Did Car Insurance Premium go Up?


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vince123123

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#1
I just got a renewal reminder and I was surprised to see that my Gross Premium has gone up at lesat 20%. I made 0 claims over the entire lifetime of my policy and by right, premiums should drop or at least stay each year if no claim is made (and I'm referring to Gross Premium, not NCD).

Anyone has similar experiences? Is Gross Premium going up?
 

dafansu

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Nov 6, 2008
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Punggol
#2
get quotes from other companies and compare the prices
 

Wibblo

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Oct 12, 2006
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#3
try the cheapest amongst all....NTUC...
 

contaxable

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Mar 5, 2006
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#4
mine came down. i tot its on a down trend? but we have quite a fair bit insured other than just cars.
 

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vince123123

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#5
The quote I got was NTUC....they marked me 20% upwards on Gross Premium.

try the cheapest amongst all....NTUC...
 

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vince123123

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#6
When was your insurance last renewed? Are you saying that you get a special discount each time because you have other insurance policies? Which insurer is this?

mine came down. i tot its on a down trend? but we have quite a fair bit insured other than just cars.
 

godzilla60

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Nov 25, 2005
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#7
The quote I got was NTUC....they marked me 20% upwards on Gross Premium.
seriously, u got to shop around..... they use some mysterious formula to calculate their premiums :confused:.....but different companies calculate with different results. :) do get an insurance broker to help u out. he/she will be able to source the cheapest one that meet your needs.....

and no..i am not an insurance broker...dun call me...hahaha:bsmilie:
 

contaxable

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Mar 5, 2006
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#8
When was your insurance last renewed? Are you saying that you get a special discount each time because you have other insurance policies? Which insurer is this?
probably so as i dont compare with rates usually. i am more concerned about service and the agent's ability to look after matters. i dont like to make trips or calls to the claim dept as its a hassle.

as for ntuc, i had my fair share of bad exp when i bumped into their taxi. too much dirt in there i felt as i managed to prove hanky panky claims in there.
 

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Astin

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#9
I insured with NTUC also and it didnt go up, I think it went down slightly.
Did yr profile change? NTUC work on a spreadsheet to calc the insurance, for example, if u age <25 then 1 "tick", if yr car got sun roof then 1 "tick", if got police summon then 1 "tick", etc etc, then at the end they add up all the "tick" and calc yr insurance premium, more "tick" mean higher premium. Last time I drove a cheap sportscar got so many "tick" until I changed to a european saloon car then realised the premium actually went down even the car more expensive.
 

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vince123123

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#11
Hmm, nope for me profile didn't change. No claims, no summons no change in car. Only change is that I got one year older - and I dont think I'm that old as to reach the "old can't see clearly so bang car more" category yet.

Since 2005 when the car was bought, my premium went down steadily since I didn't have any claims. It is only this year that it suddenly shot up 20%.

I insured with NTUC also and it didnt go up, I think it went down slightly.
Did yr profile change? NTUC work on a spreadsheet to calc the insurance, for example, if u age <25 then 1 "tick", if yr car got sun roof then 1 "tick", if got police summon then 1 "tick", etc etc, then at the end they add up all the "tick" and calc yr insurance premium, more "tick" mean higher premium. Last time I drove a cheap sportscar got so many "tick" until I changed to a european saloon car then realised the premium actually went down even the car more expensive.
 

contaxable

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Mar 5, 2006
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#12
Hmm, nope for me profile didn't change. No claims, no summons no change in car. Only change is that I got one year older - and I dont think I'm that old as to reach the "old can't see clearly so bang car more" category yet.

Since 2005 when the car was bought, my premium went down steadily since I didn't have any claims. It is only this year that it suddenly shot up 20%.
check for the reason of your 20% hike. there should be one as it could be a higher loading when they park a claim under you. maybe they got mixed up. if you ignore, just pay or change to next agency.
 

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vince123123

Guest
#14
Well, what they say is that "everyone is also getting a price hike due to a lot of claims last year, therefore yours also rise. And yours is rise less already compared to the rest".

Hence the reason for this thread.

check for the reason of your 20% hike. there should be one as it could be a higher loading when they park a claim under you. maybe they got mixed up. if you ignore, just pay or change to next agency.
 

pisduck

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Apr 1, 2008
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#15
mine went up. around 20% too
 

Inimatad

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tom.poonpipi.com
#16
Well, what they say is that "everyone is also getting a price hike due to a lot of claims last year, therefore yours also rise. And yours is rise less already compared to the rest".

Hence the reason for this thread.
Guys! Not really lah.
My premium dropped by $100. I am insured by AIG and even claimed a big payout from cab company last year.
I think you have to be older to get a premium cut. I am 40+
 

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vince123123

Guest
#17
Actually, if nothing happens from year to year, on top of your NCD, your gross premium also goes down.

As I get older, even if the premium doesn't go down, it shouldn't be going up. I have zero claims.

In your case, if the other side pays you, that is not a factor for consideration in your premium. Loading only occurs when the insurer has to pay you.

Guys! Not really lah.
My premium dropped by $100. I am insured by AIG and even claimed a big payout from cab company last year.
I think you have to be older to get a premium cut. I am 40+
 

smalltake

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Oct 10, 2006
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#18
The quote I got was NTUC....they marked me 20% upwards on Gross Premium.
No wonder lah!!!! But all the while, NTUC used to be the cheapest..... but with the worst/hardest claim procedure........ I was with them once... after 1 yr, never!!
 

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vince123123

Guest
#19
No wonder what? If you're telling me that they are the cheapest, means other companys jack up higher?

My exception with NTUC is that I have a good agent that does everything for me. He comes to my office to collect my premium, pays my road tax for me, pays my premium and gets everything done. He can get me a renewal certificate within 1 hour of confirmation to proceed and I can pay within the day or next day.

In event of accident, he will bring me to go to the repair shops and everything. Not sure if all other agents are like that.

That is the only reason why I'm still with NTUC.

No wonder lah!!!! But all the while, NTUC used to be the cheapest..... but with the worst/hardest claim procedure........ I was with them once... after 1 yr, never!!
 

contaxable

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Mar 5, 2006
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#20
are you are their special customers?

if you dont like, just skip them as they arnt that great. fyi, sometimes the recommended workshops uses 2nd hand parts for damage repair and this is an industry practice. go do some homework first. :bsmilie:
 

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