Insurance going up again...

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Insurance going up again...

Post  Ikon on Fri Mar 18, 2011 8:27 pm

Heard over the radio yesterday but too busy too post, anyway the President of GIA has stated that insurance premium will go up again, last year it went up by 6% and this year they lost $40 million on claims and $11million alone wa due to the flash flood.

Now, this is silly.. I thought insurance is about a gamble that these companies take and why are their losses levied on the motorist? At the back of my mind, motorist need to cover and insurance company provide the coverage, it's like a bet. You pay upfront a certain amount, if no claim the insurance company get to keep the money.

This is a bit unfair that the rest of the motorist have to forked up additional premium just because some stupid idiot insist on driving his car into a flood prone area. They should be more transparent to motorist on how they justify the increase, furthermore the hike should not be over the performance of the previous year, it should be base on 5 years or so, becuase when they make money when claims are down they never share the profit with motorist.. Suspect
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Re: Insurance going up again...

Post  pussy_lover on Fri Mar 18, 2011 11:21 pm

Good luck in your future renewals..!

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Re: Insurance going up again...

Post  starstruck96 on Sat Mar 19, 2011 10:51 am

Tyres battery normal servicing petrol oso gg up..haizz..

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Re: Insurance going up again...

Post  Ikon on Mon Mar 21, 2011 8:25 am

What else going up? UN enter the fray in Libya, Middle East in turmoil, Japanese quake and Tsunami, looks like we will be in a bad year for 2011 and perhaps things will stay rather the same since we have GE coming up but expect the reversal once it's over, so better quite spending and start to save for the hard times coming!
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Re: Insurance going up again...

Post  pussy_lover on Thu Mar 24, 2011 5:49 pm

Right man..! Every item seems to be on the rise. As long as petrol prices keep going up, you can be sure prices of other essentials will rise in tandem. Sigh..! This little island of our getting expensive!

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Re: Insurance going up again...

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