Insurance Companies: the Good, Bad, and Ugly

cobraboy · #1 03-04-2008, 11:21 AM

We're in the process of receiving business insurance quotes, and need to pull the trigger on one soon. It's taken a while for companies to understand our business model, some reject offering insurance, some have made an offer, one will fully cover all risks associated with us.

But it's been difficult getting info on the true reason of why you pay for insurance in the first place: paying a legitimate claim when an incident occurs.

I'd like to solicit some opinions on insurance companies in the DR, the good, bad and ugly, especially on Seguros La Internacional, S.A. and Seguros Monumental, S.A.

PM is fine if you'd prefer.

TIA!

The Other Robert

adrianb · #2 03-04-2008, 12:57 PM

I use monumental for car insurance. They are cheaper. Apparently the problem with them is they pay claims slowly compared to other companies.

Hillbilly · #3 03-04-2008, 04:10 PM

I still have the name of the guy that was "supposed" to come up with a plan foryou guys...

And I saw this today. A truck over by the g'ran Almirante that said: Expo Grafix...thought of you...

HB

dv8 · #4 03-04-2008, 08:01 PM

we have insurance with la colonial and that is for health, cars and business. miesposo claims they offered the best deal and proved to be very effective in the past.

cobraboy · #5 03-04-2008, 09:59 PM

Quote:

Originally Posted by dv8

we have insurance with la colonial and that is for health, cars and business. miesposo claims they offered the best deal and proved to be very effective in the past.

We spoke with them.

Any idea how they handle claims?

dv8 · #6 03-05-2008, 08:31 PM

i asked miesposo - when he had a car accident few years back la colonial took few days to inspect the car and asses damage and then they fixed it immediately.
since he sticks with the company (and so does his family) i presume he must have been satisfied so far.
la colonial was the one demanding lojack for our car and they also covered half of its costs. i never researched the thing any further since he pays for all our insurances...

Lambada · #7 03-06-2008, 11:21 AM

We use Monumental for home & car coverage. Never had to claim for car but once made a claim for damage from a leaky roof when we were in the old house. They paid on labourer's estimate & didn't even visit to assess BUT it was a small claim & it was as a result of winds/rains from Hurricane George & they were busy with far larger problems down south. Payment came through in a couple of weeks.

Chip · #8 03-06-2008, 12:36 PM

I have Monumental but have not had any claims so I can't tell you how they are.

However, I just got off the phone with my buddy Charles and the company he has just tried to rip him off. The company is Colonial here in Santiago and he has full coverage. He had an accident last month and upon trying to get his repaired suv yesterday they tried to hit him up for an additional deductible of RD8k. He had already paid the required RD5k deductible in addition to paying the whole years premium in full as required by the policy if the accident occurs within 4 months of the beginning of the contract. Needelss to say, Charles' and my buddy Javier called up the manager and ripped him a new hole and let them know they weren't going to pay anything. As a final salt in the wound, they repaired the vehicle with some used parts and charged Charles as if they were new.

adrianb · #9 03-06-2008, 01:34 PM

I had an accident a year ago and paid a RD$12k deductible. It turns out I wasn't at fault but i still haven't been able to collect the money. My insurance was via monumental and the other guy's was with seguros pepin. Part of it has been that I couldn't get into investigating it.. Its so long ago now I probably won't get it, but we will try again soon.

Monumental did pay the rest of my repairs which came to RD$48k or something though.

Ricardo900 · #10 03-11-2008, 04:18 PM

Quote:

Originally Posted by Lambada

We use Monumental for home & car coverage. Never had to claim for car but once made a claim for damage from a leaky roof when we were in the old house. They paid on labourer's estimate & didn't even visit to assess BUT it was a small claim & it was as a result of winds/rains from Hurricane George & they were busy with far larger problems down south. Payment came through in a couple of weeks.

Do they sell Rental Insurance? For apartments?