Did you know Mr. Bean's actor holds the title for the largest auto insurance payout in the UK- a whopping £900k!
A thread.
We’ve all seen Mr. Bean’s antics on TV, and though he might have incurred millions in damage on his infamous fictional show, Rowan Atkinson’s McLaren F1 accident surely takes the cake. So, what exactly happened?
In 2011, Rowan Atkinson was in an accident involving this famed car, and though he walked away from the incident relatively unscathed, the same couldn’t be said for his car.
You see, luxury cars like these require specialized insurance, tailor-made for the car according to the risks associated with it.
And he was wise to get it because after the accident, the bill to repair it racked up to a whopping 900 thousand pounds, making it the biggest auto insurance payout in UK history.
The reason for this inflated price was the sheer rarity and quality of the F1’s parts. From carbon fiber bodywork to gold in the engines, the supercar would turn out to be a big repair job.
Estimates say that after the payout, his annual insurance premiums jumped up to 60,000 pounds annually. But he wouldn’t pay that for long because he sold it just a few years later. How much did he sell it for?
A staggering 8 million pounds.
• • •
Missing some Tweet in this thread? You can try to
force a refresh
Some unusual insurance policies that you've probably not heard of.
Thread 🧵
1.) Death by Laughter Insurance
So you think you’re so hilarious that you could make people laugh themselves to death? Well then this is the perfect insurance for you.
Introduced by Lloyd’s of London, this is a unique kind of liability coverage designed to protect stand-up comics or anyone who has a killer sense of humor, literally.
👉Did you know that your insurer can restore your #insurance cover after you've made a claim?
How exactly?
A thread...
👉It’s a Sunday morning and you’re sipping coffee on the hospital bed. You are thinking about how a small heart complication forced you into a 3-week stay at the hospital.
More importantly, you’re thinking about how you racked up a bill totaling ₹4,88,000.
👉Thankfully, your insurance policy is going to take care of the burden. After all, you have a ₹5 Lakh cover. So you don’t have to pay anything right now. But you start thinking about other possibilities.
How an insurance company built a profitable business insuring high-risk customers. (A thread...)
👉One of the biggest problems an insurance company can have is adverse selection: a situation where insurance companies want healthy customers that pay premiums regularly while making little to no claims, but the reality is far different.
This is because the people actually seeking insurance are the ones most likely to make claims. These people are known as high-risk customers and most insurance companies try to steer away from them.
💡Here's how your #insurer can make you pay your own medical bill-
A thread...
👉You’re about to buy health insurance. The agent pitches a policy with a cover totaling 5 Lakhs for a bargain price of just ₹7000 a year. But then he sweetens the pot even further.
He promises to cut down the premium by 25% (roughly ₹1800/year) if only you agree to a 20% "co-payment" clause.
You think that’s amazing and you sign off on the agreement. Wow, you just saved ₹1800.
6000 people on planet Earth would win the lottery if aliens abducted them.
That’s because they have been insured for it, and you can be too.(A thread...)
💸For just a one-time fee of $25, Saint Lawrence Agency in the US will give you $10M in coverage which covers outpatient psychiatric care & even “sarcasm coverage”, for any comments victims might face from family members after the traumatic experience of an alien abduction.
👉But here’s the catch - if you read the fine print of the policy, it says that in the event of an approved claim, the policy will be payable in installments of $1 per year over 10Mn years.
Your shabby old car can help reduce motor #insurance premiums on your new one by up to 50%!
A thread...
You heard that right.
💡This works because of a neat thing known as NCBs or No Claim Bonuses in motor insurance. Think of it as a benefit your insurer gives you for every year you don't make a claim, in the form of a nice reduction on your premiums.
This reward system can save you 20% on your premiums in 1 year to a maximum of 50% in 5 years. However, this is only applicable to the own damage(OD) part of your comprehensive policy.