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Thread: Motor Insurance

  1. #1

    Default Motor Insurance

    I will be renewing my car insurance next month. Which insurance company provides the best coverage and price? Currently, I am using AIG which is default from the car dealer, which I believe is one of the most expensive in Singapore.

  2. #2
    Senior Member
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    Default Re: Motor Insurance

    u can call up various insurance companies and get them to quote.

  3. #3

    Default Re: Motor Insurance

    This is the first time I am owning a car, so is there anything to look out for? Search the net and found things like windscreen 0% etc, quite confused.

  4. #4
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    Default Re: Motor Insurance

    compare the exess, whether agent workshop or any workshop, benefits and so fourth. You may get better replies in a car forum too. Cheers.

  5. #5
    Member tony_teo's Avatar
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    Default Re: Motor Insurance

    Things to look for when comparing policies,

    a. IDAC. My preference is not to go to IDAC. Too troublesome, add more time to the repair and not much savings in the premium. And I have no control of the workshop the car is sent to.
    b. Excess. Obviously, the lower the better.
    c. Restriction on workshop. I'm OK either way, as long as the agent's workshop is on the list because my car is still under warranty.
    d. If there are multiple drivers, look for clauses on additional excess for younger drivers. I've seen some for excess of up to $4k for young and inexperience.
    e. Free windscreen replacement.

    Finally, if you want to, you can try insurance brokers to get quotes.

  6. #6
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    Default Re: Motor Insurance

    I renewed my insurance last month. NTUC, which is supposedly the cheapest in the market, offered me about $510 (after 50% NCB) and I felt it was the cheapest around until Citibank quoted me $420 (after 50% NCB) or $480 with NCB Protector from Royal and SunAlliance (RSA)! I thought I could get find a cheaper one and several ppl dealing with car insurance, whom I contacted, said that they could not match the offer from RSA. Mine came with no excess since I have 50% NCB.
    Last edited by redstorm; 11th December 2007 at 09:39 AM.

  7. #7

    Default Re: Motor Insurance

    I go with RSA as well.

  8. #8
    vince123123
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    Default Re: Motor Insurance

    So how to apply for this Citibank thing?

  9. #9
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    Default Re: Motor Insurance

    I'm with RSA too. It's the cheapest I could find.

  10. #10

    Default Re: Motor Insurance

    Quote Originally Posted by vince123123 View Post
    So how to apply for this Citibank thing?
    Why not contact RSA directly?

    http://www.royalsunalliance.com/roya...actyou=2&Go=GO

  11. #11

    Default Re: Motor Insurance

    Thanks for all the info.

    My current insurance agent miscalculated my premium and sent me a few reminder letters asking me to pay the difference. I didn't reply and so they sent another letter saying my coverage period is shortened. My question now is, my current NCD is 40%, if I am not cover for full 1 year under my current insurance agent, will I be entitled 50% NCD next year?

  12. #12
    vince123123
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    Default Re: Motor Insurance

    I don't think they can unilaterally change the agreement like that. Once an agreement is settled, it is settled. IF the mistake came from the agent, then he has to top up the differnece. He cannot arbitarily shorten the coverage period.

    Its like as if I sold you a return plane ticket, then tell you that I'll terminate the return leg because I calculated the amount wrongly; and worse, when you are already in the destination country. That's almost extortion other than breach of contract.

  13. #13

    Default Re: Motor Insurance

    The original premium was based on 50%, which in reality was 40%. So they are demanding me to pay the difference since I was not entitled to the extra 10% NCD. I don't know whether they can change the agreement unilaterally, but I certainly don't want to risk driving my car without a valid insurance. If I want to renew with another insurance company, they company will check with my current agent whether I am entitled for 50% for the next renewal right?

  14. #14
    vince123123
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    Default Re: Motor Insurance

    Hmm, it makes it a little more sticky now that the error is based on the NCD bonus rather than absolute premium quoted per se.

    What I'll do is to write in to the insurance company and say that it is not fair for them to change an accepted contract whether or not there is an error. They presented to you X terms (ie pay S$X for 1 year) and how they arrived at that figure (whether by base premium + loading - NCD - positive factors) is not the business of the customer. As a customer, we just see pay S$X. If it is the fault of the agent, then make the point that the error shoudl be borne by him and not the customer.

    You can always make the point that if you had known it was $X + $Y at the start, you won't have renewed with them but went to some other company. By misleading you to think it was $X and then later securing your acceptance, and thereafter jumping with an additional S$Y, that is misrepresentation.

    It doesn't really matter whether the other company checks or not - your point is, all information must be made known to you prior to acceptance of the contract, not subsequent to acceptance.

    Can I ask how far you're into the year when they told you of the additional S$Y?

    Quote Originally Posted by crusher View Post
    The original premium was based on 50%, which in reality was 40%. So they are demanding me to pay the difference since I was not entitled to the extra 10% NCD. I don't know whether they can change the agreement unilaterally, but I certainly don't want to risk driving my car without a valid insurance. If I want to renew with another insurance company, they company will check with my current agent whether I am entitled for 50% for the next renewal right?

  15. #15

    Default Re: Motor Insurance

    Quote Originally Posted by vince123123 View Post
    Hmm, it makes it a little more sticky now that the error is based on the NCD bonus rather than absolute premium quoted per se.

    What I'll do is to write in to the insurance company and say that it is not fair for them to change an accepted contract whether or not there is an error. They presented to you X terms (ie pay S$X for 1 year) and how they arrived at that figure (whether by base premium + loading - NCD - positive factors) is not the business of the customer. As a customer, we just see pay S$X. If it is the fault of the agent, then make the point that the error shoudl be borne by him and not the customer.

    You can always make the point that if you had known it was $X + $Y at the start, you won't have renewed with them but went to some other company. By misleading you to think it was $X and then later securing your acceptance, and thereafter jumping with an additional S$Y, that is misrepresentation.

    It doesn't really matter whether the other company checks or not - your point is, all information must be made known to you prior to acceptance of the contract, not subsequent to acceptance.

    Can I ask how far you're into the year when they told you of the additional S$Y?
    Actually I never arranged anything with insurance company, I bought the car this year and everything including the insurance was settled by the car dealer. As for the 40% NCD, it was transferred from my father's NCD. They sent the first reminder letter probably 3-4 months after the day of purchase, but I act blur and choose to ignore it. Maybe I should call the car dealer to settle this for me?
    Last edited by crusher; 11th December 2007 at 11:47 PM.

  16. #16
    vince123123
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    Default Re: Motor Insurance

    Yeap that's one option too, most car dealers have tie ups with insurance companies and get benefits from using them - so they should also help to resolve disputes.

  17. #17

    Default Re: Motor Insurance

    It's a grey area between the Insurance Company assuming that your NCD was 50% vs you providing that info. I believe it is somewhere in most agreements that the Insurance Company will give the benefit of doubt on your reported NCD at the point of quotation, but will rework the balance once they received the NCD confirmation.

    You might want to check on this first.

  18. #18

    Default Re: Motor Insurance

    Quote Originally Posted by crusher View Post
    The original premium was based on 50%, which in reality was 40%. So they are demanding me to pay the difference since I was not entitled to the extra 10% NCD. I don't know whether they can change the agreement unilaterally, but I certainly don't want to risk driving my car without a valid insurance. If I want to renew with another insurance company, they company will check with my current agent whether I am entitled for 50% for the next renewal right?
    There are 2 issues here.

    1. Payment base on 40% or 50%
    2. Duration of coverage. I doubt they can change this.

    Technically and morally you are supposed to pay the different. If something do happen, I doubt they can do anything unless they can prove that you had the intention to ...e.g. you did not provide them the right/correct information. If you had told them and they still bill you for 40%, then you can ignore them!

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