New motor insurance policy framework to be introduced in May

[Emils]

Brace for the impact...

 

http://www.channelnewsasia.com/stories/sin.../337363/1/.html

[Dlar2]

"Other reasons cited were greater vehicle usage and a larger number of foreigners who may be unfamiliar with the roads in Singapore.

 

Asked if this will translate to higher premiums for motorists, the association said premiums are expected to go up but the quantum will be decided by the companies. "

 

Employ more FT as bus drivers to lower the cost of the company (so they make more profit), then more accident, then push the claims to insurance company, then insurance company raise our premium, then we pay, Well done Sillypore!!

 

They may have drove 10 to 20 yrs in their left hand drive country and coming here, ask them to switch to right hand drive within a couple of weeks/months, then expect accident rate not to increase?? Where is the logic?

 

One day, someone got to pay with their life.....killed or PTD by FT bus driver.

[Seaweed]

Brainless idiots always solve problem by making everyone pay...good or bad guy....you all suffer together....more then 10 years of driving...let's assume 10 years...every year $1000....I had contributed at least $10000 to them without claiming any till now...

[Dlar2]

When you grow old and decided not to drive anymore, do something to claim from them back one time big big to get even

But make sure during the process, you do not hurt yourself.

[Maroon5]

sigh...so many total loss cars in the news...i thk tis is jus inevitable...we jus hv to suck thumb and accept...

[Celicapimp]

the only way to avoid more accidents are to go back old days where buying a car need minimum % of downpayment, reduce no. of coe, lesser cars on the roads..lesser young reckless drivers...no stupid ERP gantries...and less accidents!

[Mightyme]

 

thats a good one,must claim them jia lat jia lat should i decided to stop driving

[M1122]

Nothing new this is SG where PRICES move only one way - UP UP AND AWAY

[Kungming]

Why flood the market with cheap COEs in the first place? Who screwed up the system first? Looks like the common Sporns are paying for someone's screwup~

[Mightyme]

Confirm.....staying in sillypore need to pay 1....our garment never stupid 1, premium for car insurance have never gone done in the history b4, if i'm not wrong, yr 2005 premium went up 3 times,20% increment each time

[Nhyone]

It's time to introduce an excess element to third-party claims.

 

Let it be possible to pay lower premium by setting an excess level, say $1,000 to $10,000. The insured either pays upfront, pays in installment or just give a pledge.

 

As the co-payer, he now has the incentive to make sure the other party make correct claims.

Edited March 26, 2008 by nhyone

[Seabass_sg]

  Quote

the only way to avoid more accidents are to go back old days where buying a car need minimum % of downpayment, reduce no. of coe, lesser cars on the roads..lesser young reckless drivers...no stupid ERP gantries...and less accidents!

 

agree on the downpayment part . . . should revert back to the old system . . .

[Nirxe]

You forgot to add the latter and PAY remains stagnant - SAMA SAMA EVERY YEAR

Edited March 26, 2008 by Nirxe

[Kingkong]

  Quote

the only way to avoid more accidents are to go back old days where buying a car need minimum % of downpayment, reduce no. of coe, lesser cars on the roads..lesser young reckless drivers...no stupid ERP gantries...and less accidents!

 

This will never happen again. They need us to Pay And Pay, so as to justify for their multi-million dollar pay package.

[Mightyme]

Confirm plus guaranteed......if not how to have pay increment every yr

[Blackyv]

no way they will take a u-turn since someone has to pay for those newly erected ERP gates... and with ERP gate system, the more car on the road, the more jam, the better the ROI.....

 

btw, i find the $$$ reported a bit weird..... it doesnt make sense for loss increase from 625,000 to 103,200,000 within a year....i strongly feel someone is playing with stats to come to such "huge" numbers....

 

i dont knnow it makes sense or not..but..but..i have a mouthful of salt i think..

 

that is a 165x hike!!!

whole year of 2006 loss is 625K but in average, the very first mth of 2007 already loss 8.6mil??? and with such huge number, they didnt act or do something immediately but waited till the whole year result to come to this conclusion?? u got to be kidding me... i dont think insurance company hires idiot...any company with such huge loss obviously will do something the next day......

 

the report accident % increases around 15% over the year.. all these increase total loss meh?

 

the report about 8% increase in car population but again, all these 8% have accident with total loss meh???

 

seriously, i dont get this msg...

On average, claims take up about 85 percent of the motor insurance premiums. how many % of cars have accident within the year??

 

"For this to become a sustainable position, I think we are looking at an overall loss ratio of about 75 percent, which means for every dollar premium they pay, we will pay out 75 cents in claims, leaving the 25 percent for expenses incurred in delivering the product," said Mr Teo. serious...

 

Mr Teo said: "It's likely to attract a 35 percent increase in claims cost

[Mightyme]

Bro, this is like toto lei,eg sing a pore pool says $10 mil winning is shared by only 2 winners, but do we know the winners? Or is there actually this 2 winners there? But we sillyporeans will buy alot whenever theres a $10 mil draw loh,so they collect alot of $$$,pay out abit for grp 2 ang grp 3,than the rest keep inside pocket loh, same as ins claims, how do we justify the amt they say? To increase the premium,just say claim too high loh,than our garment will accept their ( reason ) also loh

[Scoop]

Just my 2 cents worth

 

There are several reasons,

 

- Workshop who use touts, passed on the cost to the insurance compaines.

- Labour cost has increased.

- Spare parts has increased.

- Lawyers getting too greedy.

- Doctors also cashing in on so called injuries claims.

- Rental of cars have also gone up.

- People in deed crash more often and more serious.

- Cars on the road are newer these days.

- Workshop do not change all the parts per the surveyors report but still charge the ins company for it.

- Cars are cheaper to own now

- Too many weekend drivers or KAYU drivers on the road.

- Agents workshop charging an arm and a leg. The A company kena big time from all the new cars they insured.

 

It's not impossible for it to increase by such a margin. 10% increase here and there a small claim of $1000 can be inflated to $5000.

 

The more one claims, it will affect industry as a whole, in the end who profits, ins agent and the ins co are laughing to the bank. Who suffers, we the consumers.

 

Insurance compaines are profit making compaines just like any other business. And Sometimes they do hire idiots, they think that by siting behind a desk they can outsmart the workshops. These idiots forgot they are up against hundreds of workshop brains trying to beat the system.

Edited March 26, 2008 by Scoop