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Insurance in Action #2: Motor Insurance

Source: Swiss-Sure Media
August 17th, 2016

– The Tripping Tree…

A petrol head recently added two cars to his collection. One of them is an everyday work horse kind of family saloon while the other one is a gorgeous Italian sports car. He took out insurance on both of them, however, he only took out comprehensive insurance for his favorite sports car, while choosing a minimum third party insurance for the family saloon. Rather unfortunately, when a typhoon hit Hong Kong last week, both vehicles were totally written off by a fallen tree when parked outdoors.

While the sports car received a full payout, he had to absorb the replacement cost of the saloon completely.

Moral of the story: Expect the unexpected; although it may have seemed overkill at the time to go for the premium product initially, life trips you up when you expect it the least.