Motor Insurance

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Motor Insurance

Post  pussy_lover on Sat Sep 05, 2009 8:44 am

Thought it might be a good idea to start a new thread on motor insurance. We're all suffering from this phenomena of rising premiums. Odd thing is with increased NCD annually, you would expect some savings on your motor insurance premiums but in the current state we are in, it's really not the case. If you get just $1 off your new premium, consider that a BIG bonus. Most times, the premiums keep going up. Reason the insurance companies are losing money due to high claims. But who's to blame? If i pay so much, might as well forgo my NCD and claim high to make up for the next premium increase. This is like a Catch 22 situation with no end in sight in the near future. So bros, just be prepared for increase premiums on your next renewal even though you have made no claims.. This thread is also for us to share good agents for motor insurance and whatever tips anyone might have for shopping for new motor insurance. Good luck all in your next motor insurance renewal.

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Re: Motor Insurance

Post  pussy_lover on Sat Sep 05, 2009 9:09 am

I would like to share...
When my motor insurance was due for renewal in March 2009, i went on a shopping spree, insurance shopping, that is. I sent out numerous request for quotes and make comparison on premiums, excess and type of workshop that can be referred to in case of (touch wood!) accident. Got more than 10 quotes and finally settled on AXA as it was the best quote i got. I did not use any insurance agents, so have no one to recommend here. In fact, i don't really know how i got this AXA guy to call me, can't remember but got a call and he ask if he can give me a quote. I replied 'Sure, no problem" as i still had time to shop around. Couple of days later, he sent the quote by email and it was the lowest so far. I decided on it and went over to the office in Middle Road to settle the payments etc.
For the benefit of you guys, below are the contact details

Teleperformance Singapore - AXA Insurance
210 Middle Road
#09-03/04/05
IOI Plaza
Singapore 188994
Tel: 68389080/68389081.

I was served by a Telesales Consultant, Froilan, a nice Filipino bloke.
The thing is you got to be bothered to shop around and give yourself at least 1 month before your current insurance expire. You can save some $$$ this way. Btw, I took the SmartDrive policy and my premium is $885.17 including GST after 30% NCD. Excess was halved to $200 on this SmartDrive policy.
Hope this post helps.. Cheers.

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Re: Motor Insurance

Post  Ikon on Sat Sep 05, 2009 1:41 pm

Thanks bro, very useful information. You must be one of the last few to get it so cheap! Mine is AXA and the new quote is over the roof! Too much la, the whole idea of NCD was to protect the insurance company and at the same time to reward the insurer for no claim.

The whole thing is like a circus, and the authority has not step in. Every year they cite loses and increase the premium, so might as well do away with the NCD. Claim or no claim you are still penalize for other that claim at industry level. So what's the whole point of the NCD?
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Re: Motor Insurance

Post  aboh on Wed Sep 09, 2009 7:04 am

I wanna try AXA last year but no can do cause they claim they dont do any insurance coverage for my model year. Currently with AIG and expiring soon.. think gonna call them for a quote for my next renewal..
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Re: Motor Insurance

Post  aboh on Wed Sep 09, 2009 7:24 am

BoW wrote:Thanks bro, very useful information. You must be one of the last few to get it so cheap! Mine is AXA and the new quote is over the roof! Too much la, the whole idea of NCD was to protect the insurance company and at the same time to reward the insurer for no claim.

The whole thing is like a circus, and the authority has not step in. Every year they cite loses and increase the premium, so might as well do away with the NCD. Claim or no claim you are still penalize for other that claim at industry level. So what's the whole point of the NCD?

I think if got NCD still go up (like u mention they cite loses) but for those who claimed from their insurance before, mayb their premium go up like hell..

Now with so many cars on the roads, more accident is likely to happen..

AND TO MAKE THINGS WORSE

those crazy SOB speeding in their FIT and JAZZ..

They will tend to cut in and out and squeeze in dangerously.. (Encounter many times b4)

And now new batch of SOB drivers coming in with their SWIFTS.

Drive macam they own the road to themselves.. Evil or Very Mad Evil or Very Mad Evil or Very Mad
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Re: Motor Insurance

Post  Ikon on Wed Sep 09, 2009 7:51 am

aboh wrote:
BoW wrote:Thanks bro, very useful information. You must be one of the last few to get it so cheap! Mine is AXA and the new quote is over the roof! Too much la, the whole idea of NCD was to protect the insurance company and at the same time to reward the insurer for no claim.

The whole thing is like a circus, and the authority has not step in. Every year they cite loses and increase the premium, so might as well do away with the NCD. Claim or no claim you are still penalize for other that claim at industry level. So what's the whole point of the NCD?

I think if got NCD still go up (like u mention they cite loses) but for those who claimed from their insurance before, mayb their premium go up like hell..

Now with so many cars on the roads, more accident is likely to happen..

AND TO MAKE THINGS WORSE

those crazy SOB speeding in their FIT and JAZZ..

They will tend to cut in and out and squeeze in dangerously.. (Encounter many times b4)

And now new batch of SOB drivers coming in with their SWIFTS.

Drive macam they own the road to themselves.. Evil or Very Mad Evil or Very Mad Evil or Very Mad

Same same lah bro, Aveo with added CC & CAI Laughing
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Re: Motor Insurance

Post  Ikon on Wed Sep 09, 2009 8:07 am

Update on my insuranc delima, as usual la I went and approach those ads that says they can get good quotes. The first came back to me last Saturday and says the best is the quote I got from AXA. Somemore got the cheek to ask if I want to renew with her.

The latest I got was yesterday, this guy call me up and we had a chat. Looks like the rate is going to remain the same. However this guy give me three options, for a comprehensive coverage from 3 different companies. The options lay out for me include the premium, the excess and workshop coverage as well. The quotation range from $1K ++ to $1.6 K. My 2 cents, those renewing their insurance, additional consideration please read within the fine line. I know we are all looking for cheap premiums, but make sure the benefit goes in your favor rather than finding out later on that you have to forked out more money or you can't do this and that. It's easy for us to fall into this trap when we are strap for cash, especially in trying time such as this.

On my own personal front, I'm finding out more details for the insurance quotation from AIG. I'm being quoted $1300 for this, excess $600 but will get between 50% to 100% off if repairs are done at the authorise workshop. They will also provide courtesy car, free of charge for 10 days usage. The quote is higher than what AXA is quoting more, but that's not the final quotation. According to the agent, he will try to tie up with other policy to bring down the premium to about $1.1K. Let's wait and see the final outcome of the quote.
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Re: Motor Insurance

Post  starstruck96 on Thu Sep 10, 2009 9:22 pm

the govern should step in n put a capped on those individuals who have not committed an accident or make a claim b4..
as NCD will increase every year...it makes no use as insurance are being charge higher oso..
the govt should implement like those who lose credit card not due to their negligence capped @ $100.
maybe as suggestion put a capped @ $1k for those who nvr made a claim b4 n renewing with the same company each year.. Rolling Eyes tongue

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Re: Motor Insurance

Post  pussy_lover on Fri Sep 11, 2009 3:55 pm

starstruck96 wrote:the govern should step in n put a capped on those individuals who have not committed an accident or make a claim b4..
as NCD will increase every year...it makes no use as insurance are being charge higher oso..
the govt should implement like those who lose credit card not due to their negligence capped @ $100.
maybe as suggestion put a capped @ $1k for those who nvr made a claim b4 n renewing with the same company each year.. Rolling Eyes tongue

Capped on at $1k difficult lah. If drive a Porche with no claims and insurance capped at $1k I'll be very happy. But what about those driving a family saloon? You'll never know how your premium is calculated as there are other factors involved like, age, driving experience, occupation, car make and model and God knows.. It's all made so complex and complicated, you'll never be able to guess.
Point to note - when you ask for a quote why is there a need to know your NCD entitlement before the quote? Logically, should just quote and then less whatever discount applicable. That should be the more transparent way but that's not the way the insurance brokers do the quote. They always want to know the NCD first then do the quote. I feel this way, they would already mark up the premiums before giving away the discount. End up haedly any discount enjoyed by us drivers...

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Re: Motor Insurance

Post  Ikon on Fri Sep 11, 2009 9:47 pm

Agreed 100% with Pussy_lover....miao... cat
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Re: Motor Insurance

Post  Captivian_Major on Mon Sep 14, 2009 11:48 am

which mean my premuim still abt the same last year......consider myself lucky....

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Re: Motor Insurance

Post  Guest on Fri Oct 02, 2009 2:07 pm

Stupid sia..... axa quote me 40% higher than last year.... even thou my ncd is 30% with 5% additional from TP....

In the end find MSIG quoting me at 20% higher than last year..... SIAN.... pocket whole bigger liao..... Mad

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Re: Motor Insurance

Post  Ikon on Fri Oct 02, 2009 2:53 pm

dex21 wrote:Stupid sia..... axa quote me 40% higher than last year.... even thou my ncd is 30% with 5% additional from TP....

In the end find MSIG quoting me at 20% higher than last year..... SIAN.... pocket whole bigger liao..... Mad

That's to be expected la bro, I think nearly about everyone experience an increase in the insurance during this economic crunch. I think the simple reason is that these institutions need to stock up on their portfolio where most of the stocks are relatively low in anticipation of the upward trend. Where else will they get cash from? Laughing You and me la!
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Re: Motor Insurance

Post  Captivian_Major on Tue Jun 29, 2010 12:36 pm

my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

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Re: Motor Insurance

Post  pussy_lover on Tue Jun 29, 2010 1:58 pm

Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

Bro, just shop around before committing. You'll see the premium variance. Check out Aviva, MSIG in particular. AXA now not very competitive rates i feel. Good luck.

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Re: Motor Insurance

Post  Ikon on Tue Jun 29, 2010 10:30 pm

Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

How much was your premium last year?
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Re: Motor Insurance

Post  starstruck96 on Wed Jun 30, 2010 11:52 am

juz renewed mine @ 970$ from NTUC.NCD30%.down from 1300$ for 2009-2010.
phew..
converted to revised OPC oso..
now rd tax 126$ per year..
3 years of instalment left...
how do i check my existing value of car?from shops or any govt link website?

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Re: Motor Insurance

Post  Captivian_Major on Wed Jun 30, 2010 1:12 pm

pussy_lover wrote:
Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

Bro, just shop around before committing. You'll see the premium variance. Check out Aviva, MSIG in particular. AXA now not very competitive rates i feel. Good luck.

will do,had get my agent to scource for me before any action taken... Very Happy

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Re: Motor Insurance

Post  Captivian_Major on Wed Jun 30, 2010 1:13 pm

Ikon wrote:
Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

How much was your premium last year?

last year is $952.....this year shoot up sky high...dunno why Sad

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Re: Motor Insurance

Post  Captivian_Major on Wed Jun 30, 2010 1:14 pm

starstruck96 wrote:juz renewed mine @ 970$ from NTUC.NCD30%.down from 1300$ for 2009-2010.
phew..
converted to revised OPC oso..
now rd tax 126$ per year..
3 years of instalment left...
how do i check my existing value of car?from shops or any govt link website?

bro go the sgcarmart to chk...normal those pricing are from the agent so u can compare ya Very Happy

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Re: Motor Insurance

Post  Ikon on Wed Jun 30, 2010 7:10 pm

Captivian_Major wrote:
Ikon wrote:
Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

How much was your premium last year?

last year is $952.....this year shoot up sky high...dunno why Sad

Any accident claim or not?
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Re: Motor Insurance

Post  Captivian_Major on Thu Jul 01, 2010 10:41 am

Ikon wrote:
Captivian_Major wrote:
Ikon wrote:
Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

How much was your premium last year?

last year is $952.....this year shoot up sky high...dunno why Sad

Any accident claim or not?

was hit by taxi few months back.....think they hvnt settle or what...had call them to revise and will revert to me...but i think it will still sky high.....at least 15% or more than last year...

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Re: Motor Insurance

Post  starstruck96 on Thu Jul 01, 2010 12:05 pm

Captivian_Major wrote:
starstruck96 wrote:juz renewed mine @ 970$ from NTUC.NCD30%.down from 1300$ for 2009-2010.
phew..
converted to revised OPC oso..
now rd tax 126$ per year..
3 years of instalment left...
how do i check my existing value of car?from shops or any govt link website?

bro go the sgcarmart to chk...normal those pricing are from the agent so u can compare ya Very Happy
u mean the website or ...? confused

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Re: Motor Insurance

Post  Ikon on Thu Jul 01, 2010 11:23 pm

Captivian_Major wrote:
Ikon wrote:
Captivian_Major wrote:
Ikon wrote:
Captivian_Major wrote:my renewal letter from existing insurance company quote me $1700!!!!!!!!! need to source for chaeper one....

How much was your premium last year?

last year is $952.....this year shoot up sky high...dunno why Sad

Any accident claim or not?

was hit by taxi few months back.....think they hvnt settle or what...had call them to revise and will revert to me...but i think it will still sky high.....at least 15% or more than last year...

Perhaps due to this, you must check with them and get new quote.
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Re: Motor Insurance

Post  Ikon on Thu Jul 01, 2010 11:24 pm

starstruck96 wrote:
Captivian_Major wrote:
starstruck96 wrote:juz renewed mine @ 970$ from NTUC.NCD30%.down from 1300$ for 2009-2010.
phew..
converted to revised OPC oso..
now rd tax 126$ per year..
3 years of instalment left...
how do i check my existing value of car?from shops or any govt link website?

bro go the sgcarmart to chk...normal those pricing are from the agent so u can compare ya Very Happy
u mean the website or ...? confused

You can check for your OMV at onemotoring.com under LTA services, you'll need your NRIC for that.
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