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Thread: Income: Equipment insurance

  1. #1

    Default Income: Equipment insurance

    Hi,

    Just did some reading on Income insurance on Mobile Equipment. Max insured is 3 yrs for mobile equipment (Eg laptop, cameras etc).

    Their coverage provides damage or loss of equipment through
    1) accident
    2) theft following forcible and violent means
    3) robbery or attempted robbery
    4) misplacement

    and depreciation rate is only 2%!..

    sound like a good deal...

    more info at http://www.income.com.sg/insurance/mobilequip/

    I am planning to take up the income insurance... what's your advice?

  2. #2

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    ntuc has a history of being hard to claim... anyway I do buy the mobile insurance for my mp3 player and handphone...

    I'm trying to find from my agent/broker on axa smarthome + ntuc mobile insurance whether can coexist and doubleclaim.. 8)

  3. #3

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    Quote Originally Posted by loupgarou
    ntuc has a history of being hard to claim... anyway I do buy the mobile insurance for my mp3 player and handphone...

    I'm trying to find from my agent/broker on axa smarthome + ntuc mobile insurance whether can coexist and doubleclaim.. 8)
    ntuc hard to claim? If can provide details of accident/ loss through police report.. why not? unless it is the case of fraud.. I dun see any reason why... Is that a personal experience from you? Care to share pls..

    anyway, I just had a equote from Income... needs to pay a total of $156 for 3 yrs plan..

    btw they even have damage insurance too..

  4. #4
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    Quote Originally Posted by loupgarou
    ntuc has a history of being hard to claim... anyway I do buy the mobile insurance for my mp3 player and handphone...

    I'm trying to find from my agent/broker on axa smarthome + ntuc mobile insurance whether can coexist and doubleclaim.. 8)
    dun think singapore supports doubleclaim insurances for equipments leh..
    sigh.

  5. #5

    Default

    ntuc claim, go ask vehicle owners with NTUC income. the anecdoctal experience seems to indicate so..

  6. #6

    Lightbulb

    Quote Originally Posted by tokrot
    Hi,

    Just did some reading on Income insurance on Mobile Equipment. Max insured is 3 yrs for mobile equipment (Eg laptop, cameras etc).

    Their coverage provides damage or loss of equipment through
    1) accident
    2) theft following forcible and violent means
    3) robbery or attempted robbery
    4) misplacement

    and depreciation rate is only 2%!..

    sound like a good deal...

    more info at http://www.income.com.sg/insurance/mobilequip/

    I am planning to take up the income insurance... what's your advice?
    what 'depreciation' rate are you talking about?

    i read the faq. note equipment must not be more than 6 months old.
    Last edited by reachme2003; 28th December 2004 at 09:40 AM.

  7. #7

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    Every month of insurance completed is 2% less the sum insured... so like after 2 years it's like... 24% less. S$5000 sum insured would only get you back S$3800 (For accident example). Is that high or low?

    It says your equipment must be less than 6 months old for your application to be successful.

    Nevertheless, insurance seems like a good way to protect your investment though. Thanks for sharing tokrot.

  8. #8

    Default

    Quote Originally Posted by loupgarou
    ntuc claim, go ask vehicle owners with NTUC income. the anecdoctal experience seems to indicate so..
    Car insurance is different to the type that is mentioning here. If accident occurred, the respective car insurance company would need time to investigate the cause of the accident to determine who should be held responsible for the damage. Thus it'll take longer pending on the outcome of the result.

    For this type of insurance is different. As long as you can provide a police report as an evident of lost or theft, the claim should go through successfully.

  9. #9

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    Quote Originally Posted by kop
    Car insurance is different to the type that is mentioning here. If accident occurred, the respective car insurance company would need time to investigate the cause of the accident to determine who should be held responsible for the damage. Thus it'll take longer pending on the outcome of the result.

    For this type of insurance is different. As long as you can provide a police report as an evident of lost or theft, the claim should go through successfully.
    My thoughts exactly! So your advice is to go ahead too?

  10. #10

    Default

    Quote Originally Posted by Amekaze
    Every month of insurance completed is 2% less the sum insured... so like after 2 years it's like... 24% less. S$5000 sum insured would only get you back S$3800 (For accident example). Is that high or low?

    It says your equipment must be less than 6 months old for your application to be successful.

    Nevertheless, insurance seems like a good way to protect your investment though. Thanks for sharing tokrot.
    it says high for me.. hehe..

  11. #11

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    Seems like a good idea to get our equipment insured. Wonder where my receipt gone to...

    Anyway, the plan is for 3 years only. Then after 3 years how? They don't have a renewal plan leh. Camera body of course around that time maybe upgrade le... but I'm sure lens and other equipment can stay for a long long time.

  12. #12
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    So i can buy an insurance,sell off my stuff and report loss and claim ?

  13. #13

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    Quote Originally Posted by Amekaze
    Seems like a good idea to get our equipment insured. Wonder where my receipt gone to...

    Anyway, the plan is for 3 years only. Then after 3 years how? They don't have a renewal plan leh. Camera body of course around that time maybe upgrade le... but I'm sure lens and other equipment can stay for a long long time.
    The max plan is for 3 yrs only... I am not sure any insurance company will insure any mobile items more than 3 yrs.. Moreover, if I did get the statement clearly, u can opt for 1 or 2 yrs plan which is more expensive. I am going for 3yrs plan and paying one shot at $156...

  14. #14

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    Quote Originally Posted by kex
    So i can buy an insurance,sell off my stuff and report loss and claim ?
    alamak.. that one considers cheating/fraud... U have to make police report for your loss. If got caught, u can enjoying taking your pics in 5x5...
    Last edited by tokrot; 28th December 2004 at 01:18 PM.

  15. #15

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    hmm the insurance sounds good. but does it cover travelling overseas as well? (hee, i must admit i'm too lazy to read the link, aiyah will do it later)

  16. #16
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    Quote Originally Posted by tokrot
    alamak.. that one considers cheating/fraud... U have to make police report for your loss. If got caught, u can enjoying taking your pics in 5x5...

    how to get caught when just a police report will be able to make claim?

    NTUC where got so good one? Sure got a catch somewhere or maybe claims will be paid over a long period of time ?

  17. #17

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    Quote Originally Posted by reachme2003
    what 'depreciation' rate are you talking about?

    i read the faq. note equipment must not be more than 6 months old.
    It's the value drops every month by 2%. Just like what Amekaze explained..

  18. #18

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    your travel insurance may cover loss of belongings when you are out of the country....

  19. #19
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    theorectically the claims will go smoothly.. but in real practice.. it never will be. I too have a low opinion of INCOME. it is the ah beng of the insurance world to what I feel.

    Don't be surprised if a PI is hired just to check up on the status of the equipment or the authencity of the claim. All these takes time. Or even being rejected to purhcase the insurance again after a claim has been made, because they have "all rights to reject applications".

    These are just my own personal views, so don't sue me Mr INCOME.
    Last edited by yanyewkay; 30th December 2004 at 10:58 AM.
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  20. #20
    vince123123
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    All insurance companies take in premiums easy, pay out claims hard. Thats their business model and that is how they stay in business. If so easy to give out claims, long ago go bankrupt liao.

    Quote Originally Posted by yanyewkay
    theorectically the claims will go smoothly.. but in real practice.. it never will be. I too have a low opinion of INCOME. it is the ah beng of the insurance world to what I feel.

    Don't be surprised if a PI is hired just to check up on the status of the equipment or the authencity of the claim. All these takes time. Or even being rejected to purhcase the insurance again after a claim has been made, because they have "all rights to reject applications".

    These are just my own personal views, so don't sue me Mr INCOME.

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