Typoerror Neutral Newbie March 12, 2009 Share March 12, 2009 i am also thinking of taking just third party this yr, any particular requirement? i heard ins co normally willing to do third party only if there is no or little outstanding loan. is that true? ↡ Advertisement Link to post Share on other sites More sharing options...
Civicblade 2nd Gear March 13, 2009 Share March 13, 2009 My past 2 cars and my current car are all on third party fire and theft insurance coverage. Insurer will not care, it is the bank that will force you to buy comprehensive to protect the bank's interest. After all, as long as you are on a hire-purchase plan (loan), the car belongs to the bank and not you (you are just the hirer until you finish paying the last installment). Any claims from the insurer or government goes to the owner (bank) first and whatever balance goes to you (read your hire-purchase contract). With current new car prices and market situation, there is likely to be no balances left from the bank in the case of a total loss (also depends on your outstanding loan amount). This is the reason why I have decided that all my vehicle in the future will be 100% mine (by paying upfront in cash). Of course, the downside (financially it is an upside) is that I am limited in the choice of vehicles as the cash I have is limited. One reason why I turn to Korean cars and never looked back. You can consider TPFT (third party fire and theft) if you own your car (no loan) and the cash rebate from the government is close to what you can get if you sell the car to the used car dealers. Worst case, drive car down the cliff.. send to scrap yard... take money from government and upgrade to the luxury of chaffeured BMW (Bus, MRT and Walk). i am also thinking of taking just third party this yr, any particular requirement? i heard ins co normally willing to do third party only if there is no or little outstanding loan. is that true? Link to post Share on other sites More sharing options...
Civicblade 2nd Gear March 13, 2009 Share March 13, 2009 NTUC Income is the fastest in processing refunds of un-used insurance premium. Less than 1 week to receive a cheque in the mailbox. Impressive. But for most driver's, premium amount is still key. If you search around, you will find many insurer providing lower premiums than NTUC Income. Different insurer will use different method of calculating premium for different car make and model. It is good to make use of the service of an underwriter that has access to many principals to help you check for the lowest premium for your exact model. Never continue because change car... different insurance suit different brands of car. But Tokyo Marine quite okay as they process my balance insurance refund in 3 weeks time when I sell the car. I am now with Mitsui... they have "new for old" scheme like AIG but for 2 years. AIG "new for old" scheme only first year new car. Link to post Share on other sites More sharing options...
Gnomish 2nd Gear March 13, 2009 Share March 13, 2009 mine almost 1.2k after 40% NCD, new car... Link to post Share on other sites More sharing options...
Header Clutched March 13, 2009 Share March 13, 2009 Civicblade, why not go all the way and just buy only third party insurance? Fire & theft seems like low riskin Spore... Link to post Share on other sites More sharing options...
Josho 1st Gear March 13, 2009 Share March 13, 2009 (edited) Anyone uses these: Samshawn Car Insurance RSA Car Insurance Tenet Car Insurance I am still thinking of MSIG from DBS Driveshield, as so many ppl getting from there also. But RSA gave me the cheapest by $60 from MSIG. Maybank just sent me quotation of $1700 which is higher then what I am paying now. 10% NCD somemore. Sigh... But for workshop, I had no idea. If anything not nice happen (choy), I think going back to TCM is better. Driving a Latio Sedan tho. Edited March 13, 2009 by Josho Link to post Share on other sites More sharing options...
Civicblade 2nd Gear March 13, 2009 Share March 13, 2009 If I did not recall wrongly, the difference between third party only and third party+fire and theft is only $100 odd. This is the reason that I went for TPFT. Civicblade, why not go all the way and just buy only third party insurance? Fire & theft seems like low riskin Spore... Link to post Share on other sites More sharing options...
Lobangking88 Neutral Newbie March 13, 2009 Share March 13, 2009 Civicblade, why not go all the way and just buy only third party insurance? Fire & theft seems like low riskin Spore... Finance/Loan co may not allow bro. Link to post Share on other sites More sharing options...
Lobangking88 Neutral Newbie March 13, 2009 Share March 13, 2009 NTUC Income is the fastest in processing refunds of un-used insurance premium. Less than 1 week to receive a cheque in the mailbox. Impressive. But for most driver's, premium amount is still key. If you search around, you will find many insurer providing lower premiums than NTUC Income. Different insurer will use different method of calculating premium for different car make and model. It is good to make use of the service of an underwriter that has access to many principals to help you check for the lowest premium for your exact model. I would say they are pretty efficient in getting things done these days too however they just increased their rates yet again on 1st march 2009. Link to post Share on other sites More sharing options...
Cheesey74 6th Gear March 13, 2009 Share March 13, 2009 (edited) If I did not recall wrongly, the difference between third party only and third party+fire and theft is only $100 odd. This is the reason that I went for TPFT. Actually, you dun need fire/thief if your car is fully paid and the paper value (coe+parf) is what u r expecting to get back. TPFT is good only if your car body value are worth something (can sell above paper) and hence u need TPFT to insure against fire/thief at market value (coe+parf+body value). No diff between Third party or TPFT, LTA will still pay u all the rebates if yr car is stolen or total loss. You just need to produce a police report to back it up. For me, my ride body is worth nothing or the most 1 to 200 bucks, so might as well save the premium of buying TPFT. Edited March 13, 2009 by Cheesey74 Link to post Share on other sites More sharing options...
Civicblade 2nd Gear March 13, 2009 Share March 13, 2009 Last check, my car body is worth ~$3.5k so it is probably worth it to insure against this value. Insurance payout could be higher than body if you can convince the insurer that your ride is worth much more in the local market. Link to post Share on other sites More sharing options...
Header Clutched March 13, 2009 Share March 13, 2009 Yup, I agree with u totally. For those who bot Third Party only, are the premiums competive for different insurance co or the premiums also varies widely? Thinking of getting 3rd Party quotes from my current insurer (NTUC) and a bit lazy to compare against others... Link to post Share on other sites More sharing options...
Hotamp 3rd Gear March 14, 2009 Share March 14, 2009 The last few years the economy and stock market was bullish....so my comprehensive insurance at $600 ++ was still manageable. But i reckon the economy will be bad within these few years. The insurance co still jacked up the prenium this year, i guess i will just changed to third party in my coming May renewal. MY Sunny is already half life, body at these difficult times i reckon wont be able to sell much. save the money to get the basic and use it to pay road tax and petrol :) Thanks guys for the feedback. Link to post Share on other sites More sharing options...
Leclair 3rd Gear March 14, 2009 Share March 14, 2009 i paid 827 with Driveshield, actually from MSIG. And still can get $80 voucher ( THough you have to minus 10% value cos if you want tp use the voucher then no 10% onsite discount) But still better than nothing. Link to post Share on other sites More sharing options...
Kelvineto Neutral Newbie March 14, 2009 Share March 14, 2009 Anyone check on the new insurance policy after price increase. The windscreen new Excess is $200 (exclude GST) Link to post Share on other sites More sharing options...
Booboon 1st Gear March 14, 2009 Share March 14, 2009 Anyone uses these: Samshawn Car Insurance RSA Car Insurance Tenet Car Insurance I am still thinking of MSIG from DBS Driveshield, as so many ppl getting from there also. But RSA gave me the cheapest by $60 from MSIG. Maybank just sent me quotation of $1700 which is higher then what I am paying now. 10% NCD somemore. Sigh... But for workshop, I had no idea. If anything not nice happen (choy), I think going back to TCM is better. Driving a Latio Sedan tho. avoid rsa at all cause. i hav very bad claiming experience w them. my claim took 2 years to settle. Link to post Share on other sites More sharing options...
Dafansu Turbocharged March 14, 2009 Share March 14, 2009 Anyone check on the new insurance policy after price increase. The windscreen new Excess is $200 (exclude GST) can i check for windscreen i can claim as long there's a small hair-line crack? A stone hit my car windscreen, and there's a small crack slightly smaller than a 5 cents coin Link to post Share on other sites More sharing options...
Josho 1st Gear March 19, 2009 Share March 19, 2009 avoid rsa at all cause. i hav very bad claiming experience w them. my claim took 2 years to settle. wa.. noted. thanks! ↡ Advertisement Link to post Share on other sites More sharing options...
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