another.

Sylvi Wijesinghe.

Strange how only Sir Sylvi goes through all the situations and encounters such challenges !!! Hmmm....

[Sifaan]

All list members,

I write under for your information.To be careful with Insurance agents first they build up confidence later they become dishonest agents

When I read about Insurance post it reminds me how a Insurance agent used to visit me and do all my Insurance work without any hassle. He convinced me first two years with genuine work Cheques and bank drafts were drawn in favor of the company he was presenting what ever I gave to him towards Insurance premiums.Insurance policy's were handed over to me on my door step in time and renewals was done as I paid within the period before the expiry of the insurance.

After some this Insurance company informed me I can pay in three installments in three months from the renewal date 1 st payment before expiry after that next two installments in 60 days.

for one more year it worked very well then next year I received letters that I have not settled the next two installments in time. They are pending if I do not settle the will be canceling my policy's.

I contacted the agent he said this is a computer error and he will correct same by informing the his branch office and get them to inform me from the head office that my Insurance policy is in order.

Next two years also was the same as early.I had to contact the agent and inform him about the payments not crediting to my policy's.

Then I personally visited the branch office to find out about this problem met the manager and told my story.

What the agent has done is pay my Cheques and bank drafts to some other persons Policy as they were in favor of the Insurance Company and he has collected Cash from the other policy holder and he has rolled the cash for his living and his private expenses.When the head office send the letter informing the insurer that he had defaulted the payments.This agent immediately pay from another insurers premium what he has collected and settle my due part payment.

later this agent stopped visiting to my home and I totally changed my Insurance company to another.

Sylvi Wijesinghe.

the problem you have described seems to be more a problem of the agent and not the company (same agent in a different company could create the same problem).

the "endorsements" section on the reverse of the cheque can be made use of to prevent this kind of situation (write the policy number).

(I haven't done this for insurance, but I do it for payments to stock broker etc)

[Sylvi]

the problem you have described seems to be more a problem of the agent and not the company (same agent in a different company could create the same problem).

the "endorsements" section on the reverse of the cheque can be made use of to prevent this kind of situation (write the policy number).

(I haven't done this for insurance, but I do it for payments to stock broker etc)

Sifaan' timestamp,

Yes I agree with you.

I used to write crediting Instructions on the back of the Cheques only when I first suspected this person was delaying submitting my cheques even those he had cut off the policy number and without writing he had deposited to Insurance company's bank and my bank was same there was no problem to credit the Cheque to another policy as number was written on the back side and cut off Bank did not suspect.He settles every 10 days about 1 Million Rupees for due polices collected. The numbers given on the credit slip by bank and according to the bank slip credited numbers the management extend polices.

He issues a temporary receipt same day and policy extending letter on the due date All in the branch office are aware of this Miss appropriation of genuine policy holders funds.Mostly they are done for Insurance of houses Commercial buildings Estate plantations some expensive machinery like stand by generators passenger elevators. Work men compensation on building workers. I mentioned few of what I have had problems.

Industrial workers can insure for one year health insurance with accident benefits about 18 of my building workers I paid some ting like 35 Thousand or 40 thousand rupees receipts were given to workers without polices. he says nothing to worry if there is a accident during the construction of the building he will attend.

Then later I found this man is turning and twisting things to his benefit I was compelled to inform him him to collect a bank draft I send my banking assistant with him to the bank he hand over the bank draft to him vatting about 1 hour until the bank staff draw the draft.

Later the bank told me only I request they will give instructions on the draft and they will stipulate the crediting instructions on the draft to credit the amount on to words instructed policy.Which I did not instruct the bank in writing to do so.

He started first with insuring a commercial building of mine and he gave quotation less than Rs. 30000.00 of the other 2 Insurance companies gave.This was the first impression to get business tact of his.I did help this agent in financial problems he promptly returned them.Later few thousands was borrowed I have forgotten about it.

Most Insurance Companies from the top management staff down words do all types of crooked things to make money for their whims and fancy's.

Sylvi Wijesinghe.

[Watchman]

As wild as sylvi's story is, I dont see any logic.

If that agent (even in 3 parts) makes the payment in the end, he doesnt exactly benifit from it other than to hold onto some cash for a few weeks. Presume he banks it personally, still it aint much interest that'd gather on that.

[Sifaan]

As wild as sylvi's story is, I dont see any logic.

If that agent (even in 3 parts) makes the payment in the end, he doesnt exactly benifit from it other than to hold onto some cash for a few weeks. Presume he banks it personally, still it aint much interest that'd gather on that.

the purpose of the money-rolling game is not to earn the interest on it. why it's called "rolling" is because you pay the first "borrowing" from another "loan" and so on... if you continually keep 50k rolling, you are 50k richer.

[Sieko]

True Sifaan... This is the concept for Insurance brokering....Lot of brokering firms were established recently for this money rolling game..they get the broker commission also (Usually 9%)....This started when Insurance companies started to give credit periods for clients such as 60days, 90days etc;....but only few of these companies survived while others collapsed....this is due to the fact that these broker firms couldn't settle the dues to Insurance companies on the given credit period....Then the policies get canceled due to non-payment...

[Chooti Putha]

Sifaan' timestamp,

Yes I agree with you.

I used to write crediting Instructions on the back of the Cheques only when I first suspected this person was delaying submitting my cheques even those he had cut off the policy number and without writing he had deposited to Insurance company's bank and my bank was same there was no problem to credit the Cheque to another policy as number was written on the back side and cut off Bank did not suspect.He settles every 10 days about 1 Million Rupees for due polices collected. The numbers given on the credit slip by bank and according to the bank slip credited numbers the management extend polices.

He issues a temporary receipt same day and policy extending letter on the due date All in the branch office are aware of this Miss appropriation of genuine policy holders funds.Mostly they are done for Insurance of houses Commercial buildings Estate plantations some expensive machinery like stand by generators passenger elevators. Work men compensation on building workers. I mentioned few of what I have had problems.

Industrial workers can insure for one year health insurance with accident benefits about 18 of my building workers I paid some ting like 35 Thousand or 40 thousand rupees receipts were given to workers without polices. he says nothing to worry if there is a accident during the construction of the building he will attend.

Then later I found this man is turning and twisting things to his benefit I was compelled to inform him him to collect a bank draft I send my banking assistant with him to the bank he hand over the bank draft to him vatting about 1 hour until the bank staff draw the draft.

Later the bank told me only I request they will give instructions on the draft and they will stipulate the crediting instructions on the draft to credit the amount on to words instructed policy.Which I did not instruct the bank in writing to do so.

He started first with insuring a commercial building of mine and he gave quotation less than Rs. 30000.00 of the other 2 Insurance companies gave.This was the first impression to get business tact of his.I did help this agent in financial problems he promptly returned them.Later few thousands was borrowed I have forgotten about it.

Most Insurance Companies from the top management staff down words do all types of crooked things to make money for their whims and fancy's.

Sylvi Wijesinghe.

[rez]

To Chooti Putha,

I did the 3rd part for my 95' Starlet from SL I*******. The 1st owner who had used it for good 10 yrs and had gone by only 3rd party all these yrs ...it was only Rs.819 /-...

Rgds

[Chooti Putha]

To Chooti Putha,

I did the 3rd part for my 95' Starlet from SL I*******. The 1st owner who had used it for good 10 yrs and had gone by only 3rd party all these yrs ...it was only Rs.819 /-...

Rgds

thanks Rez