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Thread: motor insurance

  1. #1

    Default motor insurance

    Hi

    Juz received a few motor insurance quotes and noticed it increased again even though there is no claims etc whatsoever. Wonder anybody here has the same experience?

  2. #2

    Default

    Yup ... what can u do abt it ...? Nothing except suck thumb.

  3. #3
    Moderator daredevil123's Avatar
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    Default Re: motor insurance

    Time to look for alternatives. Aviva or directasia are a lot cheaper than the agent driven ones.

  4. #4
    Member Bukitimah's Avatar
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    Default Re: motor insurance

    I also don't like it. Once upon a time we have 3rd party. Wonder what happen

  5. #5

    Default

    How about from your existing insurer?

  6. #6

    Default Re: motor insurance

    Tried. Not really ..

    Quote Originally Posted by daredevil123 View Post
    Time to look for alternatives. Aviva or directasia are a lot cheaper than the agent driven ones.

  7. #7

    Default Re: motor insurance

    Hmmm, I wonder if there is kind of oversight or regulation on this ... ?

    Quote Originally Posted by Miao View Post
    Yup ... what can u do abt it ...? Nothing except suck thumb.

  8. #8
    Member Bukitimah's Avatar
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    Default Re: motor insurance

    Just to add. Why NCB stop at 50%? Can't they continue to reduce till a min amount to cover admin cost? Isnt no claim good for them?

  9. #9
    Moderator Octarine's Avatar
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    Default Re: motor insurance

    Quote Originally Posted by Bukitimah View Post
    Just to add. Why NCB stop at 50%? Can't they continue to reduce till a min amount to cover admin cost? Isnt no claim good for them?
    They probably would do that - if they were a charity.
    EOS

  10. #10

    Default Re: motor insurance

    I don’t think people are expecting them to operate at “charity” level, but there should be at least greater level of transparency e.g. how premium are derived and if there is oversight on margins etc. … if this is the case, for a start it might help to change the perception that the most “unproductive” parts of the economy (e.g. FIRE) are gaining unreasonable level of profitability don’t you think?

    Quote Originally Posted by Octarine View Post
    They probably would do that - if they were a charity.
    Last edited by keiser; 16th March 2015 at 06:28 PM.

  11. #11

    Default

    Quote Originally Posted by Bukitimah View Post
    Just to add. Why NCB stop at 50%? Can't they continue to reduce till a min amount to cover admin cost? Isnt no claim good for them?
    Insurance is like a gambling game. Dealer wins when there is no claim, we win when something happens to our ride, and get covered for mistake we made.

  12. #12
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    Default Re: motor insurance

    In insurance the dealer ALWAYS win, collectively.. premiums increase because there are holes for others to exploit.. Instead of GIA coming in, the simple thing is to raise premiums.. my case of 6 years is still open.. nobody cares as long as the $$ comes in for the dealers. . Worst thing is when I called my insurance on the situation of scam accidents. ., they told me my situation bo bian.. lan lan.. The industry is rigged.

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